Data driven video content
Did you know:• More than 500 million hours of videos are watched on Youtube each day
• Youtube has over a billion users
• One third of online activity is spent in watching videos
It has been seen that if your content is in video format, as compared to text:
• Consumers are 39 percent more likely to share content it
• 36 percent more likely to comment
• 56 percent more likely to engage with a ‘like’
These facts are changing the way marketers operate. With improvement in connectivity, internet speed and mobile penetration video is emerging as the primary source of communication. Unlike earlier times, the audience is consuming content 24/7 through multiple platforms such as mobiles, tablets, laptops and many more. Due to the fierce competition faced, the number of videos produced by brands is increasing rapidly. A consumer is thus bombarded with hundreds of videos. The consumption of video has been fuelled by recent changes made by major social media platforms including Facebook (Facebook Live became extraordinarily popular this year), Instagram (Instagram Story was launched this year), Snapchat, Twitter, and of course, YouTube. These trends pose a major challenge to marketers i.e. how to break the clutter and improve brand retention? The fact of the matter is that consumer attention span has drastically reduced and hence marketers need to adopt smart ways of working if they have to be heard in a cluttered market.
Data analysis can help marketers to tackle this challenge. Data analysis involves using customer data to better understand their needs and thus ultimately improve the marketing performance. Using data analysis, marketers can understand the needs and preference of the audience; this allows them to create personalized messages that would create maximum impact. Making video campaigns without data is like throwing darts in the dark. Video and data have been individually affecting marketing; the future involves combining the two and creating impactful video content based on insights received from data analysis. For eg, There’s an interesting thing to notice. In the finance and fintech segment, Oxigen Wallet and PayTm were not the most active brand on the social media. In fact, Cleartax and Free charge posted more than any other brand. Most of the content was textual in nature. However, when it came to brand engagement, Oxigen Wallet and PayTM outperformed every other brand with a huge margin.In fact, Oxigen Wallet’s led the brand engagement chart in its category with over twice the engagement from the second nearest competitor, PayTM.But even with low activity on social media, how come Oxigen Wallet ‘nailed it’? There were two ways in which Oxigen Wallet could have done it. Either by posting more content in the forms of text and images, or sharing more videos. They chose the latter method.
Need for data driven video content-
Drawing insights from data can help in creating engaging and impactful campaigns. Smartphone and laptops create a history of the consumer’s habits, likes, dislikes, preferences, occupation etc. Collecting and analyzing this data helps in identifying the target audiences, their preferred medium of communication and the appropriate message for this audience. A focused communication strategy based on data stands out of the clutter and penetrates the audience’s mindset. A deeper analysis of data ensures that the ultimate objective of the campaign is achieved. For example - Your video might have hundreds of views but are these views of your target audience? Did the viewers see the entire message? By digging deep into the available data a marketer can resolve all these dilemmas and operate in a clearer environment. Instead of wasting efforts and money on the wrong channels and audience data analysis helps the marketer to create a strategic approach and to ultimately improve efficiency. Companies that employ data analysis in their marketing activities see a 15-20 percent increase in their Marketing Return on Investment (MROI).
Tips to keep in mind while using data to create video content
With ample of data available out there, a marketer might get confused regarding what to use and what not to use. In order to break through this ambiguity, marketers need to keep a few tips in mind.
• Before analysing the data identify the objective of your campaign. A defined objective will help in segregating between relevant and irrelevant data.
• Make a list of quantifiable things that you want your campaign to achieve in order to meet the objective. These quantifiable targets will help in measuring the impact of the campaign.
• Create customized campaigns based on the insights received from data analysis- customize the length, narration, style and scene based on your audience’s preference.
• Do not depend entirely on data; maintain a balance between human understanding and data insights.
• Frequently adjust and monitor your marketing activities based on real time inputs received.
Is data analysis the answer to all marketing problems?
