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How Idomoo’s personalized video platform helps marketers engage customers

30-second summary:

  • Idomoo is a personalized video SaaS platform with a unique approach to customer engagement.
  • Human laziness is the foundation for companies to create great a customer experience because a bad customer experience can motivate people to switch providers, post complaints online, or buy from someone else.
  • Video is impactful and highly engaging because it appeals to the fast, decision-making, automatic part of our brain.
  • The Idomoo platform combines the impact of video with the relevance of personalization. This is done in real time and at a large scale.
  • Danny Kalish, Idomoo’s CTO and Co-Founder,  presents multiple case studies of the Idomoo platform used by brands that include Delta, Adidas, Fortnite, and Quicken.
  • The Idomoo platform is called PvaaS™ which stands for personalized video as a service. PvaaS includes tools that enable users to create their own video language and mini stories (called “scenes”) which can be combined into one story (called a “storyboard”).

ClickZ recently partnered with Idomoo, a personalized video SaaS platform, to host a Webinar — How Market Leaders are Finding Quick Wins in Customer Engagement — where their CTO Danny Kalish, explained Idomoo’s unique approach to customer experience, reviewed some compelling case studies, and provided an overview of their personalized video platform.

Here are the key-takeaways from the session with him:

Human laziness is the foundation for great a customer experience

Kalish provided a fascinating overview of why laziness is barrier for marketers.

“If we look at statistics about organ donors around the world,” explains Kalish, “We see a difference between some countries like Spain where people are willing to donate their organs, and other countries like Israel where most people don’t like to donate. Why such a big difference? It boils down to. In Spain, you don’t need to opt in to donate an organ—you need to opt out. Most people don’t bother reading what it means to opt in, so they stay with the default. This is a great example of human laziness.”

Laziness is a result of thousands of years of evolution. Our ancestors needed to do less to increase the likelihood of survival.

Source: Idomoo

Kalish opens with laziness because it underlines how powerful a bad customer experience can be in motivating people to act. According to data reviewed in the webinar, 70% of empowered customers are just one misstep away from switching providers.

It’s easier than ever for consumers to express their displeasure about a bad experience and to switch providers. They have more options to choose from, so the importance of delivering a top-notch customer experience is crystal clear.

“When something gets a customer angry, they are happy to write bad reviews about services that they don’t like,” says Kalish. “On one hand customers are not satisfied and on the other hand it’s so easy to click and switch to a different vendor. This creates a very challenging situation for companies.”

Improving customer engagement is shown to have a positive impact on a company’s bottom line. Here are some compelling statistics about customer engagement by industry:

  • Insurance: Engaged customers purchase 22% more insurance products, remain a customer for 4 years longer, and are 3 times more likely to sign up for another financial product.
  • Banking: Engaged customers generate 37% more annual revenue to their primary bank, have more products, and hold higher deposit balances.
  • Financial Services: Financial services professionals believe offering personalized customer experiences in real-time is the most exciting CX prospect over the next three years.

Two sides of one brain

In his book, Thinking Fast and Slow, Nobel Prize-winning economist, Daniel Kahneman, explained that our brains have two different systems. System 1 is the limbic brain. It’s the fast, decision-making, automatic part of our brain. System 2, the neocortex, is our “lazy” brain. It’s the smart, analytical part of our brain, but it’s also very slow.

personalized video 2

Source: Idomoo

Says Kalish, “In most cases, we’d like to think that we’re speaking to the intelligent part of system 2, but the reality is that system 2 is so lazy and, as marketers, we’re often talking to system 1. The decisions that people make every day are based on emotions and not necessarily on cold analysis.”

Video is highly engaging because it triggers System 1. Kalish reviewed several key statistics that demonstrate how engaging video is for consumers.

  • Customers who viewed video are 64% more likely to purchase
  • Landing pages with video convert 800% better than those without
  • Email CTRs increase by 96% when the email includes video

Says Kalish, “Video is very promising, but it’s still very difficult to use video as a communication mechanism. As a result, 80% of the text we’re sending is already personalized and 60% of the images are dynamic and personalized, but only a small percentage of the video that we’re sending is personalized. This the gap is where Idomoo comes in.”

Introducing personalized video (PV)

The Idomoo platform combines the impact of video with the relevance of personalization. This is done in real time and at a large scale.

“Idomoo is creating a new communication channel that I call PV,” explains Kalish. “It’s like TV in that you can broadcast to millions of people, but each one gets their own unique version based on their own unique data.”

Examples of PV in action

Retirement savings account/pension statement: A pension statement can be many pages long. Kalish thought a better way to present this information would be via a 60-second personalized video that contained the important information he needed, without having to go through the detailed statement.

Delta loyalty program: Delta has 29 loyalty membership programs and wanted to engage members in a personalized way. They created personalized videos for their frequent flyers based on what their activity from the previous year. The videos featured personalized stories which were sent to 700,000 frequent flyer members. Each member got a different video. Says Kalish, “People loved to watch the video. The completion rate of personalized video is usually around 75%.”

Adidas and Boston marathon runners: In this case study, each one of the 30,000 people who participated in the Boston marathon got a personalized video which was sponsored by Adidas. The video included statistics about the athlete’s performance as well as video footage of each person that was filmed during the race. Nearly 60% of runners viewed their video and 26% of social sharing generated hundreds of thousands of additional views.

The webinar includes additional case studies for Fortnite, Voya Financial/BBVA, Quicken, Chase, Rocket Mortgage, and BT as well as results for top brands like Barclays and Cadbury.

The Idomoo personalized video platform capabilities

The Idomoo platform is called PvaaS™ which stands for personalized video as a service. PvaaS includes tools that enable users to create their own video language and mini stories (called “scenes”) which can be combined into one story (called a “storyboard”).

The platform integrates with many marketing cloud and distribution tools such as Salesforce, Mailchimp, Google Sheets and HubSpot. “It’s also very easy to use our API directly with your application or website,” says Kalish.

personalized video1Source: Idomoo

Idomoo offers personalized video at scale with intuitive PV technology in an open access environment.

“Anything can be personalized—text, numbers, images, and even video within video,” says Kalish. Data can also be displayed in very interesting ways using strong visualization elements. Voiceovers can be dynamic and include names, numbers, dates, and more. The flow of the story is also personalized based on the customer.”

To learn more about Idomoo and view additional case studies, you can register for the webinar, How Market Leaders are Finding Quick Wins in Customer Engagement.

The post How Idomoo’s personalized video platform helps marketers engage customers appeared first on ClickZ.

Reblogged 8 months ago from www.clickz.com

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