It took six weeks to post approximately 600 videos. In the end, though, this didn't produce what McRitchie considered to be "a MyBinding video," he explains. "Some were old and dated and others seemed overly promotional and more like a sales piece. Many of these videos were trying harder to sell the product when they were supposed to help the customer learn about it."
Unhappy with this result, the firm hired an overseas company to create short animated videos. It flopped, and the company pulled out of the deal after three months. "They looked good but our customers hated them and they weren't effective in driving sales," McRitchie says.
McRitchie then looked into video production services but could not justify the cost of $600 per video. He finally decided to set up his own studio. MyBinding set up the studio for about $1,000 with the goal of making each video at a cost of $50, an amount that provides a reasonable return-on-investment for the company.
Jeff McRitchie, vice president of marketing for MyBinding,com, says video has been "game-changing" for this online retailer of binding machines. "It's helped set us apart from our competitors and allowed us to establish ourselves as an authority in our space."
Most MyBinding.com videos demonstrate how to use a machine after taking it out of the box. "Our products aren't really exciting, but when you want know how a binding machine works, chances are we're the only company that's made a video on how to use it," McRitchie says.
MyBinding currently creates an average of 10 videos per week and has posted approximately 600 videos at a $30,000 investment. The company has posted its videos on YouTube as well as on its own channel.
Video has become a huge branding tool, he says, with almost 3 million views on MyBinding's YouTube channel. "It's also helped us increase the conversion rate, average visit duration and average order value for our site, resulting in more revenue for the company."
All told, video has been "game changing for us," says McRitchie. "It's helped set us apart from our competitors and allowed us to establish ourselves as an authority in our space."
Linda Melone is a freelance writer based in Orange County, Calif. She specializes in consumer topics ranging from health to technology and business. Contact her at Linda@LindaMelone.com.
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