With 2021 around the corner, you may be asking: what can I do to take my small business to the next level?
What’s my plan for moving my business forward in the new year?
Thinking about future plans can be daunting. That’s why today we’re sharing our top, number one marketing recommendation to maximize your profits in 2021 and beyond.
TIME-STAMPED SHOW NOTES:
[00:55] Introduction
[03:55] Why Video is the #1 Marketing Tactic to Take Your Small Business to the Next Level in 2021
[12:40 ]Real Life Examples of Video Transforming a Business
[19:27] Final Thoughts
[21:11] Bloopers
RESOURCES MENTIONED IN THIS EPISODE:
Matt’s RV Reviews
Graham Stephan
Introduction
[Meghan] No matter what your year has been like, there are always steps you can take to build your business to either make more money or save more time.
So in that spirit we’ve decided to focus on sharing our number one ways for how you can take your small business to the next level in 2021.
[Theresa] We’re not sharing five things you can do. We each chose one thing that you can incorporate into your routine to maximize your profits and your time in the new year.
[Meghan] But we’re splitting this content into two episodes. As usual, I’m going to talk about marketing. Next week—in part two of this episode—Theresa will concentrate on the productivity side of things.
[Theresa] There are tons of ways to grow your business. But, we’re only giving you one suggestion to implement since we’re always saying to start small.
[Meghan] That’s right. The small tweaks add up over time to create big shifts. So, we limited ourselves to one must-have tactic, strategy, or change. Whatever you want to call it!
[Theresa] When you implement one thing at a time, your chances of being successful with it are much higher.
[Meghan] And it helps you analyze if this new habit, routine, tactic or whatever is working or not.
[Theresa] We talked about building good habits in episode 23. So, you know how important it is to introduce change slowly if you want it to stick.
[Meghan] It was tough to choose one thing. But, we chose the things that we believe will have the biggest impact.
Remember, there are many things you can do to affect change, but you can’t do them all if you want to achieve your goals!
So, we boiled it down to what we consider the most impactful to you—both professionally and personally.
[Theresa] These are suggestions that will improve your results—and reduce the overwhelm and stress in getting those results.
Anyway, without further ado, Meghan’s going to share her number one way to take your business to the next level in 2021.
Why Video is the Marketing Tactic to Take Your Small Business to the Next Level in 2021
[Meghan] Okay, the number one recommendation I have for next year is to incorporate video into your marketing.
[Theresa] Video?!
As far as marketing advice that will take your small business to the next level, video is incredible. In fact, Meghan and I have been strategizing about our own video plans for a while now, which is why it’s not a total surprise.
I admit, though, that I’m a bit surprised it’s in the number one spot!
[Meghan] I know! It doesn’t seem like I’d go with video, especially since I don’t use video like I used to.
But bare with me. Let me tell you the reasons why this is my top recommendation. I want to explain in more detail. Then everyone can decide for themselves if video is something they’ll give a go in 2021.
[Theresa] I’m curious how video landed the number one spot, so this should be interesting!
Video is an Effective Form of Content Marketing
[Meghan] First, video is a form of content marketing. And, we all know I believe that content marketing is the best way to grow a profitable online business.
Video is one of the three formats of content assets that I’ve mentioned before. If you’ve forgotten, the other two are blogging and podcasting. I still believe a blog is critical and podcasting is a nice to have. But video is dominating now and has faster results.
I predict it will continue to outperform both blogging and podcasting, especially in terms of conversion and search. In other words, video is better at generating profits and it will continue to perform really well in online searches.
[Theresa] Selling is hard. Getting noticed and discovered online is hard. We need all the help we can get! So, video is a good option.
Data and Research Support the Effectiveness of Video
[Meghan] Actually, that brings me to my next reason that video is a must-have. The data!
Research supports the amazing results businesses are getting with video. And when I say “results” I’m talking about more sales and more website traffic and reach.
[Theresa] You’re a big proponent of research and data, so I’d expect you to choose a recommendation based on “proof.” That makes sense.
[Meghan] I am a bit obsessive with research and data!
In episode 32, we shared some really compelling stats about using video in your business. And I made a case for adding YouTube into your marketing. So, I won’t go over that again.
But I will say that the online space is massively overcrowded. And, research shows that a lot of people prefer to watch a video than read a blog. While podcasting has an audience, video is still more popular and more searchable. All of that to say: data shows that video is an effective way to stand out from the competition and get more sales.
Data shows that video is an effective way to stand out from the competition and get more sales.
Plus, video ranks in Google, and it’s dominating on social platforms. It also boosts your blog performance. So, if you could add one marketing task into your schedule, it’s video. In particular, live video is crushing it.
[Theresa] People do like live videos. I think it’s because they feel more connected to you and to others. There’s a bit of excitement and anticipation that’s a part of live video too.
You do need good lighting, an outline, and quality audio for live video. But other than that, you hit the button to go live and that’s it! There’s no need for editing. And that’s a huge plus to live video.
