The rapid rise of video as a primary format to consume information has led to the development of Video Relationship Marketing. But, what does this really mean. First, we need to clarify what we mean by Relationship Marketing.
According to Forbes, “Relationship Martketing is a strategy designed to foster customer loyalty, interaction and long-term engagement. It is designed to develop strong connections with customers by providing them with information directly suited to their needs and interests and by promoting open communication.”
Recent research conducted by Hubspot found that 90% of consumers found watching product videos helpful when making purchasing decisions and 4 times as many customers would rather watch a video about a product than read about it.
Video consumption is everywhere, to the point that YouTube is now the second largest search engine in the world, second only to Google. Just look at your own social media newsfeed and timelines; they will tell you how much video content you’re served everyday and how much you’re willing to consume in your own time.
That brings us nicely to Video Relationship Marketing and how you can use this rising format to your advantage, especially with Millenials. Using video to reach out to your customers is a non-invasive way of putting your product in front of them. Many dealers find video relationship marketing a better alternative to marketplace tools like AutoTrader and CarGurus. Customers can consume your video at their own leisure and don’t have to deal with you directly until they’re ready.
You can create a positive first impression with new enquiries by sending them a direct response to a product they’re interested in or answering a question they’ve asked. This is the first step to creating Video Relationship Marketing in your organisation. Getting into the habit of building video relationships with your customers now will only serve to benefit you in the future.