Is live streaming worth the investment to your brand?
Live streaming has been one of the most talked-about trends in content marketing over the last few years, but some people still have reservations. You may even have used it in a previous role, and had great success – but if your current company is dragging its feet, it may not be as hard as you imagine to convince naysayers of the benefits of life streaming.
Live streaming has emerged as a major contender to traditional video in corporate marketing strategies. Business live streaming is seeing brands raise their profiles and increase customer interactions and sales, and it can be a natural fit for almost any brand if you know how to leverage its unique advantages.
The bottom line is that live streaming can generate a great ROI, and that's something that can appeal to anyone in business.
How many people watch live streams?
Most people already watch live streams and the number is on the rise. The latest IAB figures report that 69% of Australians have watched live video, before high-profile events such as the World Cup brought even more attention to the benefits of live streams.
While millennials and generation Z are the biggest consumers of live video, streaming is popular across all age groups. If your target audience is already consuming your online content, live video could be a valuable addition.
What are the benefits of live streams?
A live video stream is one of the most engaging types of content for audiences. According to Livestream.com, 80% of people say they would rather stream video live than read a blog post and 82% prefer live video to social network posts. If you're streaming about your products, HubSpot found that consumers are four times happier watching videos about a product than reading about it.
As well as being more appealing, a live video stream is also more engaging. People tend to watch streams for longer and interact more with brands compared to on-demand video. Live streaming for business on a regular basis can build a loyal following and increase demand for your products, services and events.
Brands can generate a great deal of credibility using live streamed video. There are fewer places to hide when live streaming. In a variation of the adage “What you see is what you get”, live streaming to your audience shows “how you really are”. There are no second takes and human mistakes (when corrected) can add to the authenticity of your brand.
Adobe uses live streaming on a weekly basis in Australia and around the world to offer value adding content to its user base. They increase the appeal by providing rare live experiences with industry influencers and famous users. They also allow watchers of the live stream to type in questions during the stream which are acknowledged and answered by the guest. See our blog on live stream chats for more information.
Live streams can also be used to add value to your product or service when the content offered is of real-time value. A rare speaker or live entertainment provided for a “select” audience is something that cannot be matched easily by a competitor. Combined with the exclusivity of limiting access to only your customers, a livestreamed event can be a powerful differentiator if your product or service is offered by several other organisations.
How much does live streaming cost?
If you already produce videos for your brand, live video production doesn't carry any extra expense – in fact, the raw immediacy of live streaming can save valuable work hours spent on editing and publishing videos.
Even if you're new to video production, you don't need to invest in your own live streaming studio as long as you have a reliable internet connection and a camera or smartphone capable of shooting HD video.
What is the ROI for live streaming?
Almost all companies can benefit from live streaming, with 72% of businesses saying video has improved their conversion rate, according to Wyzowl. As well as promoting your brand and products, live streams themselves can be a source of revenue if they are monetised or you arrange sponsorship deals.
Like any other content strategy, live video streaming requires careful planning and commitment to achieve its potential. Some organisations have gone to the trouble of designing and installing permanent livestreaming studios making the tool an immediate and easy one for their teams to use in-house. Others use an outsourced supplier like StreamingHouse to plan and execute their regular streams. The key to a good ROI is planning your live stream.
Analysing audience interactions and metrics should give you an idea of the impact your videos are having and which live streams have been most successful to inform your ongoing strategy. Live streams can also be repurposed to make blog posts, YouTube videos and other content, delivering more value.
For more information about the benefits of live streams and how to get started, click the image below to download your free ebook – 10 Ways Streaming Can Help Build Your Brand. Or contact StreamingHouse directly for a free discussion of your needs and opportunities. 1300 659 546