How video can be the key disruption strategy for your brand during COVID19 crisis
The verdict is in. Media consumption patterns have changed around the globe, and internet availability is the second most significant factor, following cable TV connections.
According to a Nielsen Media report, video and gaming have topped the charts in North Asia (China, Taiwan, Hong Kong, South Korea) for time spent on mobile phones when the need is entertainment. Linear TV consumption has seen a rise like no other. All this has happened because people have been forced to stay at home, social distance and quarantine. A lifestyle is being created where indoor activities and the corresponding entertainment sources’ demand has seen an uphill rise.
In the United States & the UK, Global Web Index induced research suggests that across all age groups, there has been a 42% increase in time spent watching funny videos online since the outbreak, 12% increase in time spent watching live streams and 11% increase in times spent watching webinars. Online video consumption among Gen Z & Millennial increased by 51% & 44% respectively.
In a report compiled by Mindshare India in collaboration with Vidooly, the consumption of videos on the digital medium (YouTube, Facebook & Instagram for this study) tagged Information has seen a 42% rise in viewership in this quarter compared to the same period last year. There has also been a whopping 120% increase in videos uploaded under and tagged Education.
Short-form content consumption like music has seen a sharp decline, which is a function of people having more time to spare and therefore being able to afford long-form content, a factor that works in favour of videos.
The same Nielsen report also opines that many advertisers mistook the uncertain times as a time to curb advertising spending – especially advertisers in sectors whose demand has risen like e-commerce, digital & entertainment services etc.
Brands, especially the ones which have seen an upsurge in business, can do better if they re-look at their marketing spends. While their operational efficiency & seamless product offerings in such difficult times are in themselves a promotion of their brand, most brands will be better off looking to expand their customer base and engage with their consumers however possible and fill any voids that might be left in terms of communication and missed customer demographics. Upending their marketing spend will also help them gain a stronger hold of the conversations they are involved in and the general group think.
The Way Forward
With respect to the aforementioned analytics summaries that clearly point in the direction of a thorough video marketing strategy, brands need to be more upfront with their agencies and marketing teams. Deviations away from what is trending or proving successful in a bid to stand out for the sake of doing something different can backfire and/or fail to provide the desired results.
Collaborating with agencies such as Mindbound Creatives that have keen expertise and experience of video marketing and strategy might be the way forward for the next quarter. Such agencies specialize in not just creating the right content, but also possess the digital reach and ability to spread it wide in the digital chain – a combination that leads to higher probabilities of your brand’s video going viral.
Consumers out there are looking to be engaged meaningfully. It is the responsibility of each marketer of a brand to take up this challenge and find a way to facilitate content that serves the purpose of both the brand and the audience.