By Taranjeet Singh
Today we watch television transform before our eyes. In just a few short years, we’ve gone from watching TV at home to streaming live content to any device, anywhere, anytime, at your fingertips. We watch video content several hours a week on our phones, laptops, desktops and tablets, smart TVs and other streaming devices, and it has caught the attention of marketers around the world.
The Covid-19 pandemic has dramatically changed consumer behavior when it comes to video streaming across all age groups. It is observed that, on average, an individual spends around 7 hours and 55 minutes viewing video content online, while Indians have exceeded their viewing hours by spending 10 hours 54 minutes per week viewing video content online, according to the State of Online Video report. 2020 by Limelight Networks.
Video viewing has taken a big step forward and has prompted marketers to invest more in creating video ad campaigns to reach consumers where they spend the most time. At the same time, marketers are under pressure to prove ROI and drive business results like sales and revenue. Of the utmost importance has been the creation of the most effective advertising campaigns. As consumers experience digital fatigue and their attention spans have become even shorter, video ads can capture their attention across various channels and devices they use and direct them to a buying channel. To create a powerful online video advertising strategy, follow these five rules to achieve your business goals:
Create a commercial media strategy
Commercial media is an approach to digital advertising that combines business data and intelligence to target consumers along their buying journey and help marketers and media owners drive business results (sales , income, prospects).
To develop a commercial media strategy for video, marketers and agencies need to launch video ad campaigns that engage new customers on their first purchase with a full funnel approach, from brand awareness to conversion. , as well as campaigns to encourage existing customers to find out more. products or services and become regular buyers and loyal customers, following a customer journey of consideration, conversion into loyalty.
As the customer journey becomes increasingly digital and the lines blur between purchasing and other digital activities, the time between brand discovery and conversion is shrinking. Marketers with active online video campaigns for every stage of the buying funnel are more likely to make a lasting impression on consumers across touchpoints and influence those quick buying decisions.
All of these campaigns should ideally be run at the same time through the same technology partner to move audiences from one stage of the customer journey to another. It also gives marketers the ability to track audiences from initial video exposure to click and conversion.
Build audiences first
Before you think about channels, devices, or ad formats, the first step in creating video campaigns is choosing the right audience for each goal.
Each campaign will engage a different audience and have its own set of key performance indicators (KPIs) depending on which part of the customer journey is targeted. For example, for awareness campaigns, it’s about reaching more customers, but it’s also important to limit your audience to the people most likely to buy your products or services using the data you have.
Be independent of channels, devices and formats
Once you’ve created a campaign audience, the channels, devices, and ad formats for that campaign all depend on where that audience spends their time and where they’re most likely to see. or interact with your ads.
Consumers all have different viewing behavior, and you need to be able to reach them no matter where, when or how they watch video content. Rather than focusing on specific advertising formats (like instream and outstream), focus on finding a video advertising solution that gives you access to a wide range of inventory sources through direct relationships with premium publishers and video streaming services.
Fill up on conversations
The upsurge in the use of digital media has led most businesses to move towards the online mode of action. The interconnection, optimization and automation of video marketing results in a higher web conversion rate. Additionally, displaying videos on a landing page can be a huge influence for a brand to drive profitable traffic.
Holistically measure online video campaigns
Measuring your video campaigns is an important part of your success, and just as important as following best practices when creating and configuring your campaign. While your campaign has its own set of KPIs, it’s important to track how each campaign pushed customers down the buying funnel and influenced business outcomes such as sales, revenue, and sales. return on investment. One of these methods is to view your marketing from a full funnel perspective, it’s easier to see how video campaigns are contributing to conversions, even if they are not directly driving them. The reports you get through your ad partner should show the flow of audiences for your campaign from first video view to point of sale. This allows you to connect your ad spend directly to sales.
For example, suppose a new customer watches your video ad during a show they’re streaming through an OTT device. If that customer is in your audience for a Consideration campaign, and then makes a purchase through a conversion ad, you can show that your OTT campaign had an impact on that sale.
The pandemic has changed the way consumers use the digital space. From remote work to online education to video streaming, the consumption of content has increased dramatically. It is safe to say that online video advertising is here to stay and will only grow as the consumption of video content increases, making it an optimal opportunity for marketers to invest and keep a ahead.
The author is Managing Director, SEA and India, Criteo
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