The Pandemic Has Pushed More Consumers to Video
[Meghan] It does seem like live video has the lowest barrier to entry.
AND the third reason video is at the top of my list is the pandemic. In 2020 we’ve seen consumer behavior change as a result of COVID-19. Video was already popular. But now people are spending even more time online and consuming video content.
Due to the pandemic, people are spending even more time online and consuming video content.
[Theresa] 2020 certainly didn’t turn out as marketers expected. I’m sure many businesses were scrambling to change their plans and goals once the pandemic hit.
[Meghan] Indeed! The pandemic has changed so much in such a short time.
Let’s look at a couple of stats related to the pandemic and video. In May, Google looked at how people use online video to study the emotional associations people have with different video platforms, like Hulu, Facebook, and television.
Three distinct themes emerged. The study showed that videos provide:
- Positivity
- Education/ information
- A feeling of engagement with what’s going on right now (social connection)
Look at some of these stats:
- 79% said streaming platforms make them happy.
- 58% reported that they are using digital video to learn new skills.
- 85% of viewers say they’re watching more YouTube specifically (compared to 30% for other video platforms).
[Theresa] Whoa! Those really current numbers do point to the importance of video when we consider it for marketing, awareness, and branding.
[Meghan] So, what you’re seeing is what we’ve discussed in the past and what others have been saying for a while now. And that’s the increased popularity of video as well as the connection between videos and emotion.
Both are things to really consider as a marketer. It’s really not surprising how or why video surpasses other platforms when it comes to sales.
And as we head into 2021 when people are still very much affected by the pandemic, I think these trends will continue. It’s a pivotal time to jump on video marketing.
[Theresa] We really haven’t returned to pre-pandemic times and people are still home a lot. They continue looking for connection and entertainment—a pandemic doesn’t change that.
So, people used video to this extent somewhat before the pandemic. But even more so now, which means video has been a good opportunity for a while but now it’s a great opportunity.
[Meghan] Exactly! Everything was already pointing to video as the content format to incorporate into your marketing. I already felt like video was the one thing that could make a big difference.
But the pandemic has catapulted that opportunity. Since more people are consuming video in this way – at least for now – it’s a great way to take your small business to the next level faster and easier.
[Theresa] Since we can’t do it all, we do need to focus on those tactics with the biggest bang for the buck. And it sounds like most brands can’t go wrong with adding some type of video into the mix.
Video is Accessible and Popular (and Something You Can Do)
[Meghan] I also want everyone to consider these two facts from Google.
- Watch time greater than 30 minutes on TV screens of YouTube content has increased more than 90% in a 12-month period in the U.S. (That means more people are spending more time watching YouTube on their televisions.)
- More than 100 million people in the U.S. now watch YouTube and YouTube TV on a TV screen.
So, what’s my point? More people are watching video for longer, and it’s becoming baked into their everyday habits and routines. Video is super popular, and it’s highly accessible to your audience.
And this is great for you since video creation and publishing are accessible to you as a marketer. And that’s reason number four. It’s a marketing tactic you can certainly use. You do not need to be a celebrity or a millionaire to take advantage of video and its influence on consumer behavior.
[Theresa] Are you thinking any platform will work? Or, is there one that’s more effective than another?
[Meghan] Personally, I’d choose YouTube because of its popularity, accessibility on mobile devices and on television, its usage, and its appearance in searches. It even supports live video. Plus, you can monetize with YouTube ads. I just think YouTube has a lot going for it.
If YouTube is too overwhelming, then just start on any social platform. Facebook, Instagram, LinkedIn. Choose the platform that you’re comfortable using and where your potential customers hang out.
Most platforms support live video nowadays, so if that’s your jam, go for it!
Real Life Examples of Video Transforming a Business
[Theresa] Live video has a lot of perks. I can see it being a terrific option for many businesses.
[Meghan] There are exceptions of course. Video isn’t a slam dunk for every single small business under the sun. But I think that most brands can branch out into video and find success. They may need to do some trial and error.
And if you’re thinking that video is just for younger folks, you’d be incorrect. Statista found that out of the people surveyed in the age range of 56 and older (so Baby Boomers and Seniors), 67% said that they used YouTube as compared to 72% of the general population. That’s not a big difference, you know? Older folks are using YouTube nearly as much as the rest of the population.
And, even my 80-something mom likes video. In fact, the other day she says to me, “Those videos where people look into the camera like they’re talking directly to me are so effective! I like those the best.”
So there you have it. My mother has spoken.
[Theresa] Your mom’s so cute.
[Meghan] Alright, I’ve rattled off some research and stats. That’s nice and all, but what about all of this in real life?
Can something like video really work to impact a business in a huge way?
YES! That’s why video is at the top of my list.
But don’t take my word for it, let’s look at two YouTube examples.
Matt’s RV Reviews
The first example is Matt’s RV Reviews. Matt is an RV salesman for General RV, so his videos are mostly pre-recorded tours of RVs, although he also does some live videos here and there peppered throughout.
