Why Monopoly and YouTube Have More in Common Than You Think
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- August 4th, 2014
Over the next couple of weeks, I’m going to try to share some of the highlights from the 2014 Video Marketing Summit. I realize that’s like trying to catch lightning in a bottle, but the only way to get a more complete picture of the two-day event would have been to attend the ReelSummit yourself. Now, one of the first sessions that I want to share was entitled, “Engineering High-Performing & Measurable YouTube Campaigns.”
The description of the seminar in Summit schedule and agenda read: “YouTube is the most powerful medium for brand marketing that exists today – and we have the numbers to prove it. So why do so many organizations screw up YouTube?” However, once you got into the room, you would have seen that the seminar’s secret subtitle was, “YouTube-opoly,” and discovered that its undisclosed description was, “Monopoly & YouTube have more in common than you might think.”
Now, I realize that this is hard to believe. And you really had to be there, if you want to make sure than I’m not making this stuff up. But, the video interview that I conducted with Rob Ciampa, the Chief Marketing Officer at Pixability, after the session does provide some hearsay evidence that I’m not telling tall tales.
Why is YouTube Like Monopoly?
So, what did Ciampa and Michael Benson, a Senior Account Manager at Pixability, have to say about engineering high-performing and measurable YouTube campaigns? Well, for the left-brained people in the room, these two veterans of many of the world’s most successful YouTube marketing and advertising campaigns:
- Explained what goes into a successful YouTube strategy and campaign.
- Provided a couple of real-life video and campaign examples.
- Shared some actionable tips for your own YouTube campaigns.
And for the right-brained people in the room, they answered the question, “What do Monopoly and YouTube have in common?”
- Developing your property is key.
- Avoid getting stuck in “Jail”—Make the right moves.
- You can’t play alone.
- Sometimes you have to pay to play.
- Buy the right inventory.
- Winning takes strategy—and perseverance.
(Yes, you really should have been there.) Here are my left-brained notes on the right-brained part of their seminar:
Developing Your Real Estate – Your YouTube Channel
1. Developing Your Property Is Key | CHANNEL
- Build out your YouTube channel
- Your channel strategy will advise the goals for your campaigns. Are you driving subscribers or site visits? Earned engagement or conversions?
- Strong channels have:
- custom thumbnails
- channel art
Get Out Of Jail by Making the Right Moves
2. Avoid Getting Stuck in Jail—Make the Right Moves | CONTENT STRATEGY
- What type of content do you have access to?
- What will your audience be interested in?
- Don’t assume shorter is always better
- You don’t need to break the bank to make great YouTube content
3. You Can’t Play Alone | COMMUNITY
- YouTube is a community and an ecosystem—not a place for your brand to shout into a vacuum
- Brands need to engage with their YouTube audience
Buy the Right Inventory with Advertising
4. Buy the Right Inventory | YOUTUBE ADVERTISING
- What is hyper-targeting?
- Why is hyper-targeting your YouTube ad campaigns so important?
- Identify influencers relevant to your brand
- Target your audience video by video, rather than channel by channel
Pay to Play
5. Sometimes You Have to Pay to Play | PAID VS. VIRAL
- There is no correlation between viral videos and sales
- Every marketer wants a viral video—but how many are truly viral?
- Be careful of “sketchy” seeding
6. Winning takes strategy & perseverance – CAMPAIGN MEASUREMENT & OPTIMIZATION
- Your goals should drive campaign optimization around relevant metrics
- CPV is at the heart of other potentialKPIs:
- Cost/Sub, Views/Earned Views, Cost/Conversion, InStream CPM, Retention to 75%, View Rates
- Optimize, try different campaigns, and refine
- Publishing one video to your channel is great…
- …but it is only the beginning
- Channel management and upkeep takes time
If this doesn’t do justice to the seminar, I’m sorry. (Have I already mentioned that you really should have been there?) Maybe you should contact the folks at Pixability to see if they can set up a presentation for your organization. Or maybe you should attend next year’s Video Marketing Summit. I don’t want to say I told you so, but before this year’s event was held I said: “If I were you, I wouldn’t miss the opportunity to go where marketers, brands, retailers, and storytellers will be gathering … to get serious about the business of video. If your career or livelihood is directly affected by the success or failure of digital video initiatives, then you need join the rest of the inspiring brands, marketers and industry thought-leaders as they converge in San Francisco, to provide you with the cutting-edge knowledge and advanced training you need.”
Those who attended the ReelSummit got all that – and some of us also got to wear top hats like Rich “Uncle” Pennybags.