Blog

The Top 5 Business Challenges Authentic Video Will Solve in 2023

December 13, 2022

 

Every business faces challenges. 

Whether it’s automating tasks, reducing costs or improving the customer experience, chances are you’ve encountered challenges you need help overcoming. 

For many businesses, the biggest challenge is easing customer pain points while meeting their own needs. 

It can take time to pinpoint the challenges you want to solve to drive stronger business growth in 2023. However, as the new year rolls around, it’s the perfect time to reflect on what’s to come in the year ahead. 

We’ve predicted the five biggest challenges you’ll likely face in the new year and the video solutions that will solve them.

Here Are The Top 5 Business Challenges Authentic Video Will Solve in 2023

Challenge #1: Complex video production

 

Why it’s a challenge:

For many brands, creating video content means spending tons of resources and time on production. While most brands know (or should know) they need video in their marketing strategy, it’s typically perceived as a costly expense with low ROI. 

Enterprise brands especially have difficulty justifying creating complex videos that consume countless hours, manpower and costs. As a result, they tend to neglect video or use it sparingly.

How video will solve it:

Video production doesn’t have to be expensive or time-consuming. Instead, it can simplify your processes. When you invest your 2023 budget into video technology that’s flexible, remote and authentic, you can produce tons of video for lower costs. 

In 2023, we predict that simple, scalable and cost-effective automated video solutions will become necessary. 

StoryTap’s video platform is the perfect example of video tech that simplifies the production process, making it easy to produce videos at scale and save money

Challenge #2: Enriching your customer experience

 

Why it’s a challenge:

Poor CX is the primary reason customers turn to competitors. Whether it’s long wait times, unhelpful bots or loads of text no one reads, poor customer service is hurting your brand. 

Your customers demand and expect more, starting with the service they receive pre-purchase to the support they’re offered post-purchase.

To satisfy your customers in 2023, you need to revamp your digital customer experience with video or risk losing them to your competition.

How video will solve it:

Customers want to watch, not read. And especially, not wait on hold. 

Video has the power to enrich your digital CX by giving them the answers they need when they need them.

Use video to replace text-based FAQ pages on your website. Instead, record videos to answer customer questions and place them where your customers can find them independently—also known as customer self-service portals. 

Our study proves self-service portals are effective. 79.1% of consumers say they’re likely to view a customer self-service page when they have questions.

With video, you can: - Customize your questions - Anticipate customer needs To: - Deliver quick responses - Unmatched customer experience

In 2023, we predict self-service will soar even higher than it has this year. So, ensure you’re ahead of the curve before your competitors get on board.

Challenge #3: Meeting customer expectations 

Why it’s a challenge:

In 2022, there’s been an emphasis on delivering information quickly.

With most customers online, giving them the information they need as efficiently as possible has been key. 

So, when you fail to give your customers what they want, it’s not surprising when they leave your brand for another.

In 2023, we predict your challenge will be continuing to give your customers the information they want with clarity and on demand.

How video can solve it:

Video is a fast and digestible way to deliver information to your customers. Making it a prime channel for communication.

With video, you can create short educational content that goes into detail without overwhelming your audience. We predict that video features like screen recording will be significant in 2023.

Additionally, we expect the convenience of video will be a big theme in the new year. You can seamlessly share videos, upload them to new platforms and expand online reach with just one link.

Challenge #4: Converting shoppers into buyers

 

Why it’s a challenge:

You’ve invested time and resources into marketing your brand online and driving prospective customers to your website. Only to have them browse on your site and abandon their carts. Unfortunately, this is a reality for many businesses. 

The biggest challenge you’ll face in 2023 is getting customers to make the final purchase decision and convert into buyers. 

 

How video will solve it:

Video has the power to drive sales and increase conversions. The secret weapon is user-generated content (UGC) on your website. 

UGC gives your customers the extra vote of confidence they need to take action and buy. In addition, authentic videos like customer reviews and testimonials help new customers convert into buyers while simultaneously building trust and customer loyalty. 

Not to mention, video on your website will improve your web analytics, leading to

  • More time spent on site
  • Lower bounce rates 

 

Challenge #5: Growing your business 

 

Why it’s a challenge:

Every brand aims to expand its business. But it can be challenging to devote time to your goal while working on other tasks. So more times than not, business growth gets put on hold. 

In 2023, we predict more brands will be looking for low-effort solutions to help drive stronger business growth.

How video can solve it:

Video can do more for your business than you might think. Beyond branded entertainment, strategic video use can help you grow your customer relationships. 

With better relationships comes the opportunity to produce authentic customer reviews for your channels which helps to build positive brand affinity and loyalty. 

Additionally, video can help build brand awareness on social media platforms. StoryTap’s platform is equipped with integrations to TikTok and soon Instagram so you can share your video seamlessly and get more eyes on your content.

Lastly, video data can give you valuable insights into campaign performance and highlight areas for optimization.

All of which leads to growing your business with ease.

Video can do more for your business than you might think. Beyond branded entertainment, strategic video use can help you grow your customer relationships.

Solve Your Business Challenges With StoryTap

Of all our predictions for the new year, our strongest one is that video will continue to dominate the marketing landscape. 

So whether you are already doing video or want to start, 2023 is your year to integrate video solutions into your strategy and overcome common business challenges. 

StoryTap’s patented video platform helps brands produce authentic videos from real people at scale. Use our data-driven video tech to produce, curate and distribute hundreds or even thousands of videos for a lower cost. 

If you’re facing a challenge that you need help solving, chat with our team. We’ll tell you more about how StoryTap can help you grow your brand and revenue with video.