Online Video Personalization - Why is it becoming So important?
Monday, September 22, 2014 4:29
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All
of us have heard the phrase, “A picture is worth thousand words.” But according
to Dr. James Mcquivey of Forrester research, a minute of video is worth 1.8
million words. I am not aware of the exact math Dr. Mcquivey used for his conclusion
but through experience we know that video does leave a lasting impression.
Last
few years we have seen an unprecedented growth in online video. According to
Cisco, 74% of all internet traffic in 2017 will be video. And there are other cool
things we keep hearing about video:
few years we have seen an unprecedented growth in online video. According to
Cisco, 74% of all internet traffic in 2017 will be video. And there are other cool
things we keep hearing about video:
·
Web pages with video are 53 times more likely to
appear on first page of google.
Web pages with video are 53 times more likely to
appear on first page of google.
·
52% of marketers say that online video has
“among the best ROI.”
52% of marketers say that online video has
“among the best ROI.”
·
Visitors who view videos are 2 times more likely
to purchase.
Visitors who view videos are 2 times more likely
to purchase.
·
US online video spending is expected to increase
from 3.5 Billion dollars in 2013 to $5.8 billion dollars by 2017.
US online video spending is expected to increase
from 3.5 Billion dollars in 2013 to $5.8 billion dollars by 2017.
·
10% of all video viewing in 2013 was online. And
more and more people are using mobile and tablets to watch videos and for
longer duration.
10% of all video viewing in 2013 was online. And
more and more people are using mobile and tablets to watch videos and for
longer duration.
But
there are enough challenges for most of the companies in the video space –
there are enough challenges for most of the companies in the video space –
·
They don’t really understand how video
contributes to sales in quantifiable way. It makes it more difficult to
understand impact of video on sales if you are also a brick-and-mortar retailer
i.e. you have some kind of Omni-Channel strategy
They don’t really understand how video
contributes to sales in quantifiable way. It makes it more difficult to
understand impact of video on sales if you are also a brick-and-mortar retailer
i.e. you have some kind of Omni-Channel strategy
·
Most of them have very little idea about how
many online videos should be produced every year. There is no quantifiable
rationale behind those decisions.
Most of them have very little idea about how
many online videos should be produced every year. There is no quantifiable
rationale behind those decisions.
·
Online video still has challenges of volume as
it relates to professional grade content
Online video still has challenges of volume as
it relates to professional grade content
·
It is not well understood how to target videos –
basically personalization of videos. Though, we understand at high level at
viewing habits of large set of people but most of us remain clueless about
viewing habit of individual users.
It is not well understood how to target videos –
basically personalization of videos. Though, we understand at high level at
viewing habits of large set of people but most of us remain clueless about
viewing habit of individual users.
Personalization of online video is a big opportunity for online
retailers from sales and marketing perspective. It should be big part of their
overall personalization strategy. They need to work to tie their audience
profiles and context to their video inventory through the help of analytics. A
targeted video has all the benefits of personalized content but in addition to
that it increases the engagement time. It has more probability of influencing a
potential customer to buy from you than any other type of content on your
website. It is also more economical to target videos through online channel. On
top of that, video always has the potential to go viral.
retailers from sales and marketing perspective. It should be big part of their
overall personalization strategy. They need to work to tie their audience
profiles and context to their video inventory through the help of analytics. A
targeted video has all the benefits of personalized content but in addition to
that it increases the engagement time. It has more probability of influencing a
potential customer to buy from you than any other type of content on your
website. It is also more economical to target videos through online channel. On
top of that, video always has the potential to go viral.
Personalization of videos should also take customer/prospect
journey into account. If the prospect is just considering your product/services
then you should target a product/service video or a case study. For conversion,
a presenter led video makes more sense; a training or a customer service video might
be appropriate for loyalty purpose for a returning customer.
journey into account. If the prospect is just considering your product/services
then you should target a product/service video or a case study. For conversion,
a presenter led video makes more sense; a training or a customer service video might
be appropriate for loyalty purpose for a returning customer.
