Embracing A New Social Contract
To state the obvious, developing a marketing campaign used to be infinitely less complex than it is today. In the recent past we had but a handful of channels to chose from; television, radio, print, direct mail. It made for a relatively straight forward planning process, customer journey and a well understood social contract between customers and businesses. Ad content was the implicit social “cost” of consuming entertainment content. Unfortunately, those days are gone. In the context of a new consumer centric culture, the rules of engagement are written from the bottom up. As marketing professionals, we have to figure out how to embrace that reality psychologically, strategically and tactically.
The Attention Economy: Engagement is The New Awareness
Today there are dozens — if not hundreds — of marketing channels across earned, owned and paid platforms. New cultural norms associated with the growth in channel adoption have dramatically changed the concept of user journey and governing social contract. In short, marketing has been transformed from a multi-channel linear value chain to an omni-channel matrix. To make things even more complex, not only do we compete with other businesses within this new amorphous matrix, but also with consumers who have become the greatest source of content creation the world has ever known. The result is an attention economy that requires engaging content wherever and whenever customers show up. In this attention economy, authentic engagement –rather than reach — is the gateway to brand awareness.
Strategically, the upheaval in marketing requires us to psychologically divorce ourselves from much of what we think we know about marketing. We must reverse engineer how today’s consumer actually considers purchases, and what that means for our go-to-market. Tactically, it requires us to reimagine the day-to-day org structure, workflow, and the tools we use to speak to customers and not at them.
Video Marketing: A Return to Form
In a digital world dominated by SEM and Display, the role of brand narrative has until recently, been relegated to TV. Video marketing is in many ways a new medium that brings the power of video storytelling back to the center of the marketing mix with the efficacy and agility of traditional digital marketing. It’s important to note that video marketing goes far beyond advertising. Today’s video narrative plays at every corner of the user journey.
Fast Facts: Video Marketing Adoption
- 74% of all internet traffic will be driven by video in 2017 (Mary Meeker”s Internet Trends )
Engaging social video increases total purchases by 97%, and lifts brand awareness by 139% (MediaPost) .
- 70% of marketers say video produces more conversions than any other content, and that video can increase organic traffic from search engines by a 157%. (Hubspot)
- Millennial marketers 84% more likely than their older counterparts to spend on video marketing than print and 400% more likely to test video variations (Magisto)
- Website visitors who view a video will stay an average of two minutes longer and will be 64% percent more likely to make a purchase than other site visitors. ( MultiVisionDigital)
Tips For Building an Effective Video Marketing Strategy
The scale and impact of today’s online video marketing most certainly has the potential to rival TV. Getting the right strategy down is the first step to an effective digital marketing strategy. Here are some tips:
Authenticity: The prominence of social media affects the lens by which customers perceive all media – even if its not consumed on social. Given the range and sheer volume of content they can chose from, today’s consumers are becoming ad blind. Experiment with video content that delivers real value in the form of information, entertainment or personal authenticity.
Constant creative refresh: If an individual posted the same picture of his/her vacation on Facebook, day after day, no one would notice on day 2. The same holds true for video marketing. We need to create new video content daily. We can and must A/B test video creative across channels and audiences. Chances are, you’ll be surprised by what really works.
Omni-channel presence: Your customers are now everywhere, so you should be, too. Don’t limit yourself to pre-roll and post-roll. Experiment with video content across channels including websites, email, social, blogs, and so on. Even better, track which consumers frequent each channel, then use that information to get to retarget with an evolving video narrative.
Case Study: Smaller Companies Are Leading The Way
SMBs and Mid Market companies are leading the way because they can. They are more agile, less constrained by brand standards and approvals and more likely to be lead by digitally native business people. Let’s take a quick look at how all this actually works.
The Hampton Ballroom is a concert venue located in Hampton, New Hampshire. As part of a campaign to sell more tickets, they developed a campaign that featured two different video for every show. They A/B tested one that was professionally produced and the other that was an Ad Hoc video narrative.
Social narratives won by an order of magnitude, largely due to the organic engagement that gave the ads social credibility and organic reach beyond ad spend.
- Shares: +213%
- Likes: +50%
- Comments: +83%
- Reach: +102%
- CPC: -28%
- CPM: -16%
Video marketing is the future of marketing. There is a window of time in which willingness to experiment with video gives an enormous competitive advantage, and helps figure out a new set of assumptions to create a repeatable go-to-market process centered around video. Don’t fade to black, folks.
Already On the Video Marketing Train?
Check out the Insider’s Guide to Video Marketing – our full insider’s view on planning a high-performance video advertising campaign dives into best practices, common pitfalls, building creatives that support your KPIs, reaping the full benefits of accurate measurement, and much more. From choosing the right channel and form to targeting your audience and delivering the message in a way that addresses viewability, this guide will help you develop a process for campaign measurement and optimization across-the-board.