5 Video Marketing Trends You Can’t Ignore in 2023
- 30 December 2022
Conversion Logix President and COO, Andrew Cederlind joined Kristi Fickert, VP of Enterprise Growth at Realync, for a lively conversation discussing the top video marketing trends multifamily marketers should be aware of in 2023. To learn about all the strategies and client stories they shared, watch a recording of the LinkedIn Live event on-demand here.
In this blog post, we shared a recap of the video trends these marketing leaders presented to help guide your video marketing strategy in the coming year.
#1 Show Don’t Tell
Video has become a popular entertainment, and educational tool for personal and professional uses as the format engages multiple senses and increases information retention among customers and employees.
In this discussion, Kristi shared the following eye-opening stat, “People retain 90-95% what comes from video vs. 10% from written content”. She went on to say, “if you are tired of prospective residents asking the same questions over and over again, show a video they will retain it better”.
Andrew elaborated on this point by sharing that at Conversion Logix, video has become a go-to media format for clients to showcase their property and within the company between employees. He shared the effectiveness of sending videos within the organization to quickly communicate a point or demo instructions for a task, providing a reference that employees can go back to.
#2 Authentic Video Engaging Prospects
With the popularity of video formats like TikTok and Instagram Stories, the demand for authentic video content is growing. When it comes to apartments, this means that apartment seekers are expecting real-life reflections of what a community is actually like.
Kristi advises property managers to gather behind-the-scenes content. While the everyday renter may not think about some of the things that go into getting an apartment ready to rent during their search, things like watching the carpets being cleaned, new paint, and unit upgrades could increase affinity for the community through video.
It’s also important to note that just because authenticity is on the rise, doesn’t mean low-quality visual content is. Andrew mentioned that it’s still important to create visually appealing video assets but to focus on the message, delivery, and content over high-production styling.
#3 Repurposing Video Marketing Assets to Extend Your Budget
Brands are extending the life of their video content by repurposing it. Prospects are demanding video in various formats and across many different channels. To keep up with this demand, communities can take video assets they are already developing, like virtual tour content, and reuse them across assets like their ads, emails, and social media channels, or as a lead generation opportunity.
During the live event, Kristi shared a story of a community that pre-recorded video tours and pre-recorded videos of post-tour follow-up messages from the property manager. The community leveraged these authentic videos on multiple platforms and even tried testing the videos in ads. The result was a 300% ROI! Their team built awareness and trust by using the community’s staff and a personable approach to talking about the community.
#4 Accelerate the Sales Process
Using video in the tour process can save communities three times as much time. “The average tour lasts 14 minutes while the average in-person tour lasts 45-50 minutes”, says Kristi. Considering the staffing crisis the industry is experiencing, leveraging virtual tours to sell your community while in-person staff focuses on prospects further down the sales funnel is key.
Andrew illustrated the importance of video in the prospect journey by sharing a recent Zillow study that found people used to tour five communities in person and are now only going to two. “The more we can meet people how they want, the better the experience. That way, the people on site are there because they want to be there versus they have to be there.”, says Andrew.
#5 Experimenting With Video Marketing
Creating video marketing content can feel intimidating for many operators which is why they don’t get started. In the live event, Kristi encouraged operators to get more comfortable on camera by doing it more often and putting themselves out there. “It’s ok to be vulnerable,” says Kristi. We are all learning and trying new things when it comes to video. The more you do it, the better you will be at it.
The speakers both shared the importance of testing new things with video to find out what resonates.
Andrew remarked, “what I think is going to work isn’t always right.” You don’t always know for sure what video content will grab people, especially with ads which is why A/B testing is so valuable. He went on to share a recent experience when he was analyzing the results of a multifamily video ad campaign. Everyone thought the video that was less polished and more off the cuff wouldn’t perform as well as the polished video. On the contrary, the less polished video outperformed the traditional style video ad two to one in conversions on the website.
With the new technology built into ad platforms, video testing is more accessible than ever and is something everyone should try.
Bonus: AI-Generated Video Marketing Tips
At the end of their discussion, Andrew and Kristi tested out the trending AI platform ChatGPT to see if AI software had additional video marketing tips to share. The AI shared the following advice for operators and marketers working with video that was spot on.
- Keep it short and sweet
- Use compelling visuals
- Tell a story
- Add a call to action
- Optimize for mobile
- Social media platforms are a great way to promote your videos
- Invest in video SEO
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