How do you do video marketing right? That's the topic of today's livestream.
This is Tea At Taxevity. I am Promod Sharma, the actuary at Taxevity Insurance where
we transfer financial risks with life and health insurance. We have a special
guest today. Who are you and what do you do when you're not being interviewed?
Good question. Well we talked about tea but there's more to it than that. My name
is Kaegan. I'm Head of Growth and Community here at Lumen5. Lumen5
is a tool that allows marketers or really anybody to take a blog post or an
article and to turn that into a video. The problem space that we
operate in is — more and more — you need to be on Facebook. You need to be on Twitter.
You need to be on Instagram. You need to be on YouTube like we are right now.
There are just so many platforms and you have to be multimodal.
It's hard. What we let you do is take a piece of content that you already have
and turn that into a video and then suddenly you're covering ...
... it's 'two birds, one stone' kind of a thing. That's that's what we do. When
I'm not at work, I've been trying to go to the gym. I'm keeping up my New Year's
resolution really well. I've been to the gym every day since Christmas so pat on
the back for me. Yeah! We'll see how it keeps up, right. It's not quite a trend yet. I
also enjoy cooking. Sometimes those two things are at odds with one
another unfortunately. Yeah, one may motivate you to do the other I would
gather. Absolutely. If I want to eat this big bowl of pasta, I gotta go to
the gym. Right, right. I could mention we're also in Canada.
We're in Vancouver BC. We're a proud Canadian startup, proud Canadian tech
company. It's always exciting when there are the Facebooks of the world.
We want to be the Canadian Facebook one day. Yes. We've been doing a
lot of video here at Taxevity. We've got over ... I think we're close to 200 videos now. Over
100 interviews. We started 2013 or 2014. So we've been at it a while. We
wanted the ability to make videos more easily because the ones that we do are a
lot of work. In exploring different ways to make social videos than can be
good for YouTube where it's landscape, and they can be square for LinkedIn and
vertical for other platforms that we don't use [Instagram]. We were
trying to find a convenient way to do that. That's how we discovered Lumen5.
To get started, let's talk about trends in video because I find some of them
seem misleading in the sense they'll say that — companies like Cisco will say — how
much bandwidth will be used by video. That's going to be a big number. I use that. It's 80%.
I throw that around. I don't know that that tells people anything.
From a real user point of view, what are the trends in in video viewership?
Up until this point, brands and people have been really good about
making evergreen content. You make a piece of content and that content
continues to be useful and applicable for a long time. Now what's happening is
there's a demand for ephemeral or temporary or short-lived
video. You're making a video about something that matters right now but it
might not matter in three days. That's where Lumen5
comes in because you can make those videos really quickly. You don't
want to spend hours and hours and hours in Final Cut putting together a
really fancy video if no one's gonna care about that video in two days.
There's that trend — there's a trend towards like that ephemeral kind of
video content. That's huge. Disposable video in a sense. I try not to
use that word because it sounds a little negative but you're absolutely
right. Stuff that's not gonna matter in a day to day or two. That's
something that that's bothered me because when we do video, it takes
time. Now you have to have native video that goes in different platforms.
You can't measure all the views on your YouTube channel.
It's almost as if that doesn't matter as much. We'll find that we'll
have a video and maybe there aren't a lot of views on YouTube. If someone
goes there they'll say "oh, no one's watching this" but then we had huge views
on LinkedIn — but we can't tell anyone. LinkedIn video is skyrocketing. It's
absolutely taking off. It's very it's weird to me that they didn't have
video until recently. That's a new channel that marketers
are really looking at — LinkedIn video. Buzzsumo is a great company. They
make a product where you can take a link and you can
see how that's been shared across those different social networks. They put out a
report where they analyzed millions and millions of posts on Facebook. What
they found is that video posts on average get at least 59% more engagement
than any other type of post. It's huge, right? More and
more you're gonna see brands and people like yourself really investing in video
content and using that as a way to tell stories. People are creating more
video. People are watching more video. I guess the two go hand-in-hand. Are we
going to reach a point where everything's video and people are so
tired of video. They don't want to see another video. They just want to read
something? There might be a little bit of that. It reminds
me of how everybody is doing streaming music. Yet for some reason, record sales
keep picking up. People are buying vinyl more than they ever did.
There might be this backlash against that. Really, I think
there's a place for both. There are times of day where I'd rather watch
a video and there are times of day where I want to read a book. I think
we're gonna have a balance. I think we'll find a good balance eventually. For
now there's no indication that video as the best storytelling
method will slow down. How well do you think video is being used by marketers
these days? Here I'm thinking not necessarily of the mega brands that have
huge budgets but advisors, small businesses where they have to pay
careful attention to their time and also their money. I think there's a
big opportunity there. I really think that a lot of smaller businesses,
individual entrepreneurs, those sort of people, are not using video as well as
they could. Certain industries more than others are
really jumping on it. One example is real estate. I've seen a lot of real
estate agents. They work independently. They're really investing
in video because they know that's the best way to show a house
to people interested in buying that house. So some some people have jumped on
it but other other verticals have not. Okay. What do you think is holding
back the verticals who are not using video yet?
