Understanding the role of video storytelling, Study Guides, Projects, Research of Marketing Psychology

Download Understanding the role of video storytelling and more Study Guides, Projects, Research Marketing Psychology in PDF only on Docsity! 1 Technological university Dublin Course: MSc Digital marketing Value driven strategy marketing The role of video storytelling in social media marketing Table of Contents Introduction.................................................................................................................. 3 Theorical overview ...................................................................................................... 4 1. The role of video storytelling in social media marketing ................................. 4 1.1 Narrative processing in storytelling ................................................................ 5 1.2 Brand connection ........................................................................................... 6 1.3 Digital advertising narratives .......................................................................... 7 1.4 Video storytelling ............................................................................................ 8 The context................................................................................................................ 11 2. The Red Bull Company ................................................................................ 11 2.1 Rationality .................................................................................................... 12 2.2 Red Bull’s content marketing ........................................................................ 12 3. Discussion .......................................................................................................... 14 3.1 Narrative processing .................................................................................... 14 3.2 Brand connection ......................................................................................... 14 3.3 Digital advertising ......................................................................................... 15 3.4 Video storytelling .......................................................................................... 16 4. Reflection ............................................................................................................ 17 References ................................................................................................................ 18 2 5 1.1 Narrative processing in storytelling Figure 1: Conceptual model of effectiveness of storytelling The narrative structure allows narrative processing to create meaning. Structures like this provide an organization of time and relations as well as a foundation for causal inferences (Chang et al., 2012). Based on the fact that so much of the information acquired daily is transferred in narrative form, Adaval & Wyer, (1998) pointed out that certain ways of presenting information can either help or hinder the process. Further, Woodside et al., (2008) added that most of the important social knowledge that people acquire and retain in memory is a result of the stories they construct from their personal and social experiences. These stories serve as the basis for conceptualizing new experiences, making judgments and decisions concerning people, objects, and events to which the stories refer, as well as forming general attitudes and beliefs in relation to them. According to Chang et al., (2012) the narrative processing engaged in consumer decisions likely involves using their imagination to envision sequential events related to purchasing or using a product and apply their interpretations of the implications of those imagined sequential events to the specific features of the product. Storytelling organizes events according to a temporal axis: events occur over time (Adaval & Wyer, 1998). According to the author, time is structured into beginnings, middles, and ends as episodic units. Using narrative thinking, elements are organized into a framework that allows causal inferences and relationships between them to be established. 6 Woodside et al., (2008) explains that narrators and listeners are always involved in the narrative process and that an engaging or "memorable" narrative is one with tensions that lead to the protagonist (or main character) setting and achieving goals that cause the viewer to feel emotionally engaged and effected by the narrative. By connecting the story to people's lives, the story becomes more relatable to experiences pictured in memory. KESHA K. COKER et al., (2017) added that through stories, consumers have an intimate connection with the protagonist along with the information stored (the cognitive component), interactions with the protagonist trigger an emotional connection (the emotional component) that leads to action (the behavioural component). A story with more touch points is more likely to be remembered compared to other formats, such as a lecture or an attribute-based argumentative approach commonly employed in advertising (Woodside et al., 2008) Under Chang et al., (2012) view, narratives offer people a way to interpret the world around them, including how they perceive brands. Brechman, (2010) argued that narrative structure can provide the framework for causal inferences about the meaning of brands and the meaning of consumer experiences with brands where affective reactions can be evoked. 1.2 Brand connection Narrative processing facilitates connections between brands and consumers. According to Rahmanian, (2021) brand storytelling provides meaning to a consumer’s life and helps them construct their sense of self. People use products and brands to represent and create desired self-images, to share these self-images with others as well as to present them to themselves (Escalas, 2004). Woodside et al., (2008) added that consumer’s value psychological and symbolic brand benefits because they help consumers construct their self-identity and/or present themselves to others. The significance of possessions to consumers has been found to assist individuals in writing their self-concepts, expressing, and reinforcing self-identity, distinguishing oneself and asserting one's individuality, and connecting oneself to others (de Vries & Carlson, 2014). Ashra & Kamra, (2017) indicates that consumers construct their self-identity and present themselves to others by selecting brands that are congruent with their self-image associations. 