Falling in Love with Livestreaming | Article – HSBC VisionGo
Recently, a seasoned Hong Kong entrepreneur keen to develop a cross-border eCommerce business in the Greater Bay Area consulted us. The economy is picking up with the stabilization of the pandemic. Alongside policy promotion, many entrepreneurs have restarted their business plans. Many "Greater Bay Area” experts are also raring to go. We often give tailored advice to our clients, that is, to pay special attention to phrases like "Greater Bay Area" and "Cross-Border” eCommerce.
Are You Establishing a Brand Through Special Opening Prices?
Live streaming has been popular in China for several years now. China has been globally successful and a pioneer in this regard. Live streaming has reached a mature and steady phase on JD (京東) and Taobao. Even some American companies and MBA business clients have used online shopping in China as a basis for research. It guides the direction of business transformation. Hong Kong has an innate advantage in applying and referencing some of China’s successful online business models. Yet, while advocating for retail, live streaming can secure large profits. Hong Kong entrepreneurs should also be aware that by underpinning the big volume of sales, goods may have to be sold at a discounted price. Thus, it should be termed as "live streaming distribution." If you run a physical retail store, does your brand want to project the image of having “special opening bargains” all the time?
Consider that Livestreams Should Be Complemented with Other Initiatives
While we are not against the method of live stream marketing, it seems that the approach of hard-selling has become less effective than before, even if there are success stories in Hong Kong, such as HKTV Mall. Some clients have given feedback that hosting live streams no longer achieves the desired results. Have a look at Macy’s, an established department store overseas. It is adding live streaming to its app. Although it seems to come as an afterthought, it still has its merits. Customers can directly communicate with the host and ask questions. They can also click to buy products directly during the live broadcast. The most important hosts tend to be Macy’s beauty consultants. Their recommendations are more convincing than seasoned consultants. They are even better than trying new products being promoted by salesgirls whom you may not be familiar with. Live streaming is an effective approach that can be used to sell clothing, cosmetics, and skincare products. Previously, we planned a live show for Marks & Spencer, where we invited a wine tasting consultant as part of a food pairing show. The results were impressive.
Real Users that Create Real Content that Viewers Value
We recently interviewed more than 20 senior marketing consultants, many of whom are seasoned in video marketing. They expressed a unanimous view that to do video marketing well, be it through a live stream, short clip, or film, being "real enough" was one of the key elements. The same goes for engaging real users or children to offer genuine reviews and comments when unboxing toys. This explains why the parents and children featured in the YouTube Channel, Ryan Toys Review, are well-received. Khaby Lame, a Senegalese man with a deadpan expression, does not say a word in his TikTok videos. In every clip, he puts his hands out with palms up in silent mockery of people who are smart alecks. It expresses what everyone is thinking, and he has grown in popularity as a result. With increasingly smart viewers and consumers as their audience, brands should remove things that are overhyped and fake during live streaming.