However, there are still opportunities in this evolving economy, particularly for e-commerce. To overcome these challenges, it is essential to be more customer-focused. Consider their new needs and potential use cases and where they are online. Video consumption is rising as consumers spend more time on social media.
Even with more conservative spending habits, e-commerce spending will continue to rise with the increase in people staying at home. These companies can still benefit from video marketing if they do it right.
Performance video is an effective strategy in such situations. Performance analytics ensure that marketers get a solid return on their investments.
What is Performance Video?
Performance video, like other types of performance marketing, combines traditional growth strategies with modern analytics. TubeScience describes these ads as “user-centric videos that engage a diverse range of people.”
Let’s take a look at this definition in two parts. Let’s start with different personas. Marketers can personalize performance videos using demographic settings such as age, geography, and household income. This is a significant advantage over traditional mass media strategies like TV and print ads.
Programmatic display ads are the most popular form of digital advertising. They can be targeted at specific audiences. Performance videos are cast with actors and actresses that reflect and engage the audience. Advertisements must feature people who are like their viewers to connect.
How about user-centricity? If performed well, performance videos focus on specific problems, challenges, or use cases that different audiences have. This shows the customer’s value, not the brand’s. Social media also offers performance videos based on algorithms that match past behavior.
Digital ads aren’t as advanced as performance videos. While some allow retargeting, it won’t provide as much growth as engaging prospecting content. Performance videos share one thing with other marketing strategies: Strategic optimization can go a long way.
Get More From Performance Video Marketing
Performance videos can be made customizable. This makes them extremely powerful, but it also means that marketers have to create them well.
Make sure you:
Make them mobile-friendly
These sites are used by most social media users on their phones, sometimes all the time. A performance video advertisement that needs to be appropriately displayed, be read, and make sense with the sound off won’t be a success.
Betabrand, a women’s apparel brand, created performance videos for Facebook. It made vital moves to display its ads well on mobile devices.
Betabrand’s ads communicated their message using overlaid text. It used upfront solid branding to frontload content because mobile viewers are always on the go. These tweaks resulted in a 2.9-fold increase in the incremental return on ad spending.
Plan for Action
Marketers must consider what action they want their users to take after viewing the performance video. Do you want the user to sign up for an email newsletter? Do you want to purchase a product? Clicking through to the website is enough?
Kayak, a travel company, created performance ads on YouTube that invited users “search now” because every user has a different dream destination. Kayak also knew it wouldn’t succeed in asking viewers to book a specific trip.
Each Kayak ad has the same call-to-action, despite showing different types of travelers and locations. The consistent messaging and customized content helped Kayak reduce its cost per incremental trip inquiry by 80 percent.
Tweak ads for efficiency
Performance video has the advantage of not creating every ad from scratch. Find ways to reduce production costs while still reaching a broad audience.