How B2B Companies Can Leverage on the Popularity of Video Content in China
Globally, 71% of consumers are watching more videos online versus a year ago¹. In China alone, the statistical survey done by China Internet Network Information Center (CNNIC) showed that there are 802 million active users on the internet². 98% of these users access the internet via their mobile phones. There is a strong correlation between the rapid rise of video viewings and increased usage of smartphones. The high-speed data connections and bigger screens allow for greater accessibility and viewings on the go. According to Zenith’s Online Video Forecast report, China will lead the video consumption with the average person spending nearly 120 minutes a day³.
5 Ways to Leverage on Video Content
- Storytell by showcasing your company’s culture and staff
- An intro video on the landing page increases the chances of producing conversions (up to 70%).
- Puts a face to the people behind your brand and gives greater visibility to your company’s unique culture.
- Consumers trust and connect better with companies which exude the ‘human touch’.
- Display your products and services with video demos
- A series of articles or whitepapers may be exhaustive to read – an explainer video is a more interesting (and engaging) alternative.
- An explainer video can pave the way to convert a potential B2B buyer. 76% of businesses have said that their explainer videos have helped them to increase sales4.
- Livestream interviews and webinars
- Deloitte estimated that China’s live streaming revenue will reach USD4.4 billion in 20185. Webinars and interviews with industry leaders and influencers can help drive lead generation.
- With a live video which is visceral and unedited, companies can build trust, engagement and influence. Reacting to comments and questions as they come, helps build credibility.
- Users watch live videos 3 times more than a pre-recorded one. There is a nuance of authenticity and an experience which is interactive (as well as immersive) with live streaming.
- Keep your visitors informed of upcoming company and industry events
- Video content help to keep prospects and leads updated of latest happenings.
- Showcase the interesting events via pre-recorded videos or live streamings to create product/service awareness and build a relationship with customers.
- Showcase company’s credibility with video testimonials and case studies
- There are many opportunities for B2B companies to engage with the target audience or get prospects to be interested in your business through various forms of video content – be it live, pre-recorded, an explainer, a case study or an interview with an industry influencer.
- A Nielsen report highlighted that consumers trust recommendations from the people they know the most – 83% of the global survey respondents trust the recommendations from family and friends. 66% trust consumer opinions posted online6.
China has a fast-changing digital marketing landscape. What’s hot today, may not be in-trend tomorrow. Consistency lies in the broader penetration of technology, which is growing year on year.
In our previous entry, we have written an article on the dominance of WeChat in China – which may come in handy for companies seeking market entry. With the plethora of social media platforms to choose from, your target audience demographic should be the dealbreaker in your decision-making process.
Most recently – short videos of up to 15 seconds, have garnered a rise in popularity especially amongst the Generation Zs (who are predominantly female, aged 24 and below). Douyin (or better known as Tik Tok in other parts of the world), is an upgrade of the former Musical.ly app. Currently, it has over 300 million monthly active users in China. The app allows you to create short videos which incorporate music, lip syncing and dancing with e-commerce (for example, users can link products in Taobao listing to their posts). The interactive, fun and quirky app appeals to the educated, younger masses with an appreciation for quality products. While Douyin is massively popular in Tier 1 and 2 cities such as Shanghai, Beijing, Chongqing and Chengdu, Kuaishou (an app similar to Douyin) has carved its mark in middle-class, Tier 3 and 4 cities. These cities could potentially be the largest driver of growth and consumer spending in the coming decade. These lower-tier cities have benefitted from government policies that promote the advancement of infrastructure7. Hence, apps like Kuaishou should not be overlooked just based on popularity, per se but the audience it serves.
China is not short on YouTube equivalents – there are a multitude of video sharing and hosting platforms. One of the most popular is Youku. Many professionals visit sites like Youku to get product information or reviews before making a purchase. Companies can leverage on the various advertising spaces within the platform, such as banners (screened during or before the video pre-roll or post-roll ads) or simply post original content to promote brand, products or services. Close to 229 million people in China will watch videos through subscription streaming that bypasses traditional distribution by end 20188. Tencent Video is the leader in China’s subscription over the top (OTT) video market. The platform integrates movies, entertainment videos, sports events, news and information and complete user experience with high definition videos and quality streaming functions. The platform also supports online concerts and live broadcasts. The widespread and growing user base makes it a great marketing platform for branding.