In the words of Charles Darwin, “It is not the strongest or the most intelligent who will survive but those who can best manage change.” An enormous shift in the way we use, produce and consume video content is forcing the marketing world to rapidly reassess, restructure and evolve. As part of the Singapore Media Festival, the MDA and Branded hosted a Chatham House discussion with a group of 21 leading digital ‘‘insiders” from major agencies, technology brands and content owners to discuss the future of video.
Three major “M’s” leap out as crucial to consider in the conquest for content success: Millennials, Mindset and Money.
Although almost constantly active online, a new cohort of unruly, digital savvy, content hungry “millennials” are proving difficult to engage with. Indifferent to traditional TV broadcasting and advertising, they are forcing brands to re-evaluate their marketing spend and strategies. Constantly shifting their interests, their craving: 52 weeks of novel, engaging content online on demand and 24/7 streaming. Problem: current entertainment companies are not well set up to provide content cost effectively and efficiently at the fast pace a fractured, diverse audience of consumers demands it, ‘binge-watching’ only intensifies this problem. Top Tip: capitalising on new content consumption habits requires new ways of producing ‘fast content’, to maintain relevance to an audience that are the big sweet spot spenders of the future.
These changing consumption habits and advances in technology have called for a shift in mindset of brand marketers pushing them to make the transition from advertiser to content creator. Problem: it appears increasingly hard to know how to make your content stand out in the mass of new content published every day. The consumers of today demand companies to be more creative. Top Tip: Relinquish control over content and allow consumers to choose what they like and react to it. Foster talent, listen to audiences to tailor your storytelling and learn from experimentation. successful video campaigns involve tailoring content to fit their key product offering, providing content to consumers that is relevant and timely with value for the consumer.
Nevertheless, a major issue was how to produce content that makes money, justifying the cost of production? Increasing numbers of advertisers are no longer interested in banner ads and pre-roll on a website with a lot of traffic, they want creative content solutions that connect their brands to the publishers’ audience. Problem: not only are branded content solutions more costly to produce, many content owners are not sure how to monetise the content they already have. There is a growing gap between the cost of serving advertisers’ needs and the amount of advertising revenue this generates. Top tip: stick to a solid business model and strategy – big budgets are not everything, smart targeting of content can also count for millions. Remain relevant and connect in a human way to avoid digital fatigue.
Overall, we found that marketers are optimistic about the opportunity that online video represents. The way we view, consume and create content is changing but sometimes nothing beats the face to face sale and the reassurance of the human touch… at least not yet anyway!
By Kelly Yau and Libby Adam.
If you would like to be part of our the next invite-only “Matters” InSights series roundtable, please email Kelly on firstname.lastname@example.org.