I think people would generally agree that video is important. It's not
something to ignore. I think the biggest thing is making sure that
you have a story to tell. For the real estate agent, they
want to craft this story about like "oh you could live in this house" and "this
could be your dream house" and "this is where you raise your kids".
There's this really innate story element and that translates really well
to video. For other industries, they maybe have a tougher time coming up
with that narrative. Yeah, I think you're right about that because with the
house there's something tangible to look at. If you look at say insurance as
an example — our vertical — it's not something you can even touch. At the end,
you get a paper contract but those are going digital also. It does become
harder to tell stories where you're not just using slides filled with words.
Visuals are a good tool to help get the message across. I think there's tons
of stories to be told in the insurance world.
Tell us some! Tell us some! I've got my notepad. I hear "insurance" and I think about
safety. I think about the importance of family, the importance of
protecting the ones that I love. There's all kinds of ways you could
pull at people's heartstrings. We know that video — there's a
stat that I throw around — people retain 10 percent of what they read and 80 to
90 percent of what they see in the video. You could really get that story across
better with video than other methods. Can you tell us a little
bit about the kind of video that people make with Lumen5?
You've probably seen a Lumen5 video on your Facebook feed on your Twitter
feed at some point almost guaranteed. The type of video we make: you'll have a
moving background — either an image with some movement or a video with some
movement — and then text over top of that. That text is what's telling the
story. The reason this type of video has become
so popular is that 80% of all videos watched on mobile devices are watched
with the sound off. You can absorb a Lumen5 video without having to listen
to it. That's really key because people are you know watching
videos in line at Starbucks or on the bus or in bed at night and they don't
want to wake up their partner. They're they're taking in that content
without sound. Lumen5 excels at that kind of video. I started
noticing that with news stories where there'd be the full written article and
sometimes I'd read that but other times "can I just watch something" and have some visuals that are
more interesting? Can you beam this information to me? Yeah. The best videos that I see are
ones that don't exactly retell the entire news article or the
entire blog post. They take the key elements of that and and put that in the
video. If you just take a 600 word blog post and put that in a slide format
that's not going to be very engaging. To that point, we recommend videos
be under a minute. A lot of people get way carried away with making videos
and they get much longer than that. We find the best results are under a
minute. Actually this year, Facebook is recommending videos be 15 seconds. 15?
15 seconds! That's the number they're
telling marketers. They are saying "You know what? We've looked at the data. The best videos
are as short as 15 seconds. Go there." It seems wide open to me but when you
start to think about the stories platform taking off, stories are all 15
seconds long. It's what consumers are getting used to. They're used to
these short little blip stories that are 15 seconds long. It
just shows how things are changing so rapidly. It's important to have
different kinds of videos. One of the things that I didn't think was
especially useful in Lumen5 — and then in the last week I started using it — I know where
you're going. You've got artificial intelligence where basically you can
take a blog post or a link to something that's already on the internet and then
your AI will go in and it'll pick out some sentences and then turn that into a
video. To me as a purist — because I thought if you're writing for the screen
then you should really be writing a script that's just for that.
I had an article. It was about Insurance Essentials For Women. I was lazy.
I didn't really want to take the blog post (which hasn't been published yet) and
turn it into a video. So I just pasted that into Lumen5 and it did an amazing
job at picking sentences. Oh good. I wasn't sure where this was going. No no, if it was bad I wouldn't
wouldn't be using this story. I'm guessing that things like the AI keep getting better
as it gets used more. Yeah. There's the AI and then there's machine
learning. That's what you're referring to. Machine learning is where
it can take a data set — and we're continuously growing this data set when
people use Lumen5 — and using that to train our system. If we make
recommendations about media to use and you change it to something else, we take
that input as a correction essentially. This stuff is beyond
me. I'm not an engineer but I kind of understand it. We take that human input
as a correction and we use that to train our system so it does better next time.
Oh that's interesting. I've noticed — we've been using Lumen5
for over a year now — and of course there are all the continuous improvements
which is great to see — but it does seem to be getting smarter also which is
really good too. Yeah. We have engineers. Probably about half of them are
working on new features — they're adding new scene styles or
new ways of starting a video etc — and then the other half are just working on
training the model that does all the AI and the machine learning, which is crazy.
They're just basically taking the additional information we get from
people using the product and turning that into better predictions.
