Recently, we posted a webinar about how to reinvent your business with video in the social distancing era. For those who sadly missed it, we still have it available on our website, but we also wanted to provide you with this quick summary to get you all caught up.
After having been closed for several weeks, businesses are entering a new phase where they slowly begin to open up to the public again. It is a confusing time for most business owners, as they are not exactly sure what is the best way to get back on track.
There seems to be 3 types of reactions on how to best deal with operating during a pandemic:
- FIX – These businesses owners are more reactive to what’s going on, focusing on cutting costs, scaling back resources, and potentially course correcting to adjust to uncertain times.
- RENOVATE – Some business owners have taken this time to see what they can improve for the better, focusing on renovating, updating their message, and hitting the refresh button.
- REINVENT – These businesses owners have been trying to figure out new ways to reach their customers, while innovating and changing their industry.
CarSaver at Walmart falls into the latter category. They figured out how to reach customers online to aid in the car buying process in this era of social distancing. By predicting that more shopping would be moving online during this time, they are reaching customers through video.
Many businesses use video on a need-based, process-based, or product-based process.
Need-based refers to using video only because you need to and just to show something you previously hadn't planned on. Some people use a product-based approach to video where the video is the product. This can be anything from exclusive video content or online learning.
The best way to capitalize on the current situation is to automate your processes through the use of video and follow a more process-based perspective. This allows you to have a more personalized approach with a human touch while saving you energy, money, and time.
CarSaver was able to move from a need-based operation to a process-based one and the use of video was a key component in making that happen. This was done through focusing less on what they wanted to say, but when they wanted to say it and to whom.
Thinking about buyer personas and who your customer base is, is key.
It is also important to think about efficacy and how to get the intended result in the least amount of steps and resources, trying to work smarter and not harder. There are a lot of businesses that perform redundant and inconsistent work that can be made easier through the use of video.
Instead of constantly having to explain your work or answer the same questions in person, video can streamline that process for you.
What Sean Wolfington Has to Say About Video
We then had a conversation with Sean Wolfington, CEO and Founder of CarSaver at Walmart, on how he was able to use video to optimize his business and allow it to grow during this time.
Some key takeaways from this conversation were:
- CarSaver used video for marketing to build interest, with sales to do entire presentations online for ease of access, and for training to educate sales people on how to use the app.
- Video is a weapon of mass invention and production. Consumers want to do more business online because it is easier, and during this time, it is more of a necessity.
- People retain information from what they see and what they hear, video can provide visual aids to help retain information.
- CarSaver users typically have lots of questions, where a two minute video can provide all these answers and help customers better than an in-person consultation.
- Whether it’s to sell, market, or retain your clients, video is more effective, less expensive, and easier to distribute. Video is a great vehicle to distribute content.
- In order to deploy video effectively, it’s best to have the right partnerships.
- CarSaver’s stimulus planner videos have been used by other businesses to help with making sure employees are taken care. These videos were made in partnership with Trifecta and allowed for companies to rehire furloughed employees during the crisis.
- Sean compares videos to movie trailers, the best videos can build hype and reach customers across the globe.
- Video is easier to remember and to share, more effective, and more cost effective as well.
Key Conclusions After Our Q&A Session
Towards the end, we were able to talk with the attendees and answer their questions, which allowed us to reach the following conclusions:
- Many businesses steer away from video as they are worried about the cost, but Trifecta provides many different marketing plans at different price points to make it more affordable.
- It is possible to produce video content during quarantine. Great video does not need to be filmed on site. Motion graphics and stock video footage can be used just as effectively.
- Video is great to keep in contact and stay connected with employees. Some larger organizations have daily video broadcasts and live shows to keep their collaborators engaged and sharing their stories on what they are going through at this time.
- With video, the return on your investment is guaranteed. The selling cycle will be shorter, therefore, you’ll have more time to close more deals. Product reviews and case studies can help improve sales. And each of the 5 different video systems, all can improve ROI.