7 Based on the narrative self-brand connection, Kim & Li, (2021) explain that stories carry a great deal of power for connecting with audiences since a story has the ability to move audiences on a journey that plots a company, its brand, and its products as characters within the narrative. According to Escalas, (2004) narrative advertising allows consumers to match their experiences with those of the ad story, resulting in a "matching process.". This process strengthens self-brand connection, which in turn boosts consumer satisfaction (Escalas, 2004). This conclusion is supported by research (Brechman, 2010; Escalas, 2004; Tarvainen, 2013; Woodside et al., 2008), showing storyboard ads can lead to higher self-brand connections, and increased attitudes toward a brand and purchase intentions. Research has explored the use of storytelling in a variety of contexts, and storytelling has been equated with content marketing. For instance, Tarvainen, (2013) demonstrated how storytelling can be used as a powerful engagement tool in creating brand equity and increasing consumer engagement in the social media environment. The rise of social media has led consumers to shift their role in storytelling from passive listeners to active participants (Carlton, 2020), users are now making rational and emotional connections and building relationships online. These relationships-building experiences are encouraging customers to take riskier actions since storytelling have the ability to inspire enthusiasm for change (Lim & Childs, 2020). Through narratives, the consumer can experience and generate strong emotional experiences and personal identification with the characters (Adaval & Wyer, 1998) thus, stories can influence the consumer's beliefs and attitudes. 1.3 Digital advertising narratives As mentioned before, marketers may be able to influence consumers' self-brand connections by enhancing a brand's features, positioning, image, and advertising (Escalas, 2004). In advertising narratives, digital format has gained increasing traction. Consumers are constantly online and connected through social media (de Oliveira Santini et al., 2020). According to Adaval & Wyer, (1998), stories represent value statements, with products merely embodying the story being sold. For Robin & McNeil, (2019) an approach like 10 characters, and other factors that define filmic time and space (Munaro et al., 2021; Pera & Viglia, 2016) One can see that storytelling is essential and has great influence. Stories are gradually being recognized by brands as a way of creating value and enabling referral sharing through their products (Kesha K. Coker et al., 2017) For brands, using video storytelling can be a powerful digital strategy, since it allows them to link products with stories and it is customers and potential customers that take ownership of the products (Tarvainen, 2013) 11 The context 2. The Red Bull Company Figure 2: Red Bull logo The Red Bull Energy formula drink was developed by Red Bull founder Dietrich Mateschitz after studying functional drinks from the Middle East. The launch of Red Bull at the end of the 80s was not only the beginning of a new product category but also the birth of a totally revolutionary product (Arslan, 2013). A simple definition of an energy drink is that it increases physical stamina, increases mental alertness, stimulates metabolism, and helps the body eliminate harmful toxins (Laquale, 2007). The drinks are designed to provide a particular benefit, which is to keep customers hyperactive for several hours by creating a state of euphoria. (Kunz et al., 2016) Red Bull GmbH has established itself as one of the most iconic energy drink manufacturers in the world with its iconic slogan, "Red Bull gives you wings."(Red Bull, 2021). The company reported that in 2020, 7.9 billion cans were sold worldwide representing and increase of 5.2% compared to 2019. RED BULL maintains a leadership position in the energy drink category by delivering superior customer 12 service in a highly efficient and profitable manner, as stated in the company's mission statement. Athletes, busy professionals, students, and travellers around the world enjoy Red Bull energy drinks (Ayles, 2020). Energy drinks from the company are available in a wide range of flavours and editions in order to satisfy such a wide range of consumers. Aside from their original Red Bull Energy Drink, Red Bull offers a sugar-free and zero-calorie version. There have been many new flavours added to the company’s portfolio, including peach, yellow, blue, coconut, green, orange, and pear (Red Bull, 2021) 2.1 Rationality The rationale for choosing Red Bull was based on the way the company applies different marketing actions to build a coherent positioning through the years. The company has focused on creating a brand image that isn't just about the product, but about a lifestyle. The advertising slogan "Red Bull gives you wings" is a metaphor for what the brand represents in the lives of consumers, enabling them to benefit from the intense energy and boost they receive, thus increasing their strength, confidence, and ability to meet any challenge or accomplish any task. The company has perpetuated this myth continually through the years by appearing with stories about projects and stunts that shock audiences, break records, and create media buzz (Arslan, 2013) Red Bull has tied its main product to extreme risk sports that elicit strong and unique emotions. Associating with risk sports from the beginning allowed the company to build a brand that is very difficult to duplicate. Red Bull's success is due in part to its reputation created through content marketing, which emphasizes storytelling. This approach has allowed the company’s product to be recognized for millions and had created a loyal consumer base. 2.2 Red Bull’s content marketing The company uses a number of marketing strategies, including sponsorships, influencers, and content marketing. One common theme is that videos are heavily featured across all marketing channels. They employ video content to tell stories that entice their audiences and convey their brand's high-energy