The work they do is incredible to me. It's so beyond my level of
understanding but the outcome is really really cool. Mm-hmm. Yeah it's good
to have people who can figure out those things for those of us who don't know
the difference between AI and machine learning. Exactly. We want the outcome of that work to feel like
magic. That's what we want. We're not quite there yet but we're getting close.
Based on the data that you have at Lumen5, what's the frequency that
people seem to post at. Ooh, very good question.
There's what people are doing and there's what people should be doing. Yeah
okay yeah. There's two different things I would say people are not posting videos
as often as they probably should. I'll sometimes go in — we do customer
interviews where I'll talk to somebody — and they'll say "oh I'm posting one video
a week and that video outperforms anything else I do but then I've got
eight other text posts alongside that". Harkening back to that Buzzsumo article
I was talking about: the spread that they're recommending now — that a lot of
experts are recommending — is 70% video, 20% images and 10% regular link
text posts. Okay. There you're talking about ... that's where people should be.
Okay. And the videos could be relatively short — maybe 15
seconds to 30 seconds or to a minute? Absolutely. They could just be real short
things. They could be Facebook Live as well. It could be any sort of video content.
The spread should be that 70% mark. That's what you want to aspire to.
Okay. We may be a little below that ourselves. You set goals right? I got my goal to
go to the gym every day this year. Probably won't hit it but I'm still
gonna get to a good point. Same with this. If you can get to 50% video
posts, that's still an amazing achievement. That's interesting. Things
have really changed — or the best practices are changing. Absolutely.
We've got our live audience also. We should give them a chance to ask
their questions too. Is there something you wanted to say before Jeevan goes and
starts bringing in questions from the audience? Nothing specifically. I would love
to have questions — about anything to do with marketing — and I'll do my best
to answer those questions. That sounds perfect.
Jeevan you're at the controls. What's the first question that that we can pass on
to Kaegan to answer? What's the
biggest mistake you've seen people make when trying to market themselves or
their business using video or just in general. If we talk about
video specifically, the biggest mistake is that they make videos that are too
long. I alluded to this earlier. The best performing videos are
short ones. Just imagine yourself on your phone scrolling through Facebook,
scrolling through Instagram. It's so easy to move on to the next piece of
content. So easy. Just one flick and you've moved on.
You want to capture people's attention and respect their
time and just know that within a short period of time they're gonna go on to
the next thing. One of the things that really bothered me about video is that I like
the idea of putting everything on YouTube and then just having links to it.
On LinkedIn as an example — and I'm sure other platforms — the video won't
autoplay unless it's native. That means that you need the video to be on
LinkedIn also. On YouTube you need a landscape video typically. On
LinkedIn, it looks like a square video might be better. Now you need to have
two videos potentially if you want the best results. Without a tool like
Lumen5 it's a real pain to have a video that's both square and landscape and
maybe even vertical. Yeah. The reason they do that is if you just
post a YouTube link on LinkedIn, there's no opportunity for them to get ad
revenue whereas if you upload it natively there's an opportunity for them
to inject an advertisement potentially. LinkedIn isn't actually doing that a
whole lot right now but they will be able to. The same with Facebook, though. They
definitely will show ads in front of your videos. That's why they want
you to natively post it so they can do that. Yeah. We've started doing that.
Now we have our audience metrics spread over different platforms but
maybe it doesn't matter how many people are viewing something. Maybe what matters
more is that 70-20-10 formula that you were mentioning or just consistency in
posting. Yeah and then also engagement. That's the other thing
that's better with video. People are more likely to share it. They're more likely
to write comments. They're more likely to do engaging things. When those
social media platforms see engagement, they'll expand the reach of
that post. They'll assume oh this is interesting content we'll show it to
more people. Jeevan sorry for interrupting. More questions. Yeah bring
the next question. Sure. For someone who's just starting out with video in
terms of thought process where should someone start? Should they start
with thinking of their mission statement for the company?
What's a good starting point for approaching video? I think step one is
to really think about the story you want to tell. Do you want to tell a story
about your customer? Do you want to tell a story about yourself? Figure that part
out. What's the narrative that you want to use and the narrative thread
that goes through the different content that you make. In terms of the
lowest barrier to entry, I'm actually not going to recommend Lumen5. I'm gonna say
doing a selfie video is probably the place to start. Snapchat and
Instagram and Facebook stories are the perfect place to just hold your phone up
and start talking to your customers. I think that's step one. Do that. Okay.