It is also rare to see web properties recommending videos in
a similar way as you see on “Youtube” or watching videos on “Netflix.” Why?
a similar way as you see on “Youtube” or watching videos on “Netflix.” Why?
Utilization of video is probably better understood on
self-service side when it comes down to “How to” videos. It does help in
significant savings in reducing calls to call centers.
self-service side when it comes down to “How to” videos. It does help in
significant savings in reducing calls to call centers.
Maybe, one of the reason for lack of video personalization
strategy is that most of the companies are still trying to figure out basics of
online video as it relates to video management, infrastructure and performance,
SEO, video players, e-commerce support, mobile support, responsive design etc..
They are relying on one of the video
platform vendors like Brightcove, Ooyala, Adobe/Scene7, Kaltura, KIT digital,
Invodo etc.. These vendors have evolved in last few years and can definitely give
you a quick start. They have their own strengths and weaknesses and you will
still have to figure out what is important for your organization.
strategy is that most of the companies are still trying to figure out basics of
online video as it relates to video management, infrastructure and performance,
SEO, video players, e-commerce support, mobile support, responsive design etc..
They are relying on one of the video
platform vendors like Brightcove, Ooyala, Adobe/Scene7, Kaltura, KIT digital,
Invodo etc.. These vendors have evolved in last few years and can definitely give
you a quick start. They have their own strengths and weaknesses and you will
still have to figure out what is important for your organization.
HTML 5 players, Schema.org for videos, mobile/tablet support
and video interactivity are one of the important things happening in online
video world. Companies like Adways and Wireworx can offer you great options to
integrate with your video platform if you are interested in producing interactive
videos.
and video interactivity are one of the important things happening in online
video world. Companies like Adways and Wireworx can offer you great options to
integrate with your video platform if you are interested in producing interactive
videos.
But despite these new breed of video vendors available to
you, in the end you will have to own your video personalization strategy
because it is based on the data you have about your visitors. Very few of these
vendors are truly evolved from personalization perspective. It will also depend
on analytical and machine learning capabilities of your organization. Also, how
efficiently, you can make different teams like content production, IT, CRM,
creative and analytics work together.
you, in the end you will have to own your video personalization strategy
because it is based on the data you have about your visitors. Very few of these
vendors are truly evolved from personalization perspective. It will also depend
on analytical and machine learning capabilities of your organization. Also, how
efficiently, you can make different teams like content production, IT, CRM,
creative and analytics work together.
There are also other types of personalization happening on
video front. AT&T uses personalized video to explain mobile bills to their
customers. It uses the technology developed in its AT&T Foundry innovation
center in Ra’anana, Israel. It will be
interesting to see how this trend evolves.
video front. AT&T uses personalized video to explain mobile bills to their
customers. It uses the technology developed in its AT&T Foundry innovation
center in Ra’anana, Israel. It will be
interesting to see how this trend evolves.
In the end, personalization and analytics driven video strategy
is still a distant thought for most of the companies. But companies who are
serious about offering best online experience don’t have all the time in the
world to figure out their video personalization strategy. Most of the large
companies have all the tools, content, data infrastructure and resources in
place. They just need champions, right thought leadership and executive
sponsorship to make it happen. Video personalization shouldn’t be an
afterthought in your personalization strategy – it should be one of the key
drivers.
is still a distant thought for most of the companies. But companies who are
serious about offering best online experience don’t have all the time in the
world to figure out their video personalization strategy. Most of the large
companies have all the tools, content, data infrastructure and resources in
place. They just need champions, right thought leadership and executive
sponsorship to make it happen. Video personalization shouldn’t be an
afterthought in your personalization strategy – it should be one of the key
drivers.
Source: http://priyankmohan.blogspot.com/2014/09/online-video-personalization-why-is-it.html
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