Live streaming was the most prominent marketing trend in 2022, and it is expected to become a permanent component of the global business landscape in 2023 and beyond. Digital marketing has evolved as the hottest commodity of modern times, and the notion of video marketing has been selling like hotcakes. Previously marketing channels were confined to print media and simple Word of Mouth (WOM) advertising. However, since the start of the 21st century, new marketing tactics have emerged. These include Business to Consumer (B2C) and Business to Business (B2B) strategies. Interestingly, the concept of video marketing has provided a significant boost to the B2C strategy for marketers.
In This Blog:
- What is Video Marketing?
- Important Stats
- Convincing Powers of Videos
- Video Marketing for Product Development
📹What is Video Marketing?
Video marketing means that you choose to present a product or a service using videos on social media and other digital marketing platforms. While social media include social networking platforms like Facebook, YouTube, and TikTok, other digital marketing platforms include podiums like company websites, webinars, and email marketing. We see a lot of influencers and entrepreneurs online, actively running their businesses through an online store and promoting their products using videos.
The stats also second our stance. According to Animoto, an autonomous platform that conducts surveys, about 85% of marketers in 2019 agreed that video is an effective way to gain consumer attention online. InVideo research suggests that in 2020, online video consumption increased to 96%, whereby 9 out of 10 viewers identified they preferred watching more videos from brands. Interestingly, in 2022, an average user is expected to spend 100 minutes daily watching online videos. Without a doubt, video marketing is gaining significant attention, and you can leverage this strategy using a short promo, a short video, online webinars, or a simple review.
📼Convincing Powers of Videos
According to Wyzowl, 84% of the consumer groups in 2020 claimed that they were convinced to buy the product after watching their video advertisement. The number of digital video viewers in the U.S. alone reached 244.4 million in 2020. As a result, Wyzowl estimated 86% of marketing professionals use video marketing as a leading promotional strategy, primarily owing to the satisfactory ROI that video marketing generates for their efforts. So, it's safe to say that exploiting video marketing can effectively develop product growth and product sales.
📺Video Marketing for Product Development
Now, you might be wondering that video marketing can surely improve sales, but how can it improve product development? Interestingly, video marketing plays a vital role at every stage of product development:
👉 Finding Customer Demands
The first step in product development is simply analyzing or figuring out what the customer wants, and this involves some brainstorming and a market survey. How video marketing can help at this stage is relatively straightforward! You can launch a simple promo video or throw in a vague concept of your new product to assess the public's response. Using that response, you can make the necessary changes according to public preferences.
👉 Analyzing Competitor Strategy
The next step is to realize the significant players in the game and the competitors, and this step only involves a thorough analysis of the competitor strategy. Sometimes, rivalry can play an essential role in gaining public attention. You can launch a marketing video that abstractly answers the various confusions related to their product but does not mention them. In doing so, you could market your product by stating its significant pros.
👉Beta Testing Stage
Now, this is the ultimate game-changer. Let's consider running a business of beauty products, and you need to review a new eye cosmetic product you developed. To assess public response, you can launch an unveiling video before rolling it out for sale. You can go live instantly, with your pre-recorded content or in real-time using any third-party app, and answer a few queries from your followers as well. For this, you need a tool to live stream any pre-recorded content on your channel. Realizing the need of the hour, OneStream Live offers a user-friendly solution to you by providing OneStream Studio, pre-recorded and real-time multistreaming services.
👉 Product Launch
The final step is the product launch phase, and this is where you need to work smartly. The unveiling of the product can be done through an adequately pre-announced scheduled live stream so you can gain maximum audience outreach. Pick a time you think is most feasible for your top buyers and go live while using the product. Alternatively, send in some gift hampers to the audience as well.
OneStream Live empowers you to make the most out of your live streams and actively interact with your audience in real time. Whether you want to live stream instantly from the browser using OneStream Studio, go live in real-time using any third-party app, broadcast pre-recorded videos, schedule a playlist of recorded videos, or embed your streams on your company website, OneStream Live is your ultimate marketing partner to enhance your business prospects. The Team Management feature allows you to manage your own team members to collaborate and stream more efficiently. Run through your live stream analytics and formulate your video marketing strategy accordingly. Leverage multistreaming on leading social media like Facebook, YouTube, Instagram, Twitter, and TikTok to make the most comprehensive mark on your target audience. Leave the technicalities to OneStream Live and focus on product development for ultimate success.
So what's the wait for?
Let's get the ball rolling!
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