It's not just the SEO benefit to your site that is worthwhile. You can be found directly by prospective buyers near your location on the video sharing site itself. This is because, just as with using search engines for info, people often scour YouTube for locally oriented material. (And remember that it is the world's second largest search engine behind Google itself.)
With this in mind I've been doing a bit of an experiment over the last year or so. I haven't put up any videos promoting the services listed here (though I will in time). Instead, I've just been going to various Perth locations and making short videos of them.
I've done some very basic keyword research and included geo-specific keywords in the video descriptions. Then I've gone back and looked at my stats form time to time. (And just regarding this research: You can use the YouTube keyword suggestion tool as a starting point. With many searches it will say "no data". Even so, if the search you wish to target does appear in the drop down suggestion box it is on the tool's radar, so it is a good sign in my opinion. Alternatively you can use the one in the main Google search box. If people are searching for something there then there's a good chance that they will be searching for it in YouTube as well.)
After looking through my traffic sources, I've been surprised at just how many viewers came by way of geo-specific keywords. I've had lots of visitors arrive via searches for things like "Perth skyline", "Perth Arena", and "London Court".
Traffic from these searches just trickles in, of course. But that does add up over time. I've only had a dozen or so short videos up for a year or so. And with next to no promotion they've still racked up well over a thousand views.
If you film events that are topical and newsworthy, on the other hand, then you can often tap into powerful bursts of YouTube traffic. Recently, for example, I went down to Cottesloe and made some videos of the anti-shark cull protest. Just two of them got hundreds of hits, some shares and several likes within a few days.
So, if you're in business it's definitely worth keeping an eye out for such local, newsworthy events you can record to get traffic.
There is a challenge, however. Just like with blogging, you've got to work out how to tie the content into your business. Obviously if there's a direct correlation with what you're filming then it's not a problem. A bustling industry convention would be an example of this.
But with something like the shark protest, it's hard to think of a business link. It was a political event more than anything ... Still, there were a lot of beachgoers there. Perhaps if you made or sold swimwear it would be worth posting some videos of the demo. (The link does remind people of the dangers of swimming so it's not the best content. But in terms of getting known by your demographic, I think it would still be worth it.)
Another example of a local political event worth filming would be a teachers' demonstration. You might supply stationery or text books to schools. There'd be many in the education field who would look for such footage. So posting a video of the crowds and speakers could get some worthwhile clicks to your site. Or you could just include your business name in the actual video.
Of course they don't have to be political events. They just have to be local and well known with lots of "colour and movement". Sporting events, local arts and craft festivals, industry conventions would all fit the bill. You could even be an amateur paparazzi and steal some footage of a local or visiting celebrity related to your niche. Any content like this could be effective in getting on the radar of YouTube users in your local area.