Data has emerged as a necessary tool for marketers. It not only tells us which campaigns were successful, but also answers deeper questions such as why were they successful and for which audience. But is data enough? Can depending entirely on data help us in creating impactful campaigns? The answer to this is ‘NO’. Data can help us in improving our marketing strategy but it is not the answer to all our problems. Those who depend entirely on data are mistaken. Data analysis tells us what happened in the past and why it happened. Simply copy pasting the formula that worked in the past does not guarantee success. Individuals are irrational and operate on emotions and random trends. There is no tool that can perfectly estimate the consumer’s behaviour to a particular campaign. Marketers need to understand this critical consideration and need to look beyond data for the human element. They need to understand and cherish the irrationality and unpredictability associated with human behaviour. There are things that numbers can’t define, thus a successful campaign is one that uses both data and creativity.
Future of video advertising
The future of marketing is very clear i.e. data driven video content. The consumption of content in video format is going to increase further and the ones that are dependent on data are going to create maximum impact. Driven by rapid digital adoption, there has been a tremendous rise in online content consumption, not just from the metro cities but even from the Tier I, Tier II cities and rural regions.Across all segments—Health and fitness, food delivery, home furniture, real estate, edutech, travel and hotel marketplace, wellness, fashion, fintech, etc, the story of video content continues to rise. Those who posted more videos received more engagement.With content being consumed across multiple screens and platforms marketers need to ensure that they communicate a single brand message that is customized as per the audiences and the platforms.
Drawing insights from data can help in creating engaging and impactful campaigns. Smartphone and laptops create a history of the consumer’s habits, likes, dislikes, preferences, occupation etc. Collecting and analyzing this data helps in identifying the target audiences, their preferred medium of communication and the appropriate message for this audience. A focused communication strategy based on data stands out of the clutter and penetrates the audience’s mindset. A deeper analysis of data ensures that the ultimate objective of the campaign is achieved. For example - Your video might have hundreds of views but are these views of your target audience? Did the viewers see the entire message? By digging deep into the available data a marketer can resolve all these dilemmas and operate in a clearer environment. Instead of wasting efforts and money on the wrong channels and audience data analysis helps the marketer to create a strategic approach and to ultimately improve efficiency. Companies that employ data analysis in their marketing activities see a 15-20 percent increase in their Marketing Return on Investment (MROI).
Data analysis involves using customer data to better understand their needs and thus ultimately improve the marketing performance
Tips to keep in mind while using data to create video content
With ample of data available out there, a marketer might get confused regarding what to use and what not to use. In order to break through this ambiguity, marketers need to keep a few tips in mind.
• Before analysing the data identify the objective of your campaign. A defined objective will help in segregating between relevant and irrelevant data.
• Make a list of quantifiable things that you want your campaign to achieve in order to meet the objective. These quantifiable targets will help in measuring the impact of the campaign.
• Create customized campaigns based on the insights received from data analysis- customize the length, narration, style and scene based on your audience’s preference.
• Do not depend entirely on data; maintain a balance between human understanding and data insights.
• Frequently adjust and monitor your marketing activities based on real time inputs received.
Is data analysis the answer to all marketing problems?
Data has emerged as a necessary tool for marketers. It not only tells us which campaigns were successful, but also answers deeper questions such as why were they successful and for which audience. But is data enough? Can depending entirely on data help us in creating impactful campaigns? The answer to this is ‘NO’. Data can help us in improving our marketing strategy but it is not the answer to all our problems. Those who depend entirely on data are mistaken. Data analysis tells us what happened in the past and why it happened. Simply copy pasting the formula that worked in the past does not guarantee success. Individuals are irrational and operate on emotions and random trends. There is no tool that can perfectly estimate the consumer’s behaviour to a particular campaign. Marketers need to understand this critical consideration and need to look beyond data for the human element. They need to understand and cherish the irrationality and unpredictability associated with human behaviour. There are things that numbers can’t define, thus a successful campaign is one that uses both data and creativity.
Future of video advertising
The future of marketing is very clear i.e. data driven video content. The consumption of content in video format is going to increase further and the ones that are dependent on data are going to create maximum impact. Driven by rapid digital adoption, there has been a tremendous rise in online content consumption, not just from the metro cities but even from the Tier I, Tier II cities and rural regions.Across all segments—Health and fitness, food delivery, home furniture, real estate, edutech, travel and hotel marketplace, wellness, fashion, fintech, etc, the story of video content continues to rise. Those who posted more videos received more engagement.With content being consumed across multiple screens and platforms marketers need to ensure that they communicate a single brand message that is customized as per the audiences and the platforms.
