3 min read
How-to videos are no longer a “nice-to-have”. They’re a “need-to-have”. And if you’re not already on board with that, don’t worry. Your competitors are.
In our recent State of SaaS Customer Success and Product Training Videos Report, we found that B2B SaaS companies are making significant financial commitments to software and product videos. 58% of those are investing over $500,000 annually and 24% putting more than $1 million into their video initiatives.
As the heartbeat of customer-centric success, Customer Success professionals understand that embracing new trends is key to not just surviving, but thriving. And it’s critical to take action on this one in particular.
How-to and product training videos revolutionize how you onboard, keep, and wow your clients. So, buckle up as we explore why SaaS champs are all in on these videos, how much they're investing, the tech that's making it happen, and why you can't afford to be left behind.
How Much Do SaaS Companies Spend Annually on Video?
The amount of investment we uncovered in the report is a substantial increase from 2022, which suggests a growing recognition of the importance and effectiveness of video content in driving business outcomes. Businesses are moving beyond considering video a supplementary asset, viewing it, instead, as a core pillar of their success strategy.
This surge in investment can likely be attributed to higher video demand. With budgets encompassing salaries and production expenses, companies are strategically channeling funds to maximize the return on investment for their software/product videos.
What are they spending the money on? Well, most are spending on video delivery platforms and internal resources like videographers, editors, and more. This strengthens in-house production capabilities and optimizes workflow management.
With SaaS updates coming fast and furious due to continuous delivery, keeping production internal is significantly cheaper than going external. Otherwise you’ll be processing invoices every time you need to update yet another video rendered obsolete due to software updates.
Coming in close to the top are funds going towards external resources like production companies, contractors, and/or voiceover talent. And an additional 21% of companies are investing in automation. By leveraging cutting-edge tools, they streamline production processes, optimize workflows, and reduce costs. This saves time and helps meet the rising demand for video content without breaking the bank.
Why Are SaaS Companies Now Investing More in Video?
The soaring investment can be attributed to one key factor: the insatiable demand for video.
This surge in demand isn't a trend; it's the new norm. Today's consumers and clients thrive on engaging, visual content that's easily digestible:
- Videos elevate onboarding: Onboarding sets the tone for a client's entire journey. Engaging tutorial videos not only expedite the onboarding process but ensure that clients are excited and empowered from the get-go.
- Combatting churn with videos: Customer churn can be a formidable adversary. But with the power of tutorial videos, you're equipping your clients with the tools they need to succeed. When clients feel confident in using your product, they're less likely to seek alternatives.
- Videos mean self-service support: Support tickets for common issues can bog down resources and hinder growth. Empower your clients to be self-sufficient problem-solvers through targeted tutorial videos, freeing up your team to focus on more complex challenges.
- Real-time value delivery: Strategic videos provide value at the exact moment it's needed. They're not just pre-emptive; they're proactive. And that's the kind of customer experience that leaves a lasting impression.
The Tech Driving the Transformation
Okay so videos are a game-changer. You’re bought in.
But they’re time consuming to make. Now what?
This is where Videate comes in. We understand the uphill battle of manual video production and the relentless cycle of updates rendering videos obsolete. With our cutting-edge B2B SaaS software, we automate how-to and tutorial videos, providing your clients with high quality, consistent video content that resonates with your customers.
The numbers show that competitors are seizing this opportunity to elevate their game. The race is on, and you can't afford to be left in the dust.
As the curtain rises on a new era of customer-centric success, Videate stands ready to be your partner in harnessing the power of automation, ensuring your clients receive the right information at the right moment.
Get a demo today and see the impact on your bottom line.
