Consumers have become used to having video chats for work, school, and even medical visits via telehealth services. It has become second nature to communicate with friends and family through video chat. And brands need to understand these implications, as well as how they can insert themselves into the ongoing video chat conversation.
Savvy brands follow the trend through consumer and market intelligence to make changes and stay ahead of the curve. Let’s see how that looks!
The conversational volume around video chatting doesn’t suggest a decrease in consumer interest. As such, we’ll look at the video chat conversation a little more intently, with a focus on:
- Why video conversations are here to stay
- Advances in video technology for brands to monitor
Video-based calls, chats, and meetings are still booming this far into the pandemic. Here are a few related statistics of interest:
- According to Twilio, 92% of their global respondents said that adapting their digital communications strategy to the current business environment is critical for their brand’s survival.
- 74% of employees say they are less likely to leave their company if they offer telework options. And companies save an annual average of $11k per employee by using video conferencing solutions.
- The video conferencing market was $14B in 2019. It’s expected to reach a CAGR of 19% and top $50B by 2026.
Video conversations have been an absolute lifeline for many consumers and businesses during the pandemic. The digital transformation for many brands has been fast-forwarded, and video conferencing isn’t going anywhere anytime soon. Consumer and market intelligence tells the story.
Video Conversations are Here to Stay
The pandemic has indisputably changed the way people live and work. Aside from rethinking ordering food and groceries, video capabilities have played a critical role in both the workforce and how people do leisure time.
Zoom was the go-to video conferencing app as COVID swept across the planet, allowing untold millions of workers to keep earning a paycheck while working from home. Consumer and market intelligence reveals that many remote workers wish to continue doing so this far into the pandemic.
A FlexJobs survey found that “27% of workers say the ability to work from home is so important that they are willing to take a 10% – 20% pay cut to work remotely. And 81% say they would be more loyal to their employer if they had flexible work options.”
This far into the ‘new normal,’ people have become accustomed to their new work/life balance. They want to maintain that balance as much as possible in an increasingly rocky socio-economic climate. Video chat solutions are the key to keeping teams connected while allowing employees the freedom to work from home. Employees feel they get more accomplished at home and save money and time commuting in the process.
These savings apply to businesses as well.
Companies are saving an average of $11k through increased productivity while needing to maintain less office space and supplies. This makes it a no-brainer to forge ahead. And then the conversational volume around all things video chat has pretty much hit an even keel, meaning consumers have accepted it as part of their lives.
But it’s not just work and school that consumers are using video chat for. It’s growing in popularity for people just wanting to hang out. And brands need to be on the lookout for consumer and market intelligence regarding new tech solutions that speak to consumers’ diverse needs for all things video-related.
Advances in Video Technology for Brands to Monitor
Video content on social platforms is seeing widespread favor, as evidenced by the widespread popularity of ‘Reels’ and ‘Stories’ on Facebook and Instagram, Tiktok’s rockstar social media site status, as well as the surging popularity of YouTube as a favored tool among marketers. And then we see the meteoric adoption of video-on-demand (VOD) services like Netflix and Amazon Prime Video.
And now, video chat capabilities are also in demand for both the workplace and the home. Below, we can see where many brands choose to spend their money on video conferencing services to increase their productivity and maintain relevancy in an ever-changing marketplace.
There are also IoT video chat/conferencing capabilities in the works, with new products coming down the pipeline. This makes sense as IoT has seen its own boom during the pandemic as people sought to simplify their lives and connecting through video content with these devices seems like a natural progression.
Keeping practical and aspirational tech applications on one’s radar will be wise, and not only to find an ‘in’ for brand marketing, but to stay on top of emerging consumer trends as well. After all, consumer and market intelligence is the ticket to staying ahead of the curve with consumers – and with the competition. New products and new use cases are popping up in consumers’ daily lives after all – and Amazon seems to be blazing a path for others to follow . . .
Amazon Meets Consumers Where They’d Like to Be
Amazon just released a home robot called the Astro at its September event this year. While capable of delivering snacks to a family member using facial recognition and onboard cargo space, it can also monitor your home security.
During their announcement, Amazon demonstrated the robot’s utility in the home by assisting elderly family members. Astro is capable of checking on them, performing video calls with them while being able to follow them around the home. And any video it records is saved to the cloud using the Ring Protect Pro service. It’s as close as we’ve come to living like the Jetsons.
Amazon also announced the release of their Amazon Glow device, which combines video conferencing and projection functionality. It’s marketed for young audiences and allows for video chat, and can project a 19” touch surface onto a table so users can play virtual games.
One of the highlights of Amazon’s September release event was the Echo Show 15. It’s a wall-mounted display that not only has a smart screen voice assistant powered by Alexa but can also serve as a smart home command center.
It can even learn the sound of your washing machine’s alert tones and send you a notification. And the reason we mention it here is that it includes video conferencing capabilities which is an increasing theme in tech releases these days.
Brands that want to stay at the forefront of tech developments need to focus their consumer and market intelligence on the importance of video chat and how it helps consumers maintain their work/life balance. As we’ve shown, the conversation isn’t going away. And what’s interesting is how Amazon, one of the world’s leading tech companies, has devoted so much space for video chat capabilities in many of its new products. It’s a sign of the times.
Is your brand staying ahead of the competition through diligent market research? Reach out for a demo, and we’ll help you dial into the conversations that offer first-mover opportunities.