Last month the Nielsen Company (the company that determines TV ratings) issued their ‘Three Screens’ report which indicated video viewing is on the rise across all three screens (television, mobile and computer/Internet). While the TV networks saw this as a cause for optimism (albeit short-lived) the important take-away is that video consumption is increasing over time and will continue to increase. The behaviour is changing. How this will affect the TV networks remains a multibillion dollar question.
TechFlash – a Seattle tech news site posted a story about Amazon’s plans to add streaming video to it’s IMDB property. What they plan on streaming could shake the network and online video entertainment industry to the core. Col Needham, founder of IMDb (The world’s largest movie trivia and information site) said the site aims to stream it’s entire database of movies and TV shows (1.3 millions movies). So when you go to look up that bit actor in an episode of your favourite sitcom – you can immediately watch that show or movie.
How do these two unrelated stories affect business marketing? The two fundamental drivers behind all marketing activities – behaviour and expectations are changing quickly for video as a media to deliver content. The entertainment industry is driving these changes – as it does for many things. Video consumption is growing significantly. This behaviour is focused on entertainment today as that is where we have traditionally consumed most of the video we watch. With fast Internet connections, costs of video production decreasing, the advent of user-generated content and the proliferation of video screens everywhere and anywhere the behaviour of increased video consumption shows no signs of slowing.
More significantly in the near term, you will also start to see a change in the expectations of video consumers - again driven by video entertainment. IMDb could have an even larger impact on video consumption that Netflix or iTunes. Imagine going to IMDb and searching for a person, a movie and being instantly gratified by being able to see all or part of what you were looking for. This will become the new standard – instant access to what you want (where you want to consume that information). This won’t happen tomorrow – but it is the direction, the new reality. This change will drive new online expectations.
Just a few years ago a lot of companies couldn’t imagine why they would ever need to be online. (I remember many of these conversations). The next wave of change is going to be instant access to important information for your customers and prospects. A “web presence” won’t help you. You will have to provide real value (not just marketing literature) to your audience before they purchase your goods or services. You will have to engage them where they are (online) and you will have to give up a lot to keep them engaged. If you don’t your competitors will.
Most of this content and value will be in the form of video or some other interactive media because that is what your customers will want. That will be the easiest and most efficient way for them to consume the information, solve their problems and make business decisions – wherever and whenever they want.
Online expectations and behaviours are changing. You need to think of how your comapany will adapt to this new reality.
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