Addicted to Value. The Ecstasy of the Industry.
What is value? How can we add it and how do we measure it?
Value is something we all crave. We strive to find the best deals on products and get value for money. We search the internet until we find that key piece of valuable information. We may revere the works of long dead artists, treasure a Rolex watch or cherish photographs of loved ones; all valuable in their own right. Value is also something we want to give.
The primary goal in the world of marketing and advertising is to sell a product, service or idea. But with so much choice, how do you tap into your consumer and convince them to buy into your brand? This is where value comes into play.
It’s no secret that emotion plays a huge role in our buying decisions whether that is need, want, fear or impulse. In addition, we all have our own set of personal values and drivers based on factors such as ethics, money and status. While luxury brands sell an aspirational lifestyle built on status, ethical brands focus on the moral story. For a brand to be successful, its values must align with the consumer’s personal values and connect emotionally.
It may seem obvious, but the only way to truly engage with your audience is to get under their skin. You need to understand their needs, motives and possible actions, so break down your target audience into more specific groups and choose different platforms and media outlets to advertise on. For example, if you want a promo video aimed at students, don’t commission one costly catch-all video, think about a series of tailored videos which talk to different groups: sporty, arty, techy, British, international on different platforms… Multiple video stories have a greater chance of finding some emotional common ground with at least some of your audience.
A properly planned, tailored video package is the closest way you can give your audience the most value… and get the most value out of the project yourself. It may include a set of mini social teasers, a series of short tailored videos and an overview video. If your target group is broad, the same footage could be edited and styled differently with alternative music to give the videos a whole new vibe. We can also add BSL or foreign language subtitles and voiceovers to access a wider audience.
For a video to be worth your viewers’ attention, it must be either entertaining and/or helpful. People like to watch and share entertaining things that make them laugh, think or feel. Great videos don’t just sell things, they elicit feelings. Helpful videos such as product demonstrations, how-to videos or customer testimonials are just as popular because they contain valuable information which builds trust with your audience.
How do you measure value? Number of views or likes and shares on Facebook? We take reassurance in numbers, but they can be misleading. We can chase numbers for days, weeks, months, years … a googolplex … and still not really know the true value. If only one person out of a million pulled value from your video – it was still valuable to them, because value is subjective. Now don’t get me wrong, this isn’t going to work from a business perspective since value is intrinsically linked to money. But sometimes it’s a slow burn. Not every successful engagement needs to result in an immediate sale and it takes time to build the reputation of your brand.
Our advice when it comes to marketing videos? Share content that your customers will find valuable, not just what tickles the fancy, nor ticks the boxes of your marketing department.