Why Brands Use Data-Driven Video?
The marketing game has been evolving rapidly. At first, when digital media was still a nascent industry, the amount of data-driven video content was little.
This means 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 the way.
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 Data-Driven Videos
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 an engagement as a sign of video relevance to the audience. But that’s not the only reason why engagement is better than impressions.
Engaged and active customers are more likely to actually convert leads than inactive customers. that’s where data comes to play. The key to really engage customers is by understanding them.
Social Media Platforms & Online Videos
The online video consumption on Social Media has become absolutely vital. And the insights those platforms provide can get you specific reach, engagement, consumption, and demographic data.
With such online video analytics and even more advanced online video analytics dashboards like Mintircs, you can truly create personalized video advertising that resonates with customers and drives them to convert.
Another advantage of online video has come 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 tell you how to actually have a data-driven mentality when you create your online video strategy. Here are the four steps you must follow:
- Formulate a hypothesis.
- Create an A/B test.
- Validate your hypothesis.
- 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 Mintrics‘ video analytics dashboard and take a look at the metrics that will validate your hypothesis.
In this case, we’ll 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 important metrics brands truly care about.
It’s time to start getting more ROI from your online videos with a successful data-driven strategy. You can easily achieve this by getting personalized recommendations from our newsletter. Happy online video marketing!