13 Apr 3 ways to optimise your digital video strategy to connect with the right customers
As part of an omnichannel marketing strategy, digital video can be highly effective in driving growth. In a combined study between Google and Magid entitled “The Role of Digital Video in People’s Lives” it was noted that a whopping 90% of shoppers surveyed had discovered new products or brands on YouTube.
According to the Head of Forecasting at Zenith, video is one of the fastest-growing marketing channels by ad expenditure. YouTube alone racks up over 2 billion users – nearly one-third of all internet traffic. As a startup balancing the ever-present juggle between driving acquisition and improving conversion rates, digital video is a great option for delivering a high return on your investment.
We provide our top three tips on optimising your digital video strategy to help you connect with the right customers.
1. Capitalise on Developing Trends
Being aware of cultural phenomenon and digital trends is vitally important. In their annual Culture and Trends Report, Kevin Allocca, Head of Culture and Trends at YouTube presents a global view of the current state of digital culture acquired by analysing a year’s worth of data and insights. Allocca, unsurprisingly highlights that there has been “a tangible point of change driven by larger external events in the world around us”. Allocca notes that global events have driven a boom in short-form content, the rapid adoption of live streaming, and the growth of personal finance guidance. Along with a longing for content that harks back to simpler times, and growing demand for self-help videos as consumers have turned to digital video channels for guidance and tutorials.
Whilst the last year has had a notable impact on pop culture trends, and the ways in which we consume digital media the report focused heavily on 3 key trends; the evolution of the archetype of the content creator, audience participation and the role of digital media in facing adversity.
2. Take a Data-driven Approach to Video Production and Promotion
As described by Rhys Davies, Senior Media Manager at EE, data was central to a shift by the company towards the adoption of digital video. In a feature on ‘Think with Google’, Davies outlines that in a changing media landscape, digital video offered transparency, consistency and control. After investing heavily in display and search, they also wanted an additional channel to drive sales and turned to digital video. He notes that when expanding into digital video, they engaged econometrics – the process of applying statistical methods to gather qualitative data in order to empirically test economic hypotheses – and got some staggering results.
“The results were phenomenal – test campaigns saw a 29% increase in sales… we also now have a single reliable source for informing spend and determining return on investment (ROI) across a range of media channels.”
3. Capture Consumer Behaviour Insights
In addition to empirical data, quantitative analysis, digital trends, and cultural phenomenon, consumer behaviour insight is also an important area of research that should inform your creative strategy.
When chatting to Google’s Global Executive Editor Natalie Zmuda, Researcher Alistair Rennie outlines that over the last 60 or so years academics have developed 300 behavioural science principles that elucidate how the human mind works. He focuses on 6 of these cognitive biases that explain the consumer decision-making process; ‘Category Heuristics’, ‘Social Proof’, ‘Authority Bias’, the ‘Power of Now’, ‘Scarcity Bias’, and the ‘Power of Free’ and explains how harnessing them is key to influencing consumer behaviour.
‘Authority Bias’ focuses on how an authority figure or expert opinion has a strong ability to influence our decision making.
‘Scarcity Bias’ is the notion that as soon as something is lacking, it becomes more desirable to us.
‘Power of Free’ is probably the simplest. If a product is priced at zero, then we show significantly greater desire towards it than if it was priced at a few pennies greater than zero.
‘Category Heuristics’ are timesavers or short-cuts that aid us in making a decision over a product. Rennie uses megapixels on a camera or gigabytes of data as an example. Accessible and simple they expedite the decision-making process and enable us to make a rapid decision.
‘Power of Now’ ties back to our evolutionary development. This is our desire to want something now, without waiting.
‘Social Proof’ in its most tangible form can be seen in a customer product review. Social Proof is mimicking the decisions of others when we are in a position of indecision.
Rennie’s full report applies to both startups and established organisations and demonstrates how to “employ behavioural science principles intelligently” to maximise customer connection. If you’d like to hear more about what we do then please ping us a message.