Hana asks, “Why don’t more companies use video marketing and live streaming?”
The short answer is that because they have no plan, they won’t do anything due to risk aversion and lack of perceived value. To launch a video marketing initiative (or frankly, any marketing initiative), you need 6 concepts and 3 plans in place. The six concepts:
The three plans:
- Overall marketing plan of action
- Cost/benefit analysis
- Crisis plan
Can’t see anything? Watch it on YouTube here.
Listen to the audio here:
- Got a question for You Ask, I’ll Answer? Submit it here!
- Subscribe to my weekly newsletter for more useful marketing tips.
- Find older episodes of You Ask, I Answer on my YouTube channel.
- Need help with your company’s data and analytics? Let me know!
What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
In today’s episode mana asks, Why do most corporations not take advantage of live streaming and video marketing for their businesses? The answer to this question is that they’re usually lacking six key things. Six things you need to make video marketing successful. Six things you need to make any kind of marketing successful. Number one is you need a goal. What are you trying to accomplish from a business perspective video for video sake is fun, it’s tinkering. But if there’s no actual goal, then you’re gonna have a really hard time getting budget and funding and approval for a formal video project something other than you know, shooting stuff on your smartphone.
Once you have that you need the second thing you need his research. What sorts of information do you need to gather about the process
US of video marketing or the process of live streaming that will be impactful that will yield intelligent results that will you’ll good results. So what do you need to know about the different strategies do you need to know about the different tools, the different vendors and things like that No research means you’re just going to probably go through a lot of iterative cycles and take a very, very long time to launch and possibly make some avoidable mistakes. The third thing you need is a video marketing strategy which is goals times those methods. It is the why of you. You’re doing the video specifically for the fourth thing, you need our tactics. What are you going to choose to do? What are you going to choose not to do? This involves everything from budget like what what a budget you have is going to constrain your limits to channels, what channels should you be doing stuff on to how many people are you gonna need to do the thing so your tactics are
The fourth thing, the fifth thing you’re going to need is an execution strategy, a plan of execution, what’s the methodology? What’s the script? Was the template what’s the the pieces you need to make video marketing work well for you, that can be things like the schedule when you’re going to do these episodes because you should always with video with any kind of content marketing really have regular frequent
content that is available at the same place and time on a regular basis. One of the things that I asked in one of my marketing keynotes is how many people remember when Seinfeld was on when and what channel and these days still about anywhere from a third to a fourth of the audience. A third to half of the audience remembers that Seinfeld was on Thursday nights at nine on NBC back in you know, 20 No, yeah, 20 years ago now,
which is astonishing. Someone remembers the day in time of a TV show.
Many years later, because it was great content that was available at a specific place in time on a regular repeatable basis. The same is true for any kind of marketing that you’re doing. Your email newsletter, for example, should be on the same day in time, generally, so that people know to expect at those times.
So your execution strategy has got to incorporate timing, it’s got to incorporate the methodology it’s got to incorporate software and workflows and things like that, like
if you search on on the YouTube channel, you should be able to find the video of of the process of putting together these daily videos extensive process but that process is the execution strategy to make sure it is as efficient as possible. And the sixth and final thing that you need to make video marketing or live streaming and whatever successful within the enterprise is you need a measurement strategy and the measurement strategy has to be more than hey we got X number of viewers or this video got X number of views unless views is your only benchmark so
If you are a publisher, or you’re you’re trying to build a publishing channel, where you’re going to monetize that channel solely with eyeballs in video advertising, then yes, views would be inappropriate metric. But for everything else, things like reach and awareness,
things like lead conversion or in store visits, you’re going to need a much more robust measurement strategy, which takes all your video data into account, but then blends it with all the rest of your marketing data. And as part of a robust attribution analysis strategy. If you don’t have that, then you’re not going to prove the value of what you’re doing. So those are the six things that you need to pull off a good video marketing strategy or good live streaming strategy. And
lots of companies don’t have those in place for anything much less for video marketing. So that’s the reason why many companies are hesitant to take advantage of newer technologies. Without that plan, risk aversion becomes the default response. No, that’s still
risky What if we screw it up? What if we publish things silly? What if people laugh at us? What if we cause legitimate legal or financial complications, especially for publicly traded companies. And for companies that operate with very sensitive data, you absolutely want to mitigate your risk. And so taking advantage of new channels is very difficult for people to do. Because
without that plan of action, there’s no way to show that you’ve accounted for risk. A big part of getting a pilot approved for at a company is drafting out this comprehensive six part plan and then spending some time especially on the governance side of things to say, Hey, this is how we are planning to mitigate and avoid risk where these are the things we’ve done and these are the almost like the crisis plans we’ve set in place so that if something does go wrong, we have a procedure in place
To handle it, doing things like that, where you have the cost benefit analysis, where you have the plan of action that shows you thought through everything, and you have the crisis plan is generally going to reassure stakeholders enough that they’ll, they’ll be comfortable with the pilot program, if not a full fledged outright program. But you need those three different plans in detail to get those approvals at the most regulated companies. Now, if you’re a small startup or whatever, or you’re at a very aggressive company
can probably do whatever you want, as long as it generates results. But for more traditional companies, you’re going to need those three pieces. So great question. It speaks a lot to corporate culture. It speaks a lot to that planning process. But if you have the planning process in place, if you’ve done your homework and you’ve put together a solid plan, there’s a good chance that you can get your your video marketing or your live streaming
pilot project off the ground. As always, please subscribe to the YouTube channel in the newsletter and I’ll talk to you soon take
if you want help with your company’s data and analytics visit Trust Insights calm today and let us know how we can help you.
You might also enjoy:
- The Evolution of the Data-Driven Company
- What is Ethics in Marketing?
- What's the difference between social media and new media?
- Almost Timely: The 2020 Essays
- How To Start Your Public Speaking Career
Want to read more like this from Christopher Penn? Get updates here:
Get your copy of AI For Marketers