If you’d take a look at all the marketing trends that have come and gone, you’d notice that there’s one method that has always survived. In fact, it is still used to this day, and it’s more relevant than it ever was. The “method” that we’re referring to is nothing but the art of storytelling.
Of course, that doesn’t mean it hasn’t evolved. We’ve come a long way from the days of simple oral narration. Today, stories are told through the lens of a camera. In the world of business, we have a more specific term – it’s called video marketing.
Video marketing is effective. In fact, if we could rank the various methods and forms of marketing, video marketing would come out as the most influential. This is because we currently exist within an ecosystem where the consumer is always on the lookout for the next big interaction. Needless to say, a video has become the preferred medium of interaction.
It possesses a tremendous amount of power when it comes to convincing the customer, irrespective of the format that it is presented in. Whether it’s bite-sized video content or infotainment, a video has the ability to change perceptions and influence the way people think.
This proliferation of video marketing becomes even more apparent when you take a peek into the world of luxury brands. Today, major designer brands like Ralph Lauren, which were known for their anti-marketing approach, have taken a leap into the world of video marketing.
So, why is all this happening? Well, here’s why:
Video brings ideas to life
As we stated earlier, the art of storytelling is still very much alive, although in an evolved form. That “evolved” form is video. Video can convincingly present information. It attracts attention because audiences are presented with something real and not imagined.
Video offers sensory information, which isn’t the case with other media. This works very well for luxury brands because there is always an aspirational component to luxury products. When audiences view their object of desire in their state of use, it can have a more tangible effect on them.
Static media fails in comparison because everything is left to the imagination.
It’s no more about advertising
The current perception attached to videos is that they aren’t tools designed exclusively for advertising. Instead, they are seen as effective tools of branding. This is why brands that create videos with a strong narrative tend to garner more attention.
In other words, the artistic vision of the brand comes into focus rather than just the product or service
It’s the era of social media, and the one thing that everybody loves on social media is video content. This is because video provides a level of engagement that no other content format has been able to achieve. Now, add the magic of extreme targeting and we’ve got custom made content that can generate instant responses.
Plus, with modern tools, video production is no longer an unaffordable expense. Today, it is possible to create videos at a fraction of the old cost and still deliver impeccable content that guarantees a positive ROI.
Now that we know why video is the way to go for luxury products let’s look at how they can make the most of it.
Video is the preferred medium
According to a study of upper-class males by research marketing company iProspect, customers displayed a preference for video ads. This is because they felt the video content was interesting. Other than that, consumers also liked the fact that videos are shareable.
Video It’s simply superior
Print has always been the go-to medium for luxury brands. Now, the problem with print is that it’s too expensive and you’re probably going to have to pay exorbitant fees. For example, a full-page ad on Harper’s Bazaar can cost $150,000.
The situation is no different when it comes to TV advertising. A 30-second ad on prime-time TV can cost up to $400,000.
A video, on the other hand, is significantly cheaper. It is also much simpler to run a targeted ad campaign. With behavioral data and what not, businesses can identify exact prospects.
Creating the perfect video for your luxury brand
One way to get things started is by focusing on being authentic. In order to sell a luxury product, you need social proof that’s authentic. A common tactic often used by luxury brands is the testimonial. However, this isn’t all that effective, unless the recommender manages to convey the message with passion. More often than not, it simply looks forced.
Audiences want to see more authenticity, and there’s more of that in a blooper reel than in a scripted testimonial.
1. Don’t keep it simple
Also, it is necessary for luxury brands to communicate in a more confident manner in order to generate greater appreciation. Often, luxury brands find themselves forced to simplify their communication in order to relate to certain sections of their target groups.
However, this is a bad strategy, concerning brand image.
“Cinematography” is defined as the art of camera work or photography in filmmaking. Luxury brands need to focus on cinematography if they intend to create the right perception. You see, when it comes to luxury brands, audiences generally tend to possess tall expectations. This applies even to the images that such customers prefer to see.
So, luxury brands must make sure that the imagery they use is relevant and also of high-quality. It doesn’t matter how significant the content is; luxury brands cannot avoid looking like a million dollars.
Anyway, the point at the end of the day is that video marketing is the most influential form of marketing and luxury brands shouldn’t make the mistake of avoiding it. As time passes, video marketing will probably be the most preferred method of marketing, and it’s always a wise idea to strike while the iron is hot.