Yesterday, the IAB released a great piece, Building 21st Century Brands: Video Creative Innovation, in which they laid out a video innovation mandate for the marketers and the digital advertising industry. It was a long read (20 pages) and so, for many of us, we’ll read it over the course of a few days. And for every day we wait—we are losing money for our brands.
Of the many pertinent data points addressed, one worth noting is that marketers on average will spend $10MM this year on their brand’s digital and mobile video. To frame it differently, this amounts to $27,937 a day or $191,780 a week. This underlines the point that if we set video innovation as an issue to discuss and tackle later or as an item on our 2018 roadmap, we are actively constraining our brand’s potential growth.
But here’s the real danger: not creating video (or making weak creative) for the platforms and formats with which the audiences are engaging.
So why is it that marketers often stumble in terms of creative? We often hear them cite 4 challenges:
- “The cost of creating compelling video is prohibitively expensive.”
- “Making high-quality video takes too much time and takes up too many resources.”
- “We lack the expertise needed to produce great video.”
- “We don’t understand enough about the videos we make from a data perspective.”
So, how do you solve these challenges when best practices are often lacking or your in-house or agency teams can’t keep up with your vision for video innovation?
At VidMob, we’re helping hundreds of marketers, agencies, and platforms whose video and emerging media aspirations are greater than the resources they have. By leveraging our curated pools of talent, we are helping marketers go from concept to execution not only for 6s or vertical videos but also on the emerging formats that are most daunting for advertisers like stories, lenses or filters in a matter of days and for a fraction of the costs to which they’ve been accustomed.
Solving the video creation challenge is only the beginning. Unearthing the insights around videos will help brands understand the power of their creative and enable them to iterate quickly. This is the guiding principle behind our deep-learning powered Agile Creative Suite, which is transforming the creative process into a full connected loop of data → production → publishing.
So today, do something to meet the IAB’s innovation challenge: explore a new format, iterate a new concept, create, test and try again. While that immediate next step is daunting, the cost of inaction is worse.
And it’s easier than you think.