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Talent, data insights, ROI and growth all make it into the CMO's top 10 list of challenges but a question that will unsettle even the most experienced marketer is how to innovate and exceed customer expectations against the constant backdrop of new technology developments and buying behaviours. It's dynamic challenges like these that have the most profound impact on the marketing group and keep us on our toes.
Advances in technology and improvements in internet connectivity mean our target audiences are continuously influenced in different ways. No sooner that marketing discovers a winning formula, buyers move on. Let's take news consumption trends for example, where there's been a noticeable demise of the newspaper on the daily commute. The 2015 News Report, compiled by Reuters Institute confirms that while over 75% of the US public consume news via the internet and social media, just 23% read printed newspapers. These trends, albeit not as stark, are similar in Europe and Asia.
The proven' programs that got us where we are today may not serve us well in future. In fact, today's CMO has an unprecedented challenge of convincing the board that new thinking and risk-taking is smart.
Video has the potential to support CMO's evolve their strategy as it becomes more accessible and widespread. But video is complex and presents a number of challenges in its own right. Here's a few considerations for CMO's who are looking to trail-blaze with video and give their businesses an edge:
Lead the charge on being a video-centric organisation Video is not just more visual and engaging than words and pictures, it sparks emotion and breeds trust. For example, seeing first-hand how a product has transformed a business is far more believable than reading a written case study. Many companies have already placed video at the core of their sales cycle and it won't be long before we're all using virtual reality to buy houses, cars and holidays. CMO's that lead the charge in developing video-centric resources and technology now will be best placed to thrive in future.
Cut through the noise with experimentation The latest marketing tools give us valuable insights to make informed decisions although some companies have made the mistake of introducing a laser focus on ROI at the expense of creativity, ideas and innovation. Brand guidelines can also be restrictive, particularly in B2B. The more creative marketers among us will appreciate any opportunity the CMO creates to unleash the creative talent in the team. With a fail fast' methodology, experimentation doesn't haven't to be taboo and it may uncover a clear path through the competitive noise.
Nothing like a good story Buyers like to be entertained and will increasingly gravitate towards products and brands that are underpinned by a story. Good story-telling gives the product context in the real world and helps buyers imagine what it would be like to be a customer. Encourage your teams to shift from product features and benefits to think and act more like publishers.
Video - the window into your organisation Video acts like a window into your organisation, showcasing its expertise, culture and personality. People buy from people, so it's worth showcasing company executives and experts on video to help them advocate the company to wide reaching audiences.
Technology and Skills Organisations that rely entirely on production companies and contractors for their video production needn't worry about technology and resources but those looking to build or develop in-house capability also need to think a few steps ahead of the production curve. There's an acute shortage of staff that understand video in the corporate sector and an impending war for expertise in videography, audio, lighting, scripting, editing and post production. Similarly, the technology landscape is changing fast, so it will pay to think what technology will be needed in future rather than production requirements today.
On the topic of future-proofing, organisations should also consider how fast the library of content will grow and how to make the most of the content investment. If videos are stored centrally and transcribed with searchable metadata, teams will be easily able to find, access and collaborate on the materials they need.
A video strategy Video is a complex form of content that merits its own plan within the overall content or digital strategy. CMO's that are looking to shift the business or scale video will benefit from dedicating time to plan for video. Further tips on building out a video strategy can be found below.
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