By: Brenton Rose, Chief Operations Officer, and Andrew Park, Dynamic Video Product Manager at Hoot Interactive
If you’re already leveraging other mediums for your inventory marketing, adding a video component is really a no-brainer.
Why? Because they are able to provide the rich media experience that your customers expect.
Video arms advertising campaigns with the power to connect with your consumers at a deeper level. A static product image overlaid with text simply can’t create the same brand lift, reach or engagement as a video campaign. Video can enrich the consumer experience. Even as an ad, video can provide entertainment and real lifestyle connections. It also brings retailer-specific benefits that can’t always be displayed visually. In some cases, personifying products alone will help a retailer reach their intended market.
But that’s just video ads in general. When you take your video ads from traditional to dynamic, you’re in for an even bigger treat.
Dynamic Video Ads vs. Traditional Video Ads: It All Comes Down to Cost and Effectiveness
Production Cost: Budget Friendly vs. Break the Bank
Historically, with video production and advertising, you produce it once, put it onto a platform, whether that’s broadcast or digital, and you have what you have.
On the other hand, with dynamic video ads, you can easily create multiple, highly targeted ads for different segments within your target audience. Each of these ads will update automatically every day to reflect only the in-stock specials that you want to promote. The promoted items can be changed at any time with very little effort and no editing required.
Want to do that with traditional video? The cost would be prohibitively high.
You’d be looking at hours upon hours with an editor creating all the ad versions by hand before having to update them as prices and inventory levels change. Of course, this would easily translate into thousands of dollars in production costs every month.
Ad Content: Targeted vs. Broad
Traditional video ads are typically either very broad, or extremely targeted in terms of what’s being offered. This means you are casting a wide net, or fishing in a very small pond. The major reason for this extreme behavior is platform functionality and production costs needed to expand the capabilities and scope of your video assets.
With dynamic video, since you can easily create multiple dynamic video ads for different audience segments, you can get very narrow and very precise with who you are targeting with your ad. The capability of creating multiple assets allows for the additional reach while still maintaining relevancy.
This means you can advertise a specific product that’s currently in stock, and furthermore, you can create 50 different ad versions and serve those to 50 different small audiences that are absolutely interested in the content you’re showing them.
How’s that for highly targeted?
So What Do Dynamic Video Ads Really Mean for Performance?
We’re glad you asked.
You will see dramatic performance increases when using dynamic ad technology.
If we look specifically at video marketing, we will see more engagement and better brand lift. When it comes to today’s marketing strategies, these are important measures of success. There’s absolutely no doubt that there will be a significant lift in all advertising channels when video is introduced into the mix.
Recently, in a densely populated Metro Market, video was introduced in an effort to help understand the impact video played in supporting other, more traditional advertising strategies. During the exercise, there was a measurable positive increase in engagement activities for the retailer after the addition of video.
The notable impact areas included: website traffic, multiple channel click activity, lead volume, email, chat, phone calls and in-store visits.
Knowing the impact video plays in support of current advertising activities, imagine taking those videos allowing multiple versions with a refined audience and content that refreshes daily – the scope and capabilities of your advertising will expand exponentially.
Ready to find a Dynamic Content Provider? Here’s what you want.
You want to go with a dynamic content provider that’s not only going to make things easy on you – the end user – but one that provides great customer service and understands what you’re trying to achieve.
So here’s what you’ll want to look for in a dynamic content provider:
#1 An easy setup process. Believe it or not, setting up dynamic technology for your inventory marketing doesn’t have to be complicated. Some providers are actually able to make everything simple, straightforward, and easy to set up.
Plus, we’ve seen that as setup time decreases, performance increases. With less headaches and a quicker setup process, you have more time to focus on creating successful ad campaigns.
#2 The ability to capture and send the inventory to multiple channels seamlessly. Finding a dynamic content provider that’s “vertical agnostic” is going to pay off.
A provider that works with multiple industry verticals is more likely to support multiple data sources, which gives you options when it comes to where they’re pulling your inventory.
They may be able to pull inventory from an advertising platform you’re already using, but they’re also able to go out, index your website, and push that inventory through to the platform on which you’re running your ads.
This flexibility in inventory intake will tend to lead to the same flexibility in output feed formats, giving users more customization options.
#3 Inventory-driven solutions. There are many providers of dynamic content out there but they’re not inventory driven, meaning those platforms are not set up to update the content on a regular basis. Their dynamic capabilities reside in the fact that they’ve taken an inventory and dynamically generated the video assets, but they’re not actively pushing to the advertising channels that most consumers are using.
You need interactive inventory assets, which means you need to make sure your videos are being updated on a regular basis through automation to ensure the consumer audience is getting the most up-to-date, accurate information.
#4 Good Support/Service.Your provider needs to have the flexibility to support manufacturer compliance without design limitations. This means creative and customization elements need to be editable without barriers in support. Working within manufacturer guidelines should come with any video support program.
Why Now Is the Right Time to Utilize Dynamic Video Ads
If you’re ready to see what dynamic video ads can do for your inventory marketing strategy, now is the time to test them out. Most of the country, and the world for that matter, is engaging more with online content than they are socially.
We’re at home more, trying to educate and engage our children on a 24-hour schedule. You have kids who are learning with online classes, playing games on online game consoles, and parents who are working from home trying to manage their schedule. We’re bouncing from one digital channel to the other throughout the entire day.
This is exactly why we’re going to see a huge change in the mix of channels that families are experiencing.
And really, this translates into the biggest opportunity – the channel that video can play a part in, which is OTT and connected TV.
Just because of the nature of the current state of the world, you’ve got to open your doors up to new opportunities, and as that shift happens, see just how much your business can reap the benefits of running highly targeted, highly engaging dynamic video ad content.
Ready to Start Running Dynamic Video Ads for Your Inventory?
Then Hoot Interactive is here to help you get your dynamic video ads up and running in no time. Our dynamic video capabilities are second to none, along with our customer service.
Schedule a demo today with one of our dynamic video ad experts and let Hoot’s dynamic technology revolutionize the way you market your inventory!