Recently, the marketing game has been evolving rapidly. At first, when digital media was still a nascent industry, the amount of online video content was still sparse. This meant that consumers weren’t bombarded with online video advertisements everywhere they clicked. However, the landscape is quite different now. Customers jump from a social platform to another to find ads haunting them along their journey.
Over time, consumers got accustomed to ignoring those ads, which forced brands and their advertising agencies to change their tactics. Instead of only relying on massive advertising campaigns, brands started to embrace the role of a publisher. To do that, they had to rely on data driven video. So what’s really the difference between the two approaches?
Advertising campaigns are undoubtedly great for generating brand awareness. They’re short, entertaining and shareable. They have all the elements required to go viral, and of course, virality leads to more viewability which means more sales, right? Unfortunately, no. That’s not how it works. You can either go viral among the wrong audience or your actual target audience could watch your TVC, get a laugh out of it, then totally forget about you. In both cases, your bottom line won’t increase and the C-Suites won’t be happy.
The shift towards online video
To counter this problem, brands started heading to online video. And with the new landscape, they couldn’t have just used the same format they used in TVCs. Instead of commercials, branded content was created. Instead of publishing just one video or one campaign, brands created a continuous stream of branded content that doesn’t focus just on reach, but engagement as well in tandem with regular video campaigns.
Unlike TV, you can’t only depend on reach (impressions) when it comes to social media because social platforms take engagement as a sign of the video’s relevance to the audience. But that’s not the only reason why engagement is better than impressions. Engaged customers are more likely to actually convert than inactive customers. Here is where data comes to play. The key to really engage customers is by understanding them.
The data social media platforms provide about online video consumption has become absolutely vital for audience development. When you can get reach, engagement, consumption and demographic data with standard online video analytics and even more data, such as, bounce rate, interactivity rate and a unified video performance score across all social platforms with advanced online video analytics dashboards, like Mintircs, you can truly create personalized video advertising that resonates with customers and drive them to convert.
Another advantage online video has comes back again to its low cost and data. Having this amount of data allows you to hypothesize and test multiple iterations of your video online and at a relatively low cost. Some brands have even created episodic content which allows them to test multiple variables such as optimal length, type of content presented, target demography and creative direction (by looking at retention rate and at which point your audience drop off, you can identify potential problems with your ad creative).
How can I make my online video strategy data driven?
We have shown above the importance of data, but now we get to how you can actually have a data driven mentality when you create your online video strategy. Here are the four steps you must follow:
1- Formulate a hypothesis.
2- Create an A/B test.
3- Validate your hypothesis.
4- Build on the results.
First, you need to come up with a hypothesis. For example, my audience prefers video content that’s 2 minutes long. You can then proceed by creating a series of videos that discuss the same topic, but with videos of varying lengths (e.g. a group of videos will be 2 mins while another one will be 4 minutes).
Then you head to an online video analytics dashboard, like Mintrics, and take a look at the metrics that will validate the hypothesis. In this case, we need to look at the Retention Rate, Number of Complete Views and Average Duration Watched. You can then group and compare the videos of different lengths side by side (This feature isn’t available in standard social media platforms analytics tab). Once you identify the winning group, you can then plan the rest of the series accordingly and keep tracking the previous metrics to make sure your hypothesis still stands correct.
Congratulations! You just became a data-driven video marketer. If you’re still not sure which metrics you should follow, here are some of the metrics brands truly care about. Now, head over to mintrics.com to get your FREE TRIAL and start getting more ROI from your online videos with a data driven strategy now.