I could not agree more that the industry needs a new video standard. Amen to that. I interact with enough senior agency folks to know that we all want a new standard. So I’m not quite sure how the new effort from Publicis’ VivaKi launched without the collective support and participation of any of the other holding companies. To that I say “Really? You couldn’t rally the support from any of the other agencies?”. That in and of itself could possibly put a damper on things. VivaKi managed to incorporate participation from some of the industry’s top online video publishers (AOL, Broadband Enterprises, CBS, Discovery, Hulu, Microsoft, and Yahoo, and a handful of VivaKi clients who will be testing new permutations of video units throughout the year with the intention of rolling out what VivaKi hopes to dub as a new standard by year end (thus allowing enough time for publishers to package it with the 2010 up-fronts). Of course, VivaKi clients will then have first dibs on the new units.
Although in my humble opinion, the partial collaboration doesn’t wreak of a process that standards will emerge from, it should shake things up a bit, and I’m glad to see someone doing it (albeit I would have rather seen a collective of active agencies pool their collective thoughts together on this versus just VivaKi).
I’ve been preaching this for at least 3 years now. The online video model should focus on harnessing some of the unique attributes of digital media. Currently it replicates the TV model. I’m hoping to see the new formats include all of the following:
From the consumer’s perspective:
– Interactivity & Interoperability: Video as an experience not solely a message
– Relevancy: Improve the segmentation of content and the ability for consumers to find specific video via improved search functionality and recommendation engines
From the industry’s perspective:
– Interactivity: marketers need the ability to engage the consumer and provide the necessary depth of experience consumers have become accustomed to online
– Addressability & Improved Targeting: current targeting parameters for video are pretty weak, this is a major area that needs imrovement – delivering different content and ads on the fly to specific consumer segments
– Evolution Of Ad Serving For Video: if agencies had the ability to serve video themselves, they would have more control over on-the-fly changes and the benefit of immediacy of data for analysis
– Portability & Syndicatability:Video content providers and publishers with a need for more video content would benefit from a standardized method for dynamically serving these new video experiences, sans the restrictions of one video player versus another
New Metrics? Not So Fast…
You’ll notice that I did not mention common or new metrics. We have a slough of metrics already, such as levels and duration of engagement, increases in branding effectiveness and DR metrics that can and should be applied based on the client’s goals. If anything, we need more data on the correlation between advertising metrics and market impact (this is true for other aspects of online media as well). For example – what is the interrelationship between engagement percentage, duration of engagement, reach and impact on influence, brand preference and purchase intent (and over time, market share)? Ultimately every marketing investment is being compared to every other option available, so we must look at the overall ability of channels, formats and options to influence the target, not just the subset of engagement (or worse yet, response)… and this must be analyzed in the context of a media mix.
The Model & The Media Mix
The media industry has come come a long way and yet we never have been able to definitely develop media mix models that are universally accepted – why? Because there is no such universality. But furthermore there is little industry-level research on the correlation between various advertising metrics and the true influence within a market. The GRP/TRP has been used as a surrogate for the inter-relationship between reach & frequency and market impact, but this metric is predicated on the replication of historical performance and has not evolved to include the unique attributes of digital media so therefore it is not a standard used online. Hence so many career marketers and traditional media folks pulling the hair out of their heads trying to figure out how to integrate the canary in the coal mine.
The Moral Of This Online Video Story
We must focus on mapping the features and requirements of online video standards to the unique attributes of the medium itself, while evolving the consumer experience. Specifically, we must provide engaging and relevant experiences with the ubiquity of text, the interoperability of functionality beyond video, the discoverability and contextual relevancy of search, and the portability of RSS, we then have a platform that has aligned with the trends of online consumer behavior. Increased consumption will follow, and advertisers will follow the light.
What do you think about the next generation of online video standards?