The ability to make video content good, fast, and cheap is no longer just a device to save money or expand the ‘working media’ budget. Today, film production has a domino effect, making it all but impossible to successfully execute today’s strategic marketing initiatives without it. Take a look at these two examples.
Micro targeting, or the process of using consumer data to influence specific individuals or demographics thoughts or actions, is a key strategy today. Advertisers are able to pinpoint media buys and reach varying segments of people at just the right time. However, this is all for naught if everyone still gets the same message.
The missing piece to effective micro targeting is making content specifically for each segment. That is not affordable for even the largest advertisers if all they are able to produce are $500,000 TV spots. In 2014 the average cost for one 30 second spot of commercial prime time broadcast TV was $112,000. That's up from $110,000 in 2013. This is aside from the production cost, which could range from $2,000 to over $1,000,000.
If advertisers would instead invest their budget to 10 or 20 spots and/or videos, there would be a shift from our history of ‘lowest common denominator’ content to hyper-relevant content.
Real Time Content
In 2013, Oreo's famed Super Bowl tweet set the Internet aflame when the stadium's power briefly went out. Seizing the opportunity, Oreo tweeted "Power out? No problem. You can still dunk in the dark."
Despite this example, real time marketing goes beyond posting a timely tweet or status update. Companies are rapidly creating content that drives more response and engagement, making on-the-fly changes to marketing plans, and even using real time data for strategic business decisions, such as product development.
Real time content is another strategy that is growing in popularity yet cannot be carried out without good, cheap, and (most importantly) fast creation of content. And while building brand sentiment via social media is important, marketers are mostly concerned with how they can increase business metrics like consumer retention and conversion rates.
Agencies, media companies, or brands that are vertically integrated with strategy, creative, and production all in one place are poised to execute these 21st century marketing initiatives.
First media people moved from the last 10 minutes of the meeting to the front of the room. Now, it is likely that we are about to see “Revenge of The Production People” as the next episode of the ever-changing marketing caste system.
Career advice; be nice to the production team.