aesthetic. Videos are available across all of Red Bull's social media platforms (Martynova, 2021) 15 Consumers are more engaged when stories are told. In essence, this means that their positive perception of the brand causes consumers to get engaged with the brand, leading to better relationships. (Tarvainen, 2013) have pointed out that consumers who have positive feelings about a brand will be more likely to purchase from it. A consumer-brand relationship should have relatable characteristics, according to Woodside et al., (2008) brands are able to be perceived as similar to consumers through storytelling. It confirms Escalas, (2004) claim that attitudes toward brands are shaped by consumers' emotions and experiences, which can be influenced by advertising. Red Bull is an example of a brand association that consumers use to construct their own self-identities. Red Bull's connection with action sports and extreme sports has produced a sensation of adrenaline in consumers when they drink one of their cans. Several sporting events are sponsored by the brand with the aim of associating it with youth and energy. 3.3 Digital advertising In digital advertising, some elements can be displayed that provide information about a brand's attributes. This means that the ads stories should mention a brand's attributes since consumer’s value more experience than products. People are capable of inferring various elements hidden in a message. Brands must switch their focus from product promotion to valuable content creation, according to Alexander, (2011); Davis et al., (2019); Pera & Viglia, (2016), brands are more than a product or a service, they have a relationship with the consumer that is based on a functional and emotional value from the consumer towards the brand. A diverse group of athletes from all over the world are sponsored by Red Bull. In general, sport encourages teamwork, improves health, and develops a spirit of improvement. These are values consumers associate with the brand, which leads to its distinct identity. With sports sponsorship, Red Bull has achieved great public notoriety reaching the consumer in a very clever and effective manner showing how it actively participates in the community while presenting its products in a subtle manner 16 3.4 Video storytelling Video storytelling evokes mostly positive emotions. This is in accordance with Escalas, (2004), who claims that storytelling content can create positive emotions. Consumers can experience positive emotions even when sceptical about the story. Video ads that employ a storytelling format were found to be more compelling than those that use a straight-sell approach (Mucundorfeanu, 2018). This increases their chances of being viewed. Escalas, (2004) suggest that stories with unusual or unexpected events can be compelling. There is also strong evidence in the literature that a compelling turning point can have a profound impact (Alexander, 2011; Kemp et al., 2021; Mucundorfeanu, 2018; Pera & Viglia, 2016; Woodside et al., 2008). It is important for marketers to consider the components of the video, such as timing, music, and length since it can reduce the tendency to skip. Red Bull has mastered storytelling by telling the stories of their sponsored athletes and entering the mind and heart of their audiences. Among a company's other storytelling efforts is the creation of small cartoons in which the aforementioned elements are taken into account. The videos are simple and reflect day-to-day activities that anyone can relate to and are presented in a way that is both entertaining and interesting. The brand also distributes content through different social networks. 17 4. Reflection We now have access to anything we need at any given moment, thanks to the remarkable evolution of digital technology. We live in a time when access to all the information we desire is so easy and fast that anyone with a computer can find it. As a result of this transfer of powers, the way in which the client and the company interact has changed significantly. There are no longer one-way relationships in which the company convinces the customer to buy its products; rather, there is fierce competition between brands to occupy a small space in the mind of a customer who is more demanding. It has impacted the way in which marketing is done, and although there are still traditional marketing channels with activities similar to those of the past, digital marketing allows brands to be optimized and visualized without regard to their location. Digital marketers are now under more pressure to stay up to date because new techniques are being created every day. I have chosen visual storytelling for this project because I think it is an interesting topic that even though it has been around for a long time, it is still relatively new in some respects. The ability to tell stories is inherent to human beings; they are part of our daily lives since we are young and accompany us throughout our lives without us even realizing it. That is what makes it so successful, its ability to occupy a significant part of our lives in a pleasant way, instilling feelings of pleasure. I learned how companies could use this type of technique to improve their performance during the completion of this project. Customer expectations have increased, so seamless and non-intrusive strategies are more effective. It is ideal if a company's marketing strategy guides the customer, helps them, and stimulates them positively. the internet and its tools will remain here for a long time to come, and instead of viewing it as a disposable tool, users are turning it into their daily lives because they find it convenient for a wide range of tasks. As a future digital marketer, I have realized that I need to develop a critical thinking mind in order to do well in my career. 20 Laquale, K. (2007). Red Bull®: The other energy drink and its effect on performance. Athletic Therapy Today, 12(2), 43–45. https://doi.org/10.1123/ATT.12.2.43 Lim, H., & Childs, M. (2020). Visual storytelling on Instagram: branded photo narrative and the role of telepresence. Journal of Research in Interactive Marketing, 14(1), 33–50. https://doi.org/10.1108/JRIM-09-2018-0115 Malin, G. (2010). The Clearing House Is It Still Considered Reading? 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