The most prominent marketing trend of 2020 was Live Streaming and in 2021 it is not going to lose it's impact on business enterprises. Digital marketing has become the hottest commodity of modern times and the notion of video marketing has been selling like hotcakes. Previously marketing channels were confined to newspapers and simple word of mouth advertising but since the start of the 21st Century, new marketing tactics have emerged. These include both Business to Consumer (B2C) and Business to Business (B2B) strategies. Interestingly, the concept of video marketing has provided a major boost to the B2C strategy for the marketers.
First things first! What is video marketing?
Video marketing simply means that you are choosing to present a product or a service using videos on social media and other digital marketing platforms. These digital marketing platforms include YouTube, Facebook and Instagram (IGTV + Reels), etc. We see a lot of influencers and entrepreneurs online, actively running their businesses through an online store and promoting their products using videos.
But what do the stats tell us?
The stats also second our stance. According to Animoto, an autonomous platform that conducts surveys, about 85% of the marketers agree that video is an effective way to gain consumer attention online. Marketing is simply gaining attention and you can just do that using a short promo, a short video, online webinars or a simple review. Social Media Week also claims that almost 95% of the message is retained by them through a video rather than a news article or a published advertisement.
Do people really buy products by watching these videos?
According to Wyzowl, 84% of the consumer groups claimed that they were convinced into buying the product after watching their video advertisement. So, it’s safe to say that exploiting video marketing can very well be effective in developing product growth as well as product sales.
Video Marketing for Product Development
Now, you all might be wondering that video marketing can surely improve sales but how can it improve product development? Interestingly, video marketing plays a key role at every stage of product development:
1. Finding Customer Demands
The first step in product development is simply analyzing or figuring out what the customer wants and this involves some brainstorming as well as market survey. How can video marketing help at this stage is fairly straightforward? You can launch a simple promo video or a vague concept of your new product to assess the response of the public and using that response you can make the necessary changes according to the public preferences.
2. Analyzing Competitor Strategy
The next step is to realize the major players in the game and the competitors and this step only involve a thorough analysis of the competitor strategy. Sometimes, rivalry can play a major role in gaining public attention and you can possibly launch a marketing video that answers the different confusions related to their product in an abstract manner but not clearly mentioning them. In doing so, you could market your product by stating its major pros.
3. Beta Testing Stage
Now, this is where the game changes. Let's consider you are running a business of beauty products and you need to review a new eye cosmetic product that you developed. You can launch an unveiling video before rolling it out for sale to assess public response. You can go live with your pre-recorded content or in real-time 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 offering pre-recorded and real-time multi-streaming services.
4. Product Launch
The final step is the product launch phase and this is where you need to work really smartly. The unveiling of the product can be done through a properly pre-announced scheduled live stream so you can gain maximum audience outreach. Pick a time that 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.
In a nutshell, you know how to develop better startups for the marketing of your business and this will effectively enhance your business prospects. Apart from improving business, there are some concerns regarding the reach of the video and engagement from various platforms so you could use the multi-streaming service provided by OneStream Live. You can make the most out of your live streams and actively interact with the audience by saving a lot of time. Time Management feature on OneStream Live further allows you to manage your own team members to collaborate and live stream more efficiently. You won’t have to repeat yourself rather multi-stream at one time.
OneStream Live also offers an appealing Playlist feature which is helping streamers to schedule their pre-recorded videos. Streamers get the real-time stats of their streams and focus on product development rather than the streaming which is going on smoothly via OneStream Live.
So what's the wait for?
Let's get the ball rolling!
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