Periscope's Chris Hiland co-hosts the Videonomics summit, talks marketing traps and industry themes.
Video marketing – it’s rapidly evolving, along with the rest of the advertising industry. So how can a company keep up? By never saying, “I know.” Periscope’s EVP, Client Leadership Chris Hiland, was recently the co-host and a featured speaker at the Videonomics summit, talking about the need for less “I know” and more “what if?”
In a nutshell, it means taking more risks. It might mean setting aside a small part of your budget to try a new way of buying media, or creating content specifically for a new medium, or innovating without guarantees. Risk-taking and adapting more rapidly are how brands will avoid getting trapped in outdated assumptions that can hold their organization back (hence why “I know” is a dangerous phrase.)
Chris’s advice? Never stop learning, let go of knowing, and be agile in your work. A little can go a long way. Below are some key Videonomics takeaways for those of you with an eye to your media futures. You can also listen to Chris’s recap, plus advice on how to “get out of the bubble,” here.
- Defining the problem you are solving may be common sense, but it’s not common. Sit down, discuss and determine what issue or challenge you face before coming up with a plan of action.
- We overvalue what we can measure and undervalue what we can't. Sometimes the qualitative components, often the “heart” of an idea, makes the biggest impact.
- Standing out with that “heart” is especially important when you consider that people are exposed to roughly 5,000 ads per day.
- Be honest about how much of your effort is really culture change (vs. just "changing the way we do X") – being able to tell the difference will help with how you set up your strategy and measure your results.
- When you find winners, make the bets bigger faster! Taking risks needs to be a part of everyone’s plan. Innovation is tampered when risk is avoided.
- In starting out, small tests are safe ways to try new things. Whether it’s a small media buy or focusing on one market before going national, these tests can be invaluable and provide a clearer path moving forward.
- Versioning: It’s better to have a “suitcase of creative assets” to push out in video marketing than taking one spot and cutting it up; customization will take you a long way.
- Communicate, communicate, communicate. Be clear with your language whether it’s between user and brand or brand and agency.
- Data is being used in new ways; think outside the box, such as an insurance company using Google Maps data to integrate with home insurance, or a digital billboard that targets specific car brands.