How did video help Matt? According to Matt, he quit his job and moved to Florida last October to work for General RV. In December last year, Matt and his wife Andrea had no money, he had cashed out his 401k, sold his truck to keep the lights on, and taken a second job as an Uber driver to make ends meet. Ok, so sort of dire straits financially.
But within six months, he had turned things around—and it seems like that turn around had a lot to do with his YouTube presence. According to Matt, his YouTube videos and community helped him with his sales. And that’s not only local sales, that’s nationwide sales!
He was getting thousands of emails, texts, and calls and couldn’t keep up with the many inquiries he got from YouTube! About a month or so ago, he transitioned into a role as a brand ambassador and kind of a YouTube marketer for General RV. I mean, this success isn’t just about Matt. It’s also about General RV since the company benefited from Matt’s success just as Matt did.
So, take Matt’s example, look at his content, and think about how you can incorporate videos into your marketing. What can you do with video content to reach more of your desired audience and connect with them?
Matt’s grown this wonderfully supportive YouTube community too, so it’s not just about sales. And, by the way, if and when he leaves his employer, he’ll take those online relationships with him since he built a personal brand.
For more about Matt’s story, watch his personal video and tune in around the 10 minute mark for the details.
[Theresa] One thing I like about this story is that it sounds like Matt was very proactive about his destiny. He combined video content with his own unique voice and style to create a vlog that he could use to connect with others and grow his own success within a corporate structure.
If you work for a small business, there’s definitely inspiration here for ways to support your marketing efforts and your employer.
But, if you’re not an employee and you run your own business, there’s still a lot to learn from this example.
It’s almost irrelevant that Matt works for someone else since he built his channel around his own personal brand. And, really, it’s his personal brand and use of video marketing that are big takeaways—whether you’re an employee or a business owner.
Graham Stephan
[Meghan] Definitely! I do think it’s easier to use video to build a personal brand. Alright, moving on to the next example.
If you’re more of a solopreneur, I’m going to point you to Graham Stephan. He’s taken his real estate, investing, and financial expertise and turned it into a million dollar business using video.
As a personal finance expert on YouTube, Graham’s content is based on reviewing other people’s financial videos as well as commenting on current events related to finance.
He has built a massive following on YouTube relatively quickly and monetized it through ads, programs, sponsorships, and affiliate opportunities. Just recently, he described how much he makes through his over two million subscribers—and that’s well over a million dollars.
This isn’t an example of a get-rich-quick scheme, okay? And I will point out that Graham was already wealthy before the whole YouTube thing. Anyway, he works really hard. He puts in the time and the effort. But I’m highlighting him for a few reasons.
He’s someone who went from believing he’s not really a video person to being a YouTube success. He’s someone who didn’t have a video background but who learned what he needed to learn to create decent videos. Now he’s outsourcing a lot of the tech stuff. But he started his channel while he was still working at his real estate job. So, this was a side gig originally. And I believe that’s where a lot of people start on their entrepreneurial journey.
And, I want you to know that he started his videos almost four years ago. BUT he began making really good money off of his videos in a short amount of time. Yes, it took four years and different monetization strategies to get to over a million dollars. But he reached excellent monthly income well before the four year mark. He reviews it all in a recent video that I recommend you watch.
So go check his content out on YouTube. And definitely watch his video where he shares his journey from point A to now.
[Theresa] This is similar to Matt’s RV Reviews in that they are two personal brands that used video to take business to the next level. Or, that created a whole business off of video. And that’s the power of video.
It is really one of the very best, most effective ways to market your brand, get noticed, and build a community that you can monetize in various ways.
I will mention that both Matt and Graham produce daily videos and sometimes more than one video a day. So, their content marketing success isn’t by accident. It has to do a lot with consistency, commitment, and hard work.
The point being, when Meghan mentions video, she means strategic content that requires more than a haphazard attempt to post now and then when you feel inspired.
This kind of success requires goal setting, planning, and some sweat, so be prepared!
Final Thoughts on Video as the Tactic that Will Take Your Business to the Next Level
[Meghan] That’s true Theresa, very true. Success is sometimes by accident. But typically it requires hard work and some planning. Make sure you have a content strategy laid out before you jump into any creation!
I love that these two examples showcase different possibilities and different ways to utilize video in marketing. Of course, there are many more examples out there. So, do some research and discover how other people are using video.
I feel like I’ve given you plenty of reasons why video is my numero uno marketing suggestion for taking your business to the next level in the new year. And I really hope we’ve given you something to consider as well as a little inspiration for what could be.
Just remember that video is like any other form of content marketing. It requires strategy, consistency, commitment, and intention if you expect it to transform your brand. So, approach it with purpose and a plan—and some patience too!
[Theresa] Well, that’s a wrap for this episode!
Stay tuned for next week’s episode to hear my number one productivity recommendation that will improve your business results in 2021.
[Meghan] By the way, if you enjoyed today’s episode, please share it with a friend!
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