Excellent. Do you think it's good to have a mix
of different types of videos. For example say Lumen5 video and maybe
also having that style you just recommended or should people strive to
have one consistent form of video format eventually? I think you want to try and
hit as many different points as you can. You may want to invest in one piece
of evergreen content so something that's very highly produced. You put a lot of
thought into it. It looks great. It's telling the main story that you
want to tell. Maybe that's something that lives on the landing page of your
website. You expect lots of people to watch it and for that video to be
relevant six months from now, twelve months from now. You also then want to
make the Lumen5 style of videos that are a little bit more 'right now', a little
more disposable. Then on top of that you want to do live events like we're
doing right now and potentially those selfie videos might
be another thing you can add to the mix. You want to be everywhere. You
want to try and touch as many points as you can in
a social media landscape. One of the things we're not doing right now are
selfie videos. Maybe that's something else for our To Do list for this year.
Yeah because it's how consumers or people are communicating with one
another. If you as a business can talk to them in the same way
you might connect better. Makes sense. One
point there. We're running a bunch of ads. We have traditional ad units.
We've got video ad units and we've got image ad units on Facebook. The one
that's performing the best is actually a 15-second selfie video that I made of me
they were running as an ad. We have the star right here with us. How lucky
are we! We did a test. It was sort of goofy. What will happen if we do this?
It turns out that connects with people better than any other thing we've tried.
Weird. Interesting. Something you could definitely try. That was actually gonna be the
next question. How does something that's highly-
produced, highly-edited compare to something that's more personal like a
live stream. As you said, that appears to be something that resonates with
people. Yeah I think people are maybe a little bit sick of being
'marketed to' and they might reject something that's a little bit over
produced. There's something really authentic about you just talking
directly to your customer. All right. It feels very real. It feels very
authentic. Absolutely. For the Q&A
that's that's gonna wrap that up. Okay. Now is there something else that you
wanted the audience to know Kaegan? What question has the
audience not asked you and we have not asked you that we really should have we —
didn't even know to ask because you're the expert. I love working from
questions. I would say if anything, we could close with a bit of advice which
is: if you're not doing video marketing, pick one of these things that
I've mentioned — whether it be selfie videos, it could be live videos, it could be
something. Pick one of those things and just start there.
Don't let the enormous size of the video marketing landscape scare you. Just jump
in on one of the things that feels most comfortable to you and and see how it
goes and built from there. Personally, I really like the Lumen5
style of video because I don't necessarily want to be on camera.
You need all the lighting and you need all the — you have to be articulate — and all
these things. I like editing. I like doing Powerpoints or Google Slides,
that sort of thing. What I found really amazing is that in Lumen5
essentially you can do that. You start off with a script or have the machine
learning AI create that for you and then you just edit what's there. You can
change the images. You can change it and change it until it looks just right.
So I personally find that style suits me because that's what I like doing. I don't
think you're giving yourself enough credit. I think you handle the selfie video really well. I'm looking at
basically a selfie video of you currently. You're doing a great job.
It's such a fantastic point. When I talk to people who use Lumen5,
one of the big reasons is that they know videos taking off. They know they
probably should put themselves in front of the camera. They either don't have
the equipment or the time or the guts to do it just yet. So Lumen5 is a good fit
for them. One of the things that was — I don't want to use the word
'breakthrough' lightly — but something that was really amazing. I could see
how the product was improving with time (and also you get more experience). One
of the limitations was the number of video assets you could use.
You'd see videos and you'd see the same things being used in different clips.
Then you added the the Getty library. It's like a hundred million images or
something or videos. It's just crazy. You can find such timely things. That
made it a lot more exciting from my perspective.
Have you had similar feedback from other people? Yeah, I think that's been really
exciting for people. It steered us into the direction of
thinking of other inputs that we can put into Lumen5. Maybe we have a feature
where you could record yourself and make that part of your video. That
would be great. We are thinking of more ways to add a little
spice to the video and more sources of media to bring into the editing process.
Okay. What's the best way for people to reach you? Oh good
question. You can email me. My name is Kaegan
as I mentioned before kaegan@lumen5.com. If you're a user of Lumen5 or
you'd like to use Lumen5, you can join our Facebook group. If you
search "lumen5" on Facebook, you'll find our Facebook community. Lots of really
knowledgeable people there including yourself.
We're very helpful and you can get inspired by seeing what other people are
doing and how they're telling their brand story. Yes and since this video is
on YouTube, there are show notes below the video and there are links to these
things for your convenience. Don't have the Facebook one there yet but that'll
be added. That's my favorite resource because it's so much —
I can create learning stuff for people but — it's so much better to
learn from what others are doing. Mm-hmm. I do enjoy that group more
than many of the other groups that I belong to. It's lively and it's
interesting and I like the video creation process with Lumen5.
Thank you so much for being a guest and that's the end of our episode.
Thanks to everyone for for watching. Thanks for having me. It's been a
ton of fun. Hopefully everybody out there learned at least one little
thing. That's my goal. Thanks. Thank you for coming by. Cheers.
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