If you think that landing a steady stream of new customers is the key to your company's success, you're probably focusing on the wrong tactics. In fact, making sure you hold on to your existing customers can help you reap even more rewards. Video for business can help.

According to data reported on by ClickZ, the likelihood of selling to a new customer is between 5 and 20 percent, compared to 60 to 70 percent for someone who's done business with you before. This means customer service can have a huge impact on your profitability. Citing the 2016 [24]7 Customer Engagement Index, Small Business Trends points out that 47 percent of customers would make a move to a competitor within a day of a negative customer service experience.

Fortunately, using video for business can dramatically improve the customer service experience and won't break the bank. Video is low-cost, easy to use and extremely popular. Here are four ways you can use it to build a positive relationship with your customers.

Product Demonstrations and Usage Tips

Helping prospects and customers understand how your product was designed to be used can help increase sales and customer usage. Freelance writer Michelle Nickolaisen designed The Freelancer Planner to help writers better manage their projects and cash flow. She used an introductory video to explain the purpose of each of her planner's sections, helping buyers see if it would be a good fit and assisting new users in making the most of their recent purchase.

Helping customers find new ways to enjoy your product is another great way to increase customer satisfaction. For example, women's clothing retailer Christopher & Banks created a video library of helpful scarf-tying tips for its buyers.

Troubleshooting

If you can help a customer solve a problem that's frustrating them, that's a huge retention opportunity. Sometimes, simply providing instructions on how to fix a problem in writing or over the phone isn't enough. Video provides visual and audio instructions all in one, which is often much more effective.

Webinars

Helping customers learn or hone skills is another way video for business can increase customer satisfaction and reduce attrition. For instance, MOZ, an SEO software company, offers free webinars on topics related to its strengths — search engine optimization and online marketing.

Live Video Chat

When customers are dissatisfied, you want to be able to turn that situation around quickly. Video is an excellent tool for this because it allows customers to see facial expressions and more deeply connect with a customer service representative. There are several economical options for video chat, from Skype and Zoom to FaceTime and Facebook Live.

Getting Started

If you have access to a smartphone and the internet, you're ready to start recording videos. To avoid having to do any kind of editing, it's best to find a setting that is quiet and free from potential disruptions. Choosing a simple but attractive background is also a smart strategy as it can help make sure the focus stays on the video's subject, not the backdrop.

Before you hit the record button, think about your main message. Draft your key points and try to keep the video short (under three minutes) if possible. Then upload each recording to YouTube with a simple, relevant title. Saving videos to your own YouTube channel will help make it easier for your customers to find them when searching.

Finally, start sharing your videos. Leveraging videos requires that your prospects and customers know that they exist and know how to find them, so post them to all the social media platforms you're on, share them on the company blog and consider building a gallery on the company website.

Want more tips to help you create successful video content for your small business? Check out our guide to marketing with live video.

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Tags: Technology Customer Relationships