Marketing has a unique role to play in any business’s success. It is the businesses’ process of reaching out to end consumers and convince them to use their products and services. They have been using media and communications as a tool to connect. Previously, it was print media only. Gradually, TV and radio came in. Now, the latest in the array of communications tools is online video streaming.
In this post, we will walk you through:
- What is live streaming exactly?
- Benefits of using live streaming as a strategic marketing tool
- Factors to consider while designing live streaming
So, let’s take all points one by one.
What is live streaming exactly?
Live streaming is the process of broadcasting audio and video live through the internet as a medium, according to a definition given by TechTerms. It is a tool to interact in real-time with the audience. The video is streamed while it is being recorded. Such a realistic view of events serves the marketing objective of reaching out and convincing most correctly. That is why it has become the top preference of modern marketers to have live streaming in their marketing strategy.
Facts about live streaming
We are discussing here why the live streaming strategy is a must-have. Well, what can be better reasoning than the facts that tell about trending facts! So, here are some interesting facts:
- By 2027, the live streaming industry is expected to reach 184.27bn USD.
- There have been almost 100% growth in live streaming usage between 2019 and 2020.
- About 34% of people belonging to 6-14 years of age spend time watching videos on social platforms.
- About 73% of prospective customers get converted to genuine buyers when videos explaining product or service use are served to them. E-commerce research statistics also show that 70% respondents feel more connected to a brand by watching its video.
These facts point out clearly that live streaming is not the future but the present of the marketing industry. What are you missing if you have not included the live streaming strategy in marketing? Let’s find out.
Benefits of using live streaming as a strategic marketing tool
Till now, ads were created and served on TVs, websites, OTT, etc. But, it was a one-to-many kind of communication. The element of personalization was conspicuously missing. Live streaming platforms made the whole affair of connecting with people one-on-one. The best benefits that it has offered are:
Ability to make customers the part of the journey
Businesses do not meet the customers after the launch of a product or service anymore. Online video streaming has allowed them to walk the customers through the process while the product is under development. Businesses can create video journals and stream them live, showing how the final product reaches the shelf. It is nothing but credibility unleashed, per se.
Give a face to the brand
Live streaming forays into a more credible and tangible zone than what is offered by celebrity endorsements. Using a live streaming platform, the key executives of the company can talk directly to the customers. The feed keeps rolling just like it displays below any YouTube video, and the presenter can choose the question or audience and answer their queries in real-time. Thus, you give a real face to the audience to interact and connect. It is way more effective than Google My Business or a similar tool, credibility, and results-wise.
Leave no room for confusion
Text messages printed on the newspaper or TV ads fail to create an impression sometimes. The reason is either the message is ill-crafted (poor quality ad or sales copy) or sometimes too exaggerated like in TV advertisements. Online video streaming balances the facts and presents them to the audience as they are. Thus, the customers know exactly what is being offered to them. It helps win buyer confidence.
Assess the buyer sentiment
The live streaming platform can provide invaluable information to the businesses, and that is customer data. They can see whether their program is successful or not just by looking at the viewers’ volumes. Also, the registered attendees to a live streaming event provide valuable customer information. Based on the responses and the customer demographics, the businesses can plan out more focused or consumer-centric campaigns or videos in ensuing campaigns.
Tremendously cost-effective way of connecting with an audience
Live streaming can be broadcasted on multiple channels, devices, and platforms using the technique of multi-casting. The videos are available in the form of data, and the maximized reach empowered by the internet offers more coverage per unit of dollar spent. One billboard with limited reach and humongous budget, or live streaming having minimal expenses and global reach? Businesses clearly can see what they need. Live streaming is possible at all budgets is no less than a magical formula all businesses have been searching for ages.
These benefits tell with conviction that online video streaming strategy is the need of the hour. So, what is the right approach to use live streaming platforms? Let’s find out.
Factors to consider while designing live streaming
Live streaming can become a big success if you think about:
- Right time to go live: Apple launches have become one of the most awaited video events. Their success tells that when you want your product to stay fresh in the consumers’ minds, you must plan the online video streaming around the launch time.
- Localization: Live streaming platforms offer the convenience of localizing the content. The video streamers can provide the option of audio, subtitles in the language that customers easily understand, making the overall impact more powerful.
- Talk about it in advance: Drop emailers to select audience, just like the trailer is dropped before the release of any movie. It helps create awareness and have more audience.
A live streaming strategy is a must these days for marketing, given the impact, reach, and responses it garners. The measurable success or failure help businesses know the right and wrong things they have done. Also, it helps send the message to the correct audience and have instant feedback. Overall, online video streaming is the tool that marketers can depend upon and ought to consider to rise above the competition.