5 Powerful Ways Businesses Are Leveraging Video
We’ve known it for a while, but it’s fun to say again: video is the future of business. Hubspot reports that 72% of consumers around the world prefer to learn about products and services through videos, and 81% of organizations already use it as an essential marketing tool.
Even if your business already uses video to some degree, though, are you leveraging it to its fullest potential? When implementing video into your marketing strategy or basic operations, you likely imagine potential applications like product demos, social media advertisements, or even live event streaming. Video’s uses don’t stop here — from interactive experiences and virtual reality (VR) to gamification and personalization, large companies and small businesses alike are developing clever ways to make video an integral part of how they function and connect with their customers.
Let’s dive into some of the most powerful ways businesses are leveraging video:
Live Commerce and Shoppable Video
It’s no secret that e-commerce has taken over the retail industry in recent years. However, brick-and-mortar retailers are still hanging in there because no matter how convenient buying online might be, many consumers still prefer to touch and experience a product before deciding to purchase.
At least, that was when e-commerce relied on product images and written descriptions. Now, there’s a new and interesting medium: live commerce through shoppable videos.
E-commerce websites — especially those based in China, like Taobao — enable all kinds of merchants to promote their goods via consumer-to-consumer live streaming. Sellers can stream demos and interact directly with curious customers, who can then ask questions, request to see products at different angles, and have as close to an in-person shopping experience as possible online.
Live commerce is already a $312.5 billion market in China and is expected to be worth $770.7 billion by 2023, so if your business operates in any vertical of the retail industry, shoppable videos are worth exploring.
Building Inclusive Communities
Live streaming has been capable of delivering footage of live events to massive audiences of at-home viewers since its inception, but, historically, those viewers had one thing in common: language. Event producers could hire sign language interpreters during broadcasts to make content more accessible, but translated subtitles were difficult to create in real-time.
Fortunately, the latest technology makes it possible to host and stream multi-lingual live events. Event production company Freeman, for example, uses Wowza’s robust platform to help its clients stream events with live stenographer captioning options, enabling broader and more diverse audiences to understand what’s happening.
Entertainment brand Culture Genesis also noticed a lack of gaming media that appealed — and was accessible to — multicultural audiences. Too much content is designed with only one kind of viewer in mind, so Culture Genesis used Wowza’s versatile streaming capabilities to create the TriviaMob mobile app. A whopping 72% of Latinos and 76% of African Americans over the age of 13 in the U.S. identify as gamers (compared to 66% of the overall population), so TriviaMob hosts weekly live gameshows that ask questions about subjects like art, sports, entertainment, and science with diversity and intersectionality in mind.
Video is more than a way to hold your audience’s attention — it’s a powerful tool for expanding your customer base and bringing people together.
Webinars are particularly popular in the tech and education spaces, but they’re advantageous for any kind of business. Webinars are a unique kind of brand-building tool because you can use them to:
- Enhance your brand authority and thought leadership
- Increase your audience’s size and engagement
- Participate in co-marketing opportunities that build relationships with partners
- Generate and nurture leads
- Promote your products or services without being too on-the-nose
Webinars are strategic because they combine two kinds of video content — live streaming and video-on-demand (VOD). You can host a webinar with a live digital audience and publish the recording on your website so anyone who couldn’t attend (or anyone who discovers it later) can watch it whenever they wish.
Not sure what kind of webinar to put on? Try creating a how-to series for consumers or business customers who are curious about your industry. They’ll want to tackle problems themselves, but when the time comes to bring in help, you’ll be who they turn to first.
On a related note, companies are increasingly tapping into the value of gated, subscription-based content. Webinars as described above are an example of video content you can publish on your website that consumers subscribe to, as are other Masterclass-like educational series and explainer videos.
This strategy is effective because you generate a new revenue stream while simultaneously building your brand authority. Seventy-two percent of consumers would rather learn about a product or service from a video than text, so if your content is compelling and informative enough, you can release a consistent catalog of on-demand videos that keep viewers coming back month-to-month.
Remote Monitoring and Operations
Other organizations have found a place for video where it was once only a dream. Industries like manufacturing and construction are particularly dangerous due to the high amounts of heavy machinery and risk of human error, so they’ve long sought to find solutions to create their products while keeping their workers safe. Doing so is now possible with low-latency live streaming paired with robotics technology that allows human operators to control machines from a distance while maintaining real-time accuracy and enhanced precision.
Construction company EWI, for instance, developed remote-controlled robots with Wowza streaming technology to enable “tele-welding,” which allows workers to avoid hazardous conditions and still reach awkward places and angles. Human command is necessary to operate each machine, but why be in a dangerous room when you can watch a live stream with sub-500 millisecond latency? Video may seem like something primarily in a marketer’s toolbox, but streaming can revolutionize primarily blue-collar industries where cameras can keep people out of unsafe spaces.
Ready to Leverage Video?
Organizations across the board are devising creative ways to harness the power of live streaming and video on demand. You don’t have to limit your own imagination to what you’ve seen other companies accomplish or what video providers on the market are capable of, though. With Wowza’s customizable and integrable platform, you can implement video into your strategy or operations however you dream.
Originally published at https://www.wowza.com on March 30, 2022.