If any tv show has highlighted the power of good storytelling to capture an interested and loyal audience, it’s Drive to Survive. Formula 1 has always struggled to reach an American audience as well as build its female and younger following. Yet, after the success of Drive to Survive, this has all changed with the average American viewership up by 70% over the last 3 years. While a show about Formula 1 is a far cry from financial marketing, there are key takeaways for finance brands around the power of strong video content.
The success of Drive to Survive
Four seasons after Drive to Survive first launched and Formula 1 has never been more popular. In fact, new data from Nielsen fan interest in F1 racing has increased from 44.9 million in 2019, to 49.2 million in 2021. The success of Drive to Survive hinges on its ability to tell a good story that shows the background behind the elusive Formula 1 drivers. From the rivalries between each driver to when (spoiler alert) Lewis Hamilton lost the world championship after seven consecutive years to Max Verstappen, each episode and series has a distinct storyline. Much like a fictional tv show, Drive to Survive creates authentic connections between the drivers and the audience. It’s this connection that your finance brand should be aiming for when producing your marketing content.
Producing high-quality and value-driven video content that engages consumers could be your finance brand’s competitive edge. In fact, 74% of marketers say video has a better return on investment than static imagery. So, what lessons can your finance brand take away from Drive to Survive’s success?
- Data – Before its creation, Formula 1 spent a lot of time and resources investigating its audience to find out exactly what they wanted. They discovered fans wanted to become closer to the sport, hence the creation of not only Drive to Survive but the building of drivers’ personal social media profiles and the creation of the F1 app where blog posts, race content, and live streams are housed. Before you launch a new video content strategy, do your research and understand what your audience wants from your content.
- Human connection – Drive to Survive is action-packed, but funnily enough not really about the ins and outs of the sport. Its focus is on the drivers and the team’s goals. Making your content focused on telling a human story that focuses on more than just a product or service will garner greater engagement and audience connection.
- Create content with a purpose – Be purposeful in the content you create. Drive to Survive’s purpose wasn’t to make money from the show but to tell such a good story it draws viewers into the sport and converts them into fans.
- Be creative – Drive to Survive has been so successful for Formula 1 as it’s such a creative concept that doesn’t replicate the same run-of-the-mill ideas other sports have already done.
Omnichannel marketing approach
Piggybacking off the success of the Netflix show, teams like McLaren and Red Bull Racing have formed their own YouTube channels with vlog-style content and humorous Q and As. The success of Drive to Survive isn’t exclusively from just the show, but also the social media content all the teams and drivers have created. Taking an omnichannel marketing approach has only strengthened their fans and viewership.
“ 74% of marketers say video has a better return on investment than static imagery.”
Creating just one awesome video isn’t enough. Re-purposing content, utilising an always-on content marketing approach and strengthening your entire social media strategy will support your video content and maintain an interested audience. For example, if you create an innovative YouTube video that’s 10-minutes long, consider re-purposing the content into bite-sized videos perfect for your Instagram or Twitter.
Creating a great video or story shouldn’t be the final step in your content strategy.
Finance brands doing video content differently
It’s not easy to create a unique video content idea but it can reap great rewards.
American Express collaborated with Academy Award-winning filmmaker Davis Guggenheim to create the 40-minute documentary, Spent: Looking for Change. The documentary tells the story of everyday Americans that are struggling with basic financial challenges. It has been watched over 2 million times and received over 11,000 likes.
Barclay’s has taken a different approach, by instead creating a mini-series called ‘Moneyverse Matchmaking’. This series aims to encourage open and honest communication about money between partners. The videos are of people on first dates as they chat about their money habits and past relationships.
Key take aways from Drive to Survive
Strong video content has the ability to build trust and convert leads into loyal customers – the success of Drive to Survive is a testament to that. In fact, 52% of marketers say video helps them build trust with potential customers and 49% of marketers say it helps them engage their audience.
To nail your video content marketing strategy, get creative and tell a good story.