24 July 2017
Business and management guru, Henry Mintzberg once said: “Strategy is a pattern in a stream of decisions.”
And, in the context of video marketing, Henry’s words of wisdom are arguably more relevant today than they’ve ever been. 93% of marketers now use video for online sales and marketing, according to a 2015 report by Crayon.
For many marketing managers, it is certainly no longer a question of: do we need to do video? Two-thirds (72%) of all websites now have at least one video on their homepage. Most brands, both B2C and B2B, use video in some shape to communicate with their customers. But, although consumer’s interest in watching video, is accelerating at the speed of Lewis Hamilton’s Mercedes; heads of marketing in the US are in pole position, with the UK slightly off pace when it comes to thinking strategically about the video content they produce.
A research reported called 'Using video to affect B2B and B2B success', published by the Aberdeen Group in May 2017 explores the revenue impact of video on business-to-business and business-to-consumer, as well as video’s potential to deliver value across the whole enterprise. They found that users of an online video platform, or video specific technology, achieved advantages in three key areas: total company revenue, average deal size, and lead acceptance rate. The same report says that video and rich media users are 65% more likely to produce more relevant communications.
One thing is for sure, the adoption of online video platforms is yet to reach full throttle in the UK, but there are examples of brands, predominantly, but not exclusively telecoms, tech, and healthcare, that view video marketing more strategically, and use an online video platform to help them reach their goals. Vodafone Global Enterprise use a personalised video platform that they re-branded Dynamic-Video-Builder, and their sales team have since made over 5000 one-to-one videos, enabling them to deliver AB marketing and fine-tune messaging by customer group.
For brands that are ready to become more strategic with video, we’ve compiled a list of five takeaways to consider:
1. Begin with your message
In marketing, the difference between success and failure often comes with small margins. When planning any new video project, you must begin with your message. Compile a wish-list that includes all the things you would love to find out about your customers. This will then provide the foundation for mapping out what type of video content you need in your well-stocked marketing arsenal, and how individual pieces will deliver relevant and effective messages.
2. Repurpose and recycle
When planning your next video project, one thing to master early on is a mindset that involves thinking of the project as an evergreen solution that will deliver results for the whole business, not a single piece of content to meet a single marketing goal. This approach ensures the client has a versatile core of video that they can use to create new flavours, and add a personal touch that’s super-relevant to whoever they are speaking with.
3. Test, test, test
Video marketing is like a close friend that tells you that red really isn’t your colour. A good personalised video platform is the same as that friend; it saves you from making an unwise choice. Your video platform will alert you ahead of time to video content that is not working out, so that you invest more time focusing on what is. Data on who watched your video all the way through and clicked on the video’s call-to-action is a strong indication that your message has resonated; analytics will also identify prospects who dropped out early.
4. Ensure the value of insights from video data are captured and linked to marketing automation
In business management, there’s a popular term called SVOT (single version of truth); it’s the idea that you have a single centralised database that tells you everything you need to know about your customers. By approaching video marketing in a similar way, the flow of communication between you and your customers becomes seamless. For this to happen, the online video platform needs to be on speaking terms with your marketing automation system; or, in more technical terms, needs to integrate.
5. Organise video content more efficiently with a digital library
Remember the feeling you got when your grandad took you to get a pic‘n’mix from Woolworths? Those were the best days; sugar rush and e-numbers aside, it was a special treat because, you, and no one else, had the power to choose what went in that paper bag. A digital library works off the same principles; however, this time it’s your sales team that choose which combination of video content they want to send to their prospects, and they can do that with ease with a digital library.
Both B2B and B2C markets are demanding more video content; however, adoption of online video platforms in the UK is still in its infancy. Brands that take a more strategic approach to video marketing will increase revenues, cut costs, and get their noses out in front of their competitors.
For a free 30 minute video consultation and video content gap analysis, email firstname.lastname@example.org.
Article first published in Digital Marketing Magazine on 20 July, 2017.