Everyone talks about “First Mover’s advantage”, with pundits weighing in on the pros and cons.
First Movers vs Fast Followers
On the pro side of things first movers have an opportunity to dazzle consumers with pioneering innovation, which is a PR opportunity in itself, as well as an advantage in gaining control of strategic assets (marketing partners, advertising placements, etc.) The cons are risk of failure, and in some cases, higher costs due to R&D etc.
Overall, market pioneers follow innovative strategies that tend to have high initial costs and risks, but yield high potential returns.
The position that’s easiest to defend is the one urging business to be “Fast Followers” – Early enough to beat the crowd, but far enough behind the avant garde to make sure you’re not heading towards a train wreck…
Fast Follower – Early enough to beat the crowd,
but far enough behind to avoid a train wreck…
Personalized Video is Coming into it’s own
The reason we bring this up is because that’s pretty much the state of automated and personalized video marketing. Although video as a marketing tool is very much in the mainstream, it’s primarily used in a one-size-fits all fashion, with all viewers being presented the same ad. At best we see companies going for clustered segmentation.
Personalized video goes a few steps above and beyond that by tailoring each video to a single individual, allowing for fully personalized messages that account for every viewer’s details, purchasing history, etc.
Personalized Video DELIVERS!
Our experience over the past year has been working with our First Mover partners to develop this amazing technology, and explore together the opportunities and results it delivers from a marketing perspective.
The results so far are pretty awesome:
EyeBuyDirect.com – x2 on all metrics
One of our pilots was running an email marketing campaign featuring personalized videos for glasses super-shop EyeBuyDirect.com.
The campaign featured a transactional email thanking first-time buyers for their purchase, and rewarding them with a discount towards future purchases, for a cross sell product similar to the one they just bought.
This campaign features personalization on two levels:
- The videos addresses the viewer by name.
- The promotional offer presented is generated based on the recipient’s recent purchase.
The personalization doubled open rates, click through rates and conversions vs the generic email we used for the control group.
Mega Supermarkets – x50 ROI
The Mega chain of supermarkets rean a pilot with us testing the impact personalized video advertising has on Youtube retargeted pre-rolls.
The campaign targeted users of Megaonline via a retargeting preroll ad on YouTube, with a video ad that was generated based on their browsing and purchasing patterns on Megaonline.
The resulting campaign delivered over 50 times return on investment, as calculated for purchases of targeted consumers.
Act Now to Win with Personalized Video
If up until now you’ve been sitting on the fence thinking it might be best to let others take the risk, we have news for you – Now’s the time to get your butt in gear and hop on the bandwagon, because if you don’t, your competition certainly will…