With all of the compelling stats behind the need for video today, brands should be sprinting to get in the game, yet many are still mostly on the sidelines. I would say that the number one reason I hear as to why, is that they “can’t afford it right now” and will revisit it later. In my opinion this is a big mistake and I would strongly argue that they cannot afford not to spend on video. Let me explain.
If they are already committed to social media, trying to grow their own e-commerce platform (to earn better margins, have a direct dialogue with consumers rather than a 3rd party partner such as Amazon etc.) and really any type of online messaging, and they actually care about results and ROI, then video has to be a part of the mix. It offers increased exposure, cheaper CPM’s and higher engagement. So if you are in digital marketing and looking to optimize your game, then you cant leave your 7 iron in the bag. It is literally your number one tool to improve performance and get more for your dollar.
I think one of the fears with video is that it is just cost prohibitive. Historically this has been true as the market pricing has been high and for the most part is still out of whack. So if and when a brand actually takes the leap to create a brand video and shells out a lot of money, they say to themselves or their provider that the video “has to go viral”. They say that because they need massive reach and game changing results to rationalize the high price tag. You don’t need video to “go viral” (what does that really even mean anyway?) you need it to help augment your social content and storytelling and improve your website experience, email marketing and paid social efforts. With video, the performance in all of these categories skyrockets. You immediately compromise your results by not finding a way to “afford” video.
Now the problem is that most pure play video shops don’t really want to create micro content videos for social media, as they see it as the underbelly of the video space. They want to do longer form, higher priced and more intricate pieces. I get it, those are great, profitable and more fun. That doesn’t mean that the market doesn’t still need these videos in a very big way. On the other end of the spectrum there are interns, freelancers and even young and resourceful internal employees who can create one off videos. The issue there is the messaging is typically disjointed, not pursuant to a real strategy and these players don’t typically understand what works and does not work on social/digital. You really need a partner who gets it. (ahem…Sircle Media…ahem)
Most brands (especially in a crowded category such as the healthy CPG space) need at least 3 core videos:
Product Front and Center Video: Puts your main product(s) on display so potential customers see your packaging and/or get a feel for what your product is. We recommend you feature your hero lineup and present that on Facebook and Instagram. This you would boost to fans of competitors perhaps.
Describe The Product Video: Puts your main USP’s on display and can highlight the WHY behind the WHAT for one or all of your products. This would target special interest groups for your ingredients or perhaps even be used as part of your retargeting efforts to move buyers further down the funnel that have already signed up for your email, visited your website and/or even engaged with your Facebook or Instagram content.
Retailer Call Out Video: Lets consumers know where to find you (i.e. Whole Foods) and conveys that the brand is “bigger/better” as it is in many stores/doors. These can be used to target fans of that retailer AND/OR can be used as part of your dark posting strategy, set to really drive foot traffic locally into a specific retailer without muddying up your timeline. This is a very important tool to help your sales people out in the field, who are trying to get and keep your products on shelves.
All three of these video types are simple, yet impactful for your business online. The game has changed and brands need to adapt to it. I spoke with a prospect this week and they had a brand/hero video (they paid a lot for back in 2015) front and center on their website. It was actually uploaded on YouTube (because that was the default back then) and was just playing through a viewer. The video is cute and actually had thousands of views, but the problem was that YouTube was actually showing ads against the video and those ads were for another CPG. So if a consumer saw that and then clicked on the ad, it would actually take them away from the brand. In that sense it actually hurt that the video had a lot of views on YouTube.
So the bottomline is that any brand or business looking to win online needs to rethink video completely. They need to solve for a way to get videos made, to create many rather than one (why put all eggs in one basket?) and to understand how and where to use them in today’s online ecosystem. Our recommendation is to not sit back and watch others in your space do it, while you wait til you can afford it. That is something you definitely cannot afford to do.