The returns from investing in personalization are undeniable. 79% of B2B marketers feel that personalization is the best way to engage with bias. And, 60% of B2C consumers are likely to become repeat buyers after a personalized shopping experience. Yet, companies seem to be scaling down their personalization efforts, primarily due to two reasons:
- The ROI doesn’t match expectations or have a long lead time
- It is difficult to obtain sufficient and accurate customer data to base personalization strategies
As a result, Gartner actually predicts that 80% of marketers could abandon personalization by 2025, which isn’t good news for the end-consumer, or, indeed, your business engine. How does one counter these challenges and continue to gain from personalization’s benefits? The answer lies in the next step on its evolution journey – hyper-personalization.
Hyper-Personalization of Video: The Next Leap
Hyper-personalization is defined as a marketing strategy where each individual customer is approached as a segment of one and marketing activities like ads, sales campaigns, and product experiences are tailored based on customer data so that it resonates effectively. Hyper-personalization can help to:
- Improve customer engagement with the brand by striking a personal chord
- Reduce ad fatigue by displaying only relevant content
- Boost brand recall through the strategic and customized placement of content
- Increase customer lifetime value by encouraging repeat visits and purchases
- Drive sales & marketing ROI by accelerating the time to conversion
Hyper-personalization of video has incredible potential as the video medium is already geared to create an immersive, engaging experience. You can communicate your brand message with clarity and differentiation while adopting hyper-personalization to deliver targeted messages. What’s more, hyper-personalization of video can even assist in the post-sales engagement stage by tailoring the product experience and streamlining video-based support.
An Example of Hyper-Personalization Use Case in the Banking Sector
To understand how hyper-personalization of video works, let us consider the banking sector. Banks rely on video content in a big way and regularly collect information from customers, which could form the bedrock for hyper-personalization strategies. Here are three ways in which banks could gain from hyper-personalized videos:
- Automated customer experience – Key video assets can be optimized so that they are useful at strategic points of the customer journey. For example, a new customer can be sent an automated video message a week after account onboarding, guiding them through their first online transaction.
- Targeted financial advice – Videos on financial advice and video ads related to financial decisions can be tailored to customer behavior. For example, an account holder who has received an above-average salary for 6+ months can be prompted to invest in mutual funds through targeted video messaging. Or, someone who regularly makes online purchases using the account can be sent videos on products where the bank is the payment partner.
- Video-enabled financial wellness – Financial wellness has emerged as a key differentiating point for retail banks. This capability can be reinforced further through timely and hyper-personalized video messaging. For example, if the customer crosses a particular threshold in terms of their spending habits, banks can send them a video message with further advice.
Similarly, sectors like healthcare, retail, e-commerce, online news/entertainment, and others could gain significantly from a hyper-personalized video strategy. Let us look at some of the best practices for getting started.
Best Practices for Getting Started with Video Hyper-Personalization
In order to make the most of your video content and truly resonate with customers at a personal, memorable level, you need to:
Leverage video analytics and BI
Video analytics can tell you a lot about customer behavior, interest, and intent so you can design more impactful marketing strategies. For example, data on your most trending videos, video pause-and-resume activity, video abandonment rate, viewer location, etc. can help to optimize content for each individual. Also, you can use a next-gen video management platform to connect marketing videos with website cookies at the backend for intelligent content targeting.
Offer multilingual and customizable transcriptions
Video transcriptions and subtitles must factor in the viewer’s unique location and thereby, linguistic background. Only a quarter of online content is consumed in English, which means that English-only videos will not resonate with a large portion of your global customer base. Multilingual transcriptions personalize the video experience for every region, and also for hearing impaired audiences. You could achieve this through AI-based automated speech-to-text conversion, through SRT file uploads, or a combination of the two.
Embed hyper-personalized videos in the sales enablement pathway
Personalized sales enablement videos bridge the gap between your team’s product knowledge, sales communication, and customer understanding to amplify the chances of conversion. Videos that are hyper-personalized using account-based marketing (ABM) data can help you win customers and build lasting relationships. Make sure to use a video management platform with intelligent search capabilities, so that sales reps can easily find and personalize relevant content.
Meet kPoint: Your Partner on the Journey Towards Hyper-Personalization
kPoint provides customer-first organizations with a cloud-based video management platform that’s geared for hyper-personalization, effective targeting, and greater ROI. You can analyze customer engagement through daily/monthly KPIs, engagement dashboards, and location maps to design an extremely precise marketing strategy. Our AI-powered speech recognition and multilingual transcriptions allow you to personalize videos for a global audience. And, through video messaging, CRM connectors, website integration, and an easy creation studio, organizations can quickly roll out hyper-personalized campaigns with minimal efforts. Features like these are instrumental in overcoming ROI and data-related challenges in video hyper-personalization and stay on the winning side.
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