It is said that it takes 21 days to form a new habit for human beings. We have gone through this four times in present lockdown, and the fifth one is running. Have we formed new habits? The answer is yes and certainly in the area of digital video consumption.
Social Media Is Driving Video Streaming
There is an increase in consumption of video content, as well as online streaming content consistently over the last few months. There is a digital shift and steady increase in the number of new users who are watching online streaming content in India.
YouTube was launched in 2005, and we started to use it in India in 2008. Thus, video marketing had started setting its feet just over a decade ago and due to low-cost to free content available on the web, rapid adoption had also happened for digital videos. From YouTube and Snapchat to Facebook and Instagram, these platforms are helping companies to build brand value. From long format full-fledged movies, to snackable fresh content, all such material is available within seconds across the web.
The Reminiscent Format for Marketers
Video is a highly effective and evocative form of content which is driving the shift of content marketing to video streaming and it is increasingly used as a marketing tool. It is rapidly becoming consumers’ favorite and preferred type of content to see from a brand on social media. Consumers expect a brand communication to have a life that is telling a story and updating itself as often as relevant and entertaining or engaging to the consumer. Video does the same to the brand and that is why, even a social networking platform like LinkedIn that focuses on the corporate world and corporate content is promoting it as a platform video content, and there is enough evidence that videos are delivering the results also. Now, the audience has experienced it, there is no going back.
Shoppable Videos
Shoppable videos are very interesting and relevant in video content formats on social platforms. It is like that of a salesperson in a store that encourages, guides the shopper to buy and also explains that the present purchase is relevant. The video engages the user and evokes those emotions conducive to provoke the desire to purchase, answers our reservations and queries just before we click to purchase.
How Are Brands Responding
Various brands and banks are running campaigns despite the lockdown during the last two months? Each had the relevance of the lock down and touched the audience in the way a brand should be communicating.
A short film for Parle Products for Eid which with present time emotions and sentiments with title “Ek Badi Dua” was streamed on various social media channel. Within 5-days this film has got over 10 million views on Facebook. There are plenty of such examples from the industry and these kinds of views or engagement are very hard to come by in non-video formats. The story-telling and evocative communication is possible, only with the video format.
How Financial Services Can Be Benefited Through Video Marketing-
There are numerous possibilities and potential available for video marketing for business growth for the financial sector as video has become the most effective form of content delivery. Incorporating video on website and social media channels is an innovative way to keep our customers hooked for details of our products and services. We can put videos in form of small case studies depicting experiences of our existing customers on our website. This will not only give credibility to our products and services but also have an emotional connect with customers instantaneously.
Tech savvy banks create their own ‘Make in App’ as customers want to access his own account and know the value of their portfolio. Thus, video marketing is an excellent channel to communicate and provide greater value to customers. The proper utilization of video marketing will increase value of all stakeholders and lead to improvement in market share.
Ajai Seth
Chief Manager ( Training),
SBILD, Aurangabad
