For most Americans, the end of the year is a time to wind down, relax, and indulge in the cozy comforts of the holiday season. But for savvy businesses, the period encompassing October, November, and December is an invaluable opportunity to bring the past 12 months to a close with style and success. Welcome to Q4, the final fraction of the calendar year – and for many companies, the fiscal year as well. The rest of the population may be getting ready to kick up their feet and sip some eggnog, but for us, there’s still plenty of work to be done.
On paper, Q4 might look like a bad quarter to pursue leads and invest in new projects. After all, isn’t everybody grinding to a halt right before Christmas, going dormant, and then wobbling back to life once the new year rolls around? While that may be true for certain industries, as a whole, it remains a misconception. Although it is the final quarter of the year, Q4 contains three of the five biggest days for consumer spending, including Black Friday (11/24/23) and Cyber Monday (11/27/23).
According to NerdWallet’s 2023 Holiday Shopping Report, a significant portion of 2023 holiday shoppers are considering reducing their gift-giving list this year (31%) or cutting down their per-person gift budget (30%) compared to previous years. Despite this, it’s worth noting that while Black Friday prices may not hit record lows, there is no shortage of enticing deals for shoppers. Many retailers have been offering holiday discounts since the start of October, ensuring ample opportunities for bargain hunters.
And that’s just the tip of the iceberg for Q4 consumer spending. In 2018, consumers spent $9 billion on Halloween-related products and services, plus another $2.2 billion just on Christmas trees. Even the nonprofit sector has capitalized on Q4 spending with Giving Tuesday, the Tuesday after Thanksgiving, which brought in an estimated $400 million for countless charitable organizations that year as well. If your brand or business is looking to tap into a contained window of consumer frenzy, Q4 is the ideal time for doing so.
But how can you take full advantage of the opportunities that Q4 presents in an economical, impactful, and efficient way? The answer is video marketing, which presents a very special value as we head into the end of the year together.
Video Content and Q4
There has never been a more essential moment for brands to invest in video marketing. Research already shows how businesses that use video grow their revenue almost 50% faster than those who do not, while 93% of businesses have reported gaining a new customer as a direct result of a video that they posted on a social media channel. Experts now recommend spending at least 50% of your marketing budget on digital content, as it’s become crystal clear that video will only continue to expand and evolve. But what specific role can it play in your Q4 content strategy?
Let’s start by looking more closely at who you should be using video to connect with, and why. Both the B2C and B2B spheres are excellent targets, for different reasons. In the case of B2C (business-to-consumer) companies, we have already explained some of the immense amount of spending that takes place during Q4, especially during the span of November 24th to December 2nd. But it’s not just the grand sum that you should take note of – it’s the way that they choose to spend it.
One of the most dramatic changes in consumer tendencies over the past decade has been their pivot to online and mobile shopping. According to a recent report, global in-app spending has rebounded with 5.3% year-over-year growth so far in 2023, reaching a record $67.5 billion for the first half of the year.
Video can be used to drive a higher click-through rate on your brand’s website, more than doubling conversion, while also encouraging viewers to stay longer in general. 76% of businesses that use video marketing have reported an increase in web traffic as a result, which can in turn become hundreds (or thousands) of purchases during the busy holiday season. Additionally, with mobile viewers already consuming upwards of 40 minutes of video content on their phones every day, not creating video can result in your brand missing out on a potentially massive audience.
When you’re dealing with B2B (business-to-business) companies, Q4 presents a different set of opportunities. For B2B companies, this is their last chance to prepare for next year by finalizing budgets, going over data, and purchasing new solutions; solutions that your brand might be able to provide. 59% of senior executives prefer video to text, while 65% have clicked-through to a site after watching a YouTube video – take advantage of their existing intention to purchase by making a strong, persuasive case for your own products and services via video content.
Production and Timing
Once you’ve decided to tackle Q4 with video content, the question changes from “why” to “how.” The best option is always going to be hiring an expert video production company like Lemonlight to create high-quality video content for your brand that doesn’t break the bank. That way, your focus can stay entirely on creative/strategic implementation, while experts handle the nitty-gritty details that make the difference between a success and a flop.
With that in mind, it’s important that you begin planning your Q4 video content as soon as possible. From brainstorming to post-production, it’s a long, twisty road that even the best in the industry need space to navigate. For Lemonlight, our process can last as long as six weeks, while the official start of Q4 is less than two away. That’s why, if your brand is interested in harnessing the singular potential of video content to make Q4 a hit, now is the moment to reach out and get the ball rolling for an on-time delivery. Just schedule a free call with one of our experts today!