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Matthew, first determine your objective. Is it just for brand building purposes, then launch a very good viral campaign on Youtube or similar. Just ensure that your brand is clearly visible on the video, without being irritating. This is more SMM than viral though...
If your objective is to get traffic to your site? Then you first need to ensure that the add is targeted in order to attract visitors interested in your product or service. This can be done by doing keywords research and using thesaurus to get similar words or even opposites.
Next step will be to set a viral element and planning the back end. How data will be captured and how friends will refer the video to each other. Tracking will also be required to ensure that you know how effective the campaign is and possibly track how you can improve the campaign in future.
Ensure that your terms and conditions are in order and that people are fully aware what happens to their data and their friend's data.
Next step will be to decide on a format that cannot be stolen e.g. mp3 or wav can easily be stolen, so you might want to avoid it. Perhaps give bloggers a way to embed it as blogs can be a VERY effective way of getting the viral campaign out. But you would like the video to be under your control and thus ensure that you can easily utilize data captured in future viral and email marketing campaigns.
Writing a script is also very important. Perhaps brainstorming it with the team before hand or perhaps include an art director in the session if it is very corporate, but it must contain some form of buzz else it will not be effective. Perhaps looking at current events can also help.
How will you launch the campaign is a vital step. If you have an existing client base an email campaign can secure the success or maybe launch it on a blog or two if you have the means but ensure that you get the feet , and it is targeted feet!
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