Why Should Businesses Consider Social Video?

The pandemic has triggered a surge in web traffic throughout the world as people turn towards the internet while social distancing indoors. This change has brought along with it a behavioral shift in how people interact on digital platforms.

Ever since his first appearance on the Vietnamese edition of the Vietnam Innovators podcast, Facebook Vietnam's Head of Business and Solutions Khôi Lê has updated listeners with recent changes in how smartphones are being used in rural areas.

Khôi Lê has now returned to Vietcetera to answer this question: In the borderless world of online networking platforms, how can brands connect with customers?

The answer is not at all new, it’s through videos, more specifically, social videos.

The rise of short videos

Short videos have always been a common medium used to spread information, but under this recent period of social distancing, it has become a media form with extremely high growth potential.

According to Facebook's data in Q1 of 2021, about 1.25 billion people were engaging with Facebook Watch every month.

Vietnam is no exception to this new trend, at the end of 2020, Facebook collaborated with Kantar - a market research firm - to look into how users engage with video content on social media. These are some of their findings:

• With increased internet access throughout the country, the level of engagement with video content has also risen accordingly. Currently, 95% of internet users in Vietnam (equivalent to 70% of the population) are watching videos online every month.
  Ever since April 2020, research has shown that on average, people spend around four hours per day engaging with video content across different platforms. Their popularity can be attributed to how the medium easily lends itself for personalization by creators.
• Research also indicated that between 2013 and 2020, the level of screen time in Vietnam is up by 40% while the duration of video consumption has also increased significantly. Throughout Southeast Asia, not just Vietnam, eight out of 10 people now have access to social media - an impactful insight to note.

How can we optimize their potential?

Drawing from these statistics, Khôi encourages businesses to notice and appreciate below potentials of producing videos for social media:

Video length: shorter clips from three to 10 minutes are generally the most popular for consumption - with lower costs of production as well. In return, these provide the benefit of making the business more competitive and appealing to consumers.

When videos are watched: the idea of ‘golden hour’ still exists but recently, with the proliferation of digital platforms, this time frame has a lesser impact than it used to. Data has shown that video consumption on Facebook remains high throughout the day. Users are watching these videos anytime and anywhere. This proves that the golden hour is no longer a fixed period.

For businesses, this change in customer behavior can open many doors of opportunity. At the same time, it creates a need for businesses to innovate and create content that attracts engagement from their users.

The difference between Facebook and other platforms

When asked about what sets Facebook apart from others, Khôi points out Facebook's ability for personalization.

All the videos that the social media platform brings to its users’ feeds or those that appear on Facebook Watch are all catered to the individual interest of the user. This process is aided through user engagement, be it through likes, comments, or shares.

For the content creator, this provides additional benefits as well as indicates the engagement level of their customer’s opinion and feedback.

Another advantage that Facebook brings to businesses is the ability to closely connect with their audience at any given time of any day.

With over 69 million users between the ages of 18 and 65, Kantar research has revealed that 97% of users in Vietnam recognize Facebook as a video platform — a huge opportunity for businesses to become closer to users interested in their products.

Research has also interestingly shown that Facebook In-stream ads also have the potential to boost user engagement in certain areas, most notably in online shopping. Additionally, 90% of consumers said they are willing to take action after watching Facebook videos.

Depending on the goal - whether it be to premiere a new product, diversify, introduce an app - businesses can use these social videos to build customer interest. Once this is established, these tools can then be utilized to reinforce consumer confidence.

Beyond these things, businesses need to be able to strategize and carry out appropriate actions during these changing times. With Facebook, businesses can readily find the tools they need to succeed.