With technology booming by the second, it's no secret that artificial intelligence (AI) is shaping the way we market products and services. It can help you tailor your content to create targeted ad campaigns, improve your business's return on investment (ROI), and create an interactive environment between technology and consumer.
So it's no wonder that 60 percent of marketers said they plan on using artificial intelligence in their content marketing strategy for the upcoming year, according to BrightEdge. That number is expected to rise over the next few years.
AI allows businesses to better understand their customers so they can market to them more efficiently and personally. And what's more personal than video? According to WyzOwl, 81 percent of businesses now use video in their content marketing strategies. It's become essential in connecting to the people on the other side of the screen.
By using AI, marketers are able to define a clear target audience, target ads to the appropriate consumer and create a video marketing strategy that's sure to result in increased ROI.
If you're looking to boost your video marketing using AI, here are three ways to get started.
1. Improve personalization.
Consumers will no longer stand for a one-size-fits-all experience. With increased technology, users expect to watch video content that's best suited to their interests and wants.
Every day over 5 billion videos are watched on YouTube. It's become one of the best platforms to connect with consumers because of their avid interest in video over other mediums such as text.
Because users want a more personal online experience, you can use AI to give it to them. Personalized marketing brings higher levels of engagement and interaction between businesses and consumers, and shows the consumer that you know what they're looking for. This gives you a higher chance of converting these customers who feel you're relating to them on a closer level.
You can use video to send personalized messages to your customers, offer them discounts on their favorite items or services, and create an emotional connection that will make them feel personally tied to your brand.
2. Show video ads relevant to the consumer.
How many times have you been forced to sit through an ad you didn't know or care anything about? With AI, that won't be a problem in the future.
A fast way to lose a user's attention is to bombard them with advertisements completely irrelevant to their interests and lifestyle. They're more likely to react positively to video ads if they're tailored to their needs based on their search history, page clicks, and shopping behavior.
Tubular Insights found that 73 percent of consumers are more likely to purchase a product after watching a video that talks about it. This is essentially what ads do. If consumers have to watch them anyway, they might as well see products and services they'd actually use.
AI uses its advanced technology to show users videos relevant to their interests. The more it's utilized in video marketing strategies, the better experiences users will have because they won't feel bombarded by products and services they don't want.
3. Suggest related and recommended videos.
It's still unknown what exact algorithms YouTube uses to show suggested videos. But what is known is that this function proves highly beneficial for businesses that use them, and the amount of likes, shares, and watch time factors into the equation.
AI uses content you've already searched and watched to bring you suggested videos it thinks you'd enjoy. Recommended videos increase the time a viewer watches your content and content similar to it, allowing for a higher chance of conversion. It also continues their engagement and willingness to interact with a brand once they have a better idea of what it's about.
Video is one of the best methods of getting to know your consumers and figuring out what they're interested in and what they're willing to spend time on. The best way to get your videos noticed is to use SEO everywhere: in the title, tags, and description. Stick to your keywords and use long-tail keywords when possible.
AI is changing the way we do marketing, especially video marketing. This can bring consumer and business closer together, tailor content more specifically, and engage with users in a more personal way. It gives marketers a clearer path to connect with their target audience and craft video content that speaks to them and turns them into conversions.
Author William Faulkner said that in writing, you have to kill your darlings. The same goes for startup businesses. You might have created a product you love and adore, but if it's not selling or connecting with consumers, you might have to pivot your company in order to reach success. You don't necessarily have to give up your dreams for your product altogether, but it may have to go through a drastic change.
A great example of a successful pivot is from the company Slack. Slack went from a small gaming company called Tiny Speck to a $5 billion dollar business. They created Slack for their own team to use, but they soon realized that it would solve a need for many businesses. They also had the gaming skills and knew how to make their communication platform fun to use. So they pivoted their company and made billions.
Don't be afraid of change, it might be just what you need to grow your business to new heights. Here's how to pivot strategically and boost sales.
Solve a problem.
What your current customers have to say will help you to pivot your company and turn your solution into something that really solves a need. That's a common problem that many startups run into; they create a product that they think customers will want, but their product doesn't really solve a need.
You might also find your product solves a need for your customers, but then your customers' needs change. You don't necessarily have to change your product, but you have to pivot to solve a different, more pressing problem for your audience.
So, listen to your customers, find out how they use your product, what it's missing, what features they want, etc. Your customers could be using your product in ways that you never thought of before, and that could be key for a successful pivot.
Segment your market.
If your product isn't selling, it might be because you're trying to sell it to the wrong market segment. For instance, maybe your product isn't right for consumers, but it's the perfect solution for corporations who have more use for it and more money to spend. This is another instance where you don't have to change your product at all, you just have to change who you market it to.
For instance, the company Eloqua started as a chat/messaging application for financial services, insurance and real estate, but it never really made an impact with those industries. So the company pivoted their market segment to companies who were looking for an easy way to increase lead generation. Eloqua was later acquired by Oracle for $871 billion. Without really changing their product, they found a new segment of customers that really needed them.
Turn your product into a service.
Sometimes when startups create a product, it might be too difficult to sell to the consumer in a way that they understand how to use or how to solve their problem with it. This means your product might be more successful as a service. While you can help consumers along by investing in support services and educational offerings, you might want to consider offering a service instead.
On the other hand, your service might need to turn into a product in order to scale your business. For example, James L. Kraft sold cheese wholesale to local merchants door to door before scaling it and turning his business into the company you know today, Kraft Foods.
Focus on a product feature.
For software and SaaS startups especially, the key to a successful pivot may be found in one of your product features. Pay close attention to what your customers are doing with your product. You might have expected them to use your product in a certain way or love your main platform feature the most, but you might discover that they have a greater need for another feature.
That's what happened with Flickr. Flickr launched as online role-playing game platform, which included a small photo-sharing feature. Their customers weren't as obsessed with the game as the company thought they would be; instead, they loved the photo-sharing feature more. By pivoting with their product feature, Flickr became a huge success and was acquired by Yahoo.
Over to you.
There are numerous ways to pivot your company to boost sales. Before you make any changes, you need to make sure everyone in your company is aware and is on board with the pivot. Be sure to test your product pivot out before diving in head first as well. Now that you know how to pivot strategically without sacrificing the core of your company, your business will have better odds of reaching success.