Marketing Lessons from Tokyo Olympics 2020 - Era of Short Video Marketing Is Upon Us.
Many innovations in the Tokyo Olympics excited the audience - from the adoption of 5G technology at the sailing venue, new games like 3X3 basketball, the robotic greetings... One significant change on the viewers' side reflects the transformation of marketing funnels led by short-form videos. For the record, I believe short-form videos will be the primary battleground for marketing in the next five years.
“Did you follow the Tokyo Olympics?” Almost 9 out of 10 of my friends answered, “Yes, just some video highlights.”
In the past, people used to rely on the Olympics schedule and watched the sports on TV. But with 5G's speed and connectivity, we can enjoy the games via real-time short videos on social media. Some of them checked the short videos before deciding whether the entire game was worth watching; others just captured the most memorable moments by watching highlights, from when Simone Biles quit competition for her well-being to Karate's debut as an Olympic sport.
Though TV advertising has long been the most popular way of marketing in America, it's time to say goodbye.
Brands have spent more money on tech giants like Google and Facebook, which have increasingly focused on expanding their video — and video ad — business. Think about the last time you followed the broadcasting schedules to watch the entire games and the TV commercials you may not have done or couldn’t remember?
The Rise of Short Video Highlights
In today’s busy world, even a die-hard fan may not be able to afford more than an hour of televised Olympics games. People tend to be more active, have shorter attention spans, and are more used to having fragmented information. There has been a notable decline in TV audiences for live sporting events in recent years; by contrast, a recent study shows more than 50% of Millennials use social media as a viewing platform for the games.
With 5G technology, the boom of short videos is transforming the sports-watching experience and bringing an unprecedented opportunity to marketing. TikTok is the clear leader in digital advertising.
While short videos accelerate the distribution of information worldwide, the competition for people’s attention has never been more challenging.
How Short Video Transforms the Funnel
Whether retail, eCommerce, SaaS, or IaaS, any marketing model is based on a “funnel.” It refers to the step-by-step strategy to guide a customer from awareness to retention comprehensively.
With technology advancement and emerging marketing channels, the funnel keeps evolving. The influence of short videos starts, and probably varies most significantly, at the entry of this funnel – awareness.
The goal is to pour as many leads as possible into the funnel through exciting videos. Done suitable, short-form videos can cater to increasingly short attention spans. A 2020 study by Wyzowl reported that 84% of people were convinced to buy a product or service based on the brand’s video. Many brands adopt short-form videos as a central feature of their marketing strategies, particularly those looking to target diverse, engaged, and younger audiences. For instance, your competitor's target 10K potential reaches the top of the funnel; however, due to their content being more appealing to the young audience on TikTok, your competitor may convert more audience into customers at the bottom.
The 4 Key Characteristics of Short Videos
After a challenging year with the pandemic, many of us are looking for a distraction or “escape” from the world around us, which further increases short-form video consumption.
In the fierce competition for attention, the rule of thumb is – “less is more.” However, marketers often worry about what if my information is not complete in a 30-second video? How could we achieve the golden balance between “less” and “more”?
1. Keep your message simple.
According to recent studies, Gen Z consumers have an attention span of just 8 seconds, while millennials are not anyway better, with approximately 12 seconds.
You don’t have that much time to tell your story. Because of this, you must keep your plot simple. You lack time to make your film Christopher Nolan-esque.
2. Make efficient use of time.
Don’t waste your audience’s attention on unnecessary elements. Remember, you may lose a certain percentage of viewers at any second. Your audience has a better imagination than you’d think; if they’re interested, they will be able to piece everything together well enough.
3. Short-form video requires taking a more targeted approach.
Fun and relatable content is the cornerstone of short-form video. Brands can invest heavily in a high-quality short video, but the authenticity won't be there unless they genuinely get the relevant message into the targets' mindset. Platforms such as TikTok offer brands an excellent opportunity to reach their target profiles, whether “people who like tacos” or “people follow fashion channels.”
4. End your short video strong.
A strong ending is a must for a successful funnel. A common way to accomplish this is a clear call to action at the end. You don’t have to tie up all loose ends like a feature film. If you leave something unresolved, it may even trick the viewers into investing more clicks in finding out more information.
An even bolder but often successful move is ending with a plot twist or punchline. One strategy you could employ is to put yourself in the head of a casual viewer. Ask: how do they expect this story to end? And then subvert that expectation.
Conclusion
I look forward to seeing the short video fully cement itself as a dominant vehicle to drive potential leads into the marketing funnel for years to come. However, short videos can only serve as the entry of the funnel. For marketers, the next question is how to extend the customer journey by deploying a successful conversion strategy step-by-step.
References:
https://blog.hubspot.com/marketing/short-form-video-trends
https://www.thefilmfund.co/short-film-structure-how-it-differs-from-feature-films/#.YT2AR45KhPY
https://jmcstudyhub.com/important-models-and-theories-of-mass-communication/
https://www.emarketer.com/content/the-us-short-video-landscape