Cord-Cutting
Today's consumers are looking to view video content that adds value to them, not forced content that is programmed on a schedule and filled with irrelevant messaging that isn't taiolered to them.
Ask just about any millennial what cable or satellite company they use, you most likely will get surprising, mixed responses. According to USA Today 55% of U.S. households subscribe to at least one streaming service. Millennial statistics suggest nearly 1/4 (22%) of them have never subscribed to pay TV. (Including Whole Brain Digital LLC owner Nick Simmonds)
The streaming industry is stuffed with giants like Netflix, Amazon, YouTube and Hulu that are promoting "cut the cord" messages across their channels, removing millions from the cable networks and television industry.
Definition
As defined by the NY Times cord/cable cutting:
Cord-cutting: The process of cancelling a cable or satellite subscription and getting TV shows and movies by other means. This typically involves switching to video-streaming services that are accessed through the internet.
TV Isn't Dead
Although people are doing away with the traditional cable networks, it doesn't mean that the television will fall too. Statistics from Google reaffirm that people still want the big-screen, as it is actually the fastest growing screen for YouTube. Here is a video that highlights this topic:
Brands Must Create Value Added Content
More and more marketers are beginning to realize that digital consumers are beyond the "what" of product and service, they want to know exactly "how" the product or service works from start to finish.
Google data shows that YouTube users turn to the platform to learn more about a product before they buy it, around 40% of them to be exact. This clearly shows how video is changing how people shop in today's market. More data states that there has been 2x growth in watch time of "explainer" videos from Jan 2017- Jan 2018.
The Influence Of Others
Not only are digital consumers seeking information from brands, they also seek information from influencers, friends and family (which I will write about soon.) A supportive statistic of this trend includes 1000% growth over the past two years for "shop with me" videos. This raw and seemingly genuine content influences shoppers to take actions themselves; whether in search engines or in store.
Accessibility
Brands must realize that every digital channel matters not just YouTube, Facebook and their company website. As said many times by leading marketers,
"the only thing worse than a boring social channel...is an inactive one."
The fragmented media market creates confusion among marketers and brands, many times companies start a social channel and quickly give up after, "seeing no results" on platforms like Facebook, Instagram, Twitter, YouTube, LinkedIn, and Snapchat to name a few.
Data Correlation
The fact of the matter is - although social data cannot always be directly correlated to sales, a consumers impression of your channel is vital. Generational differences in search tendencies means you can't give up on Facebook, and Snapchat isn't going away anytime soon. Brands and marketers must realize that mobile experiences and social platform accessibility mean a lot to consumers, even if they cant directly correlate that to sales numbers. Online customers care about every detail, and when you look lazy online they will take notice. (ARTICLE: nearly 90% of people are likely to recommend a brand after a positive mobile experience.)
Trust the process
Cord-cutters and streamers are nothing to be afraid of as a brand. Embracing the "micro-moment" culture can be less daunting than it seems. Simple strategies such as DIY videos for Youtube and ensuring you aren't neglecting social channels can create a very favorable brand image.
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Video Music & credit: Fun Time by DJ Quads & videvo
