Your footage might be great, but it'll only become a great video through editing. To do a good job you'll need patience, time and more patience. You'll need to decide the 'feel' and pace of the video. Will it be made up of long sweeping shots, or quick sharp edits? Do you want to follow the mood of the song and edit to the music or do you want the video to contrast with the track?
The judicious use of the right effect can really set your video apart. As well as your software standard effects, there are usually many plug-ins that you can download (some free, most for a fee) so feel free to experiment (most plug-ins have a trial version you can play with for free before you buy). See tip 3 in the last step for more about the proper use of effects.
A word of warning: if you're making a video as a band it's usually best to delegating the editing process to one person. After they've done a rough edit you can discuss how it should be finished, but if 4 people sit round all trying to edit a video together a long process will become torturous and, almost inevitable, will end in falling outs.
