(LSJ) Social Video will boost the sales and affect pricing in eCommerce
Fri, September 24, 2010 at 11:34 AM The Social Video will revolutionize the business talk. Use of video will replace flash and other graphical solutions. Why? It is the fastest and most natural way of receiving and producing business information.
Sharing videos and creating their own videos is the foundation of Generation Y and youngsters living.
Remember matchbox videos?
Back in 1996 I remember first time downloading CNN news clips from the source to a browser’s ‘matchbox’ sized window. The ISDN (64k) bandwidth could not deliver better quality. This situation lasted over a decade, as video streaming was something out of my reach.
Today, even mobile internet (3G) offers bandwidths that deliver social video 10 times faster than was possible 1996. This changes the picture.
How does Social Video change business?
The first function that is likely changing is Sales and Promotion of products in eCommerce. Buying a product before seeing it in action through video stream will become a ‘strange’ behaviour. We want to see the product, and when possible company representatives to ‘pitch’ their products. We want to learn how the product is used before we buy it. And we want to see if there is pitfalls in that particular product that we should know before valuing the deal buy/no buy.
Price raises with praising customers that are engaged
Praise for your product friends will create new possibilities to the next version of your product. Think about the success story of IPhone. Huge success in IPhone 3 ffects the pricing possibilities of coming Iphones immediately. Companies need to reflect pricing as their product is raised or lowered in the ranks to optimize profitability. Ofcourse market demand remains is the biggest factor for price formulation, but with social video the prize range can be wider. Engaging all Iphone fans means pricing possibilities for the version of IPhone
Friends engage me and maybe also decide what I like
Furthermore, with social video it is important to see and hear what friends who have tested the product think of it. The word of mouth turns to video streams where friends are having fun with the product (f.e. how easy it is to use Facebook in IPhone). Also more formal information reaches me f.e. how unknown friends rated by other product users. Seeing makes me believer.
Lifetime Studios produce quality eCommerce solutions. Every product created has the possibility to include social video, flahs, quicktime, f.e., along with Facebook Share and Tweet this button. Are your company ready take 24 / 7 challenge in the markets? If so, you propably will continue to success in the next wave of internet.
From selling Ideas, Opinions, Solutions, Products, and so on to engaging with Social Videos
The value chain becomes experience chain where social video provides crucial information about your product. The market opinion.. is engaged in Facebook Video page or Youtube.
I want share one good example of opinion selling, and engaging me to act.
In this video stream embedded opinions are sold with a solution that seems to irresistable and straight forward. In a three minutes SAP ideas are sold so that I understand and can act.
from SAP Community page: “Business ByDesign is SAP’s solution for fast-growth companies with modules for business analytics, financial management, accounting, CRM, supply chain, and more. Just choose the modules you need when you need them. SAP will host ByDesign for you so that you can focus on getting ahead of your competition and growing your business.”
Editor in Chief, (LSJ)(BDA)(PF) Lifetime Oy Ltd.
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Editor in Chief, (LSJ)(BDA)(PF) Lifetime Oy Ltd.