Think of all the companies that won your business once, and never again. There's the credit card that offered double reward points for new cardholders, the e-commerce retailer offering free shipping for new customers, the hotel you booked with a discount as part of a cross-promotion with your airline, and likely many more. Clearly, hooking new customers isn't the hard part -- it's holding onto them.
That's why companies need to think in terms of lifecycle marketing. Customer acquisition is important, but truly successful marketing requires appealing to customers throughout their relationship with a brand. Doing so, however, is easier said than done.
Forrester's estimation that 49 percent of online adults around the world are "always addressable," spending more time on more devices in more locations, means that marketers need to make sure their brands and messages are not just contributing to the noise consumers face. A good campaign is one that is so high quality that it rises above the rest, delivering the one ad that stands out in the sea of mediocre marketing.
Video can help. Fifty-two percent of marketers worldwide believe video is the platform that yields the best content marketing return on investment (ROI), and advances in technology mean that marketers can create video content in real time and to fit their specific needs, saving money and improving targeting. Add to that improvements in data measurement and content tracking, and video is looking better than ever.
Doing it right hinges on three things: creating content that matters to the consumer, putting it on the right channels, and measuring it end to end.
It's common sense that consumers respond better to videos that apply to them, and the data proves it. Eighty percent of viewers watch individually targeted videos all the way to the end, and 90 percent have a positive experience doing so. That's why personalization is so important -- and a key part of lifecycle marketing. Personalized smart videos using real-time data about promotions, rewards updates, and account statements for existing customers are more engaging and deliver a more memorable experience to the viewer, helping with retention and loyalty. Personalization in the opening scenes draws the viewer in and retains viewer attention throughout the video, ending with a relevant call to action. Additionally, messages, scene structure, and content should be adapted to each individual viewer and the viewer segment, to ensure a video that matters most to the customer.
It seems like almost everyone these days has a laptop, smartphone, and tablet -- hence why they're always addressable -- and smart marketers need to target each of those with device-agnostic video. Email is the go-to channel for personalized video, and it's certainly important, but it's not the only one worth targeting. For example, 30 percent of personalized videos are now viewed on mobile devices, which means marketers have a real opportunity in that space.
Marketers can be creative about targeting new channels. They can use text messages to reach customers without email addresses, send video from their call centers, or even deliver videos through a set-top TV box. It's also important to ensure video content is optimized for any and all channels and devices. No matter how great a video-integrated email looks on a laptop, it doesn't mean much if it won't work on a potential customer's phone. We live in a multichannel world, and a brand's marketing needs to reflect that.
Advertising measurement and analytics is a hot topic right now, but it can be challenging to actually get insights that the brand can use. The good news is that video measurement can deliver information not only about qualitative metrics like engagement, but granular business insights, as well.
Many companies use smart video to simultaneously improve the customer experience and derive benefits for their businesses. Cox Communications, for instance, uses personalized video marketing for everything from attracting customers to welcoming new subscribers and delivering their first bills, and it has experienced lower cost-per-acquisition and better customer service as a result. Without the data analytics capabilities that come with video marketing, Cox might be using costly or ineffective strategies without ever knowing it.
There's no doubt that the always addressable consumer isn't making marketers' jobs any easier, but video can open up a variety of important resources for improving lifecycle marketing. With a comprehensive video marketing strategy, companies can be sure they're appealing to customers while also strengthening their businesses. And with technology getting better all the time, it's never been easier.