I’ve heard that there are 11 million bits of data thrown at us daily. Yet most of us can only process between 40 to 50 bits of data. We’ve become expert in the art of ignoring data — advertising and branded content – unless it truly captivates us when and where we are looking for it.
Every second, 5 years’ worth of video streams on the web, and decisions are made in a millisecond. If a Millennial has a bad experience with any of that, he or she won’t give your brand a second chance.
Even knowing this, we must leverage mobile first, use video or infographics to drive engagement, and be authentic and relevant. Videos must be “snackable” and be downloadable in 10 seconds or less.
Millennials are using social networks and content platforms to define their sense of self. Students are applying to colleges and universities on their phones. They are what they discover, read, watch, share, “like”, +1, comment and retweet. More than half use the internet as their main source of entertainment and 51% acknowledge that they watch a You Tube video before making a decision about a product or service. It is rumored that Apple TV and streaming will become main stream in less than 5 years.
Clearly a new approach is needed!
So stop targeting the masses and start engaging your fanatics. Whether you are a B2B or B2C brand be where they are at the moment of truth. Your fanatics may only be 3-5% of your users but they are 98-99% of your social sharing.
How? Consider emulating the success of media brands! They know how to unleash the power of their fanatics.
Start by defining attributes that are common to your brand’s fan base, including their demographic, psychographic and other such attributes, and then look at where they choose to consume entertainment and share opinions. Then seek out the channels where these fanatics consume and share information. This is where you can provide engaging authentic content that has a beginning, middle, and end – an entertaining story, an engaging video.
Lego, Chipotle, Dell, Red Bull and Uber have all done this. They do not behave like a consumer brand, fast food restaurant, PC, sports drink or service. They have unleashed their fanatics to drive content that resonates in real time through licensing, establishing interactive websites (in one case where consumers have provided better answers to FAQs than the company), creating branded entertainment (“Farmed and Dangerous”), and the list goes on.
Why? Media brands sweat their assets! As CPM is diminishing in value, and conversion and ROI are determining our value as CMOs – everyone should take on the process of sweating your assets. Whether you are a beverage company with a can or bottle or a hospital with real estate, this process consistently unlocks an additional 25% -80% in investment spend.
The bottom line is that the old ways of doing marketing are atrophying. As a marketer, you need to stop shouting at the masses, and start working with your most valuable brand asset – your brand’s fanatics – as a partner to get your story out to the marketplace in an engaging, entertaining way to drive maximum growth with a reasonable investment.