Understanding what the future holds is critical to the survival of a business. Success comes only when a business perceives trends and adopts them before others. In times of a socio-economic crisis or recession, companies with innovative thinking survive. They think ahead of their times and adopt strategies that secure their business.
The COVID19 pandemic was a test of business acumen. Businesses that were flexible in adopting new digital strategies like online video streaming, work from home, etc. thrived. Others had to face hardships before finally coming to terms and enabling digital business transformation.
The pandemic hastened a phenomenon that was already unfolding. This phenomenon was digitization; a process that enabled businesses to carry forward their business practices from various remote locations.
Additionally with most businesses moving online, there was an immediate need for the adoption of digital marketing practices to capture and survive in the e-commerce regime. Establishing the brand online became imperative and using a live streaming platform to deliver an impactful message or show compelling content became the need of the hour.
What is live streaming?
Simply speaking, anything that is streamed to an audience in real-time is live streaming. It is a very effective strategy to use because:
- It has greater reach and hence gives businesses greater access to consumers
- It is cost-effective
- It enables better resource allocation thereby directly contributing to business growth
- It gives businesses a human face thereby enabling them to connect with their audience
Some popular live-streaming platforms
Of the platforms available for live streaming today, a few of them have gained immense popularity like:
- Instagram live: This popular live streaming platform allows users of Instagram to connect in real-time with their followers. Statistics say that on average as many as 100 million people live stream videos every day on this platform.
- Facebook Live: Previously the use of Facebook as a part of the digital marketing strategy for many companies. Today Facebook Live enables businesses to enhance their connection with their audience by live streaming videos.
- YouTube Live: This is, globally, the most popular video platform. However, with its live streaming option now businesses can leverage the popularity of YouTube and attract more people.
- Periscope: This is Twitter’s platform for online video streaming. Businesses having a Twitter account can share live videos thereby enabling better penetration and audience engagement.
- LiveStream: This is comparatively a smaller platform but the popularity it enjoys in live video marketing is phenomenal.
Some effective strategies of live streaming
The above live video streaming services provide a platform to showcase live videos. However, live streaming videos can only be effective if they are backed by strong strategies like:
- Using teasers: This is essential for enabling users to know when a live video will be dropped. Teasers help build curiosity in the audience. A good teaser will increase viewer’s anticipation thereby alluring more people to wait for the live stream. Additionally, it will also enable businesses to target niche audiences thereby increasing the effectiveness of the live stream.
- Creating a script: This helps businesses to maximize their use of the live streaming platform by creating real content that is precise, interesting, concise, and useful. Some preparations before going online help to create an impact by enabling businesses to take the right approach and connect with the right audience.
- Performing dry runs: Reading from a script does not make an online video very popular. When a live video is being streamed, it has to be spontaneous. This will connect with the audience. Thus rather than performing in a scripted manner, undergoing a couple of dry runs will give an understanding of how the live stream is likely to look and progress when streamed live.
- Testing different digital content strategies: Dropping an online video advertisement is still the best way to connect with the audience. However, to maximize the results obtained from this marketing tool, different types of online video content should be tested for effectiveness. The idea is not to just increase sales but also to connect with the audience.
- Establish audience connect: The biggest advantage of online video streaming is the opportunity it gives a business to communicate directly with the audience. It helps businesses to make their audience feel special. It reaches out personally to individual audience groups thereby making them feel special and establish a bond with them.
- Using incentives: Every good live stream ends with an incentive that prompts the audience to buy the product or service mentioned. Special offers, deals, rewards, discounts, etc., positively influence a buyer’s decision. Hence, incentives provide a wonderful opportunity to rope in customers.
- Consistency: This is a very important part of any digital marketing strategy. Businesses use a live streaming platform to connect with the audience and build a good user database. If consistency is maintained in live streaming and the quality content streamed live, it will increase the audience’s expectation. If this expectation is not met or the business inconsistently drops live videos, then the audience will shift to the competition.
Today, it is the digital era. Hence, social media and other video platforms see frequent live streaming videos being dropped. Thus, live video streaming is a very effective online marketing strategy to adopt.