Live streaming keeps getting more and more popular on the internet. Viewers spend at least eight times more time watching live videos than videos on demand. A video, in general, is the type of content with the best ROI, according to more than half of marketers worldwide. But, is live streaming good for business? On this blog post, we will discuss some of the advantages and disadvantages of live streaming for brands and businesses to help you can create the best strategy for your company.
If you want to learn a bit more about why live streaming is such a big deal nowadays, make sure you check this blog post out 5 Reasons Why Live Streaming Is So Important.
FOMO & sense of urgency
Live video, unlike other types of content, plays on people’s Fear Of Missing Out (FOMO). Viewers will be drawn to your live video because it might not be there tomorrow. What if they miss out on something great?
Being live creates a sense of urgency that other mediums just can’t. In a world where yesterday news is old news, a live broadcast is the best way to bring attention to your brand.
More exposure. More reach.
On many platforms, like Facebook and YouTube, live videos get an advantage over videos on demand. The platforms push this kind of content forward and put it above others. Live streaming for brands and businesses isn’t crowded yet, which means your live content gets more exposure than others.
With live streaming videos, you can also reach more people because of the increased exposure. Since viewers spend 8x more watching live videos, they can be longer, which gives people more time to find and view your stream.
Unique interaction with customers
Live streaming offer brands and businesses an opportunity to interact with customers, unlike any other medium. It establishes a connection with customers and gives them a personal experience with the brand.
In the past, companies were untouchable and impersonal, and that was OK. But, on today’s market, consumers want to identify themselves with the brand. They want to get to know the business and the people behind it. A live video makes a company reachable and shows its personality.
Real-time interaction = more engagement
Better than interacting with customers online, is interacting with them live. The real-time interaction creates a conversation with your customers, which is second-best to in-person interaction, but much more scalable.
The live element also pushes your audience to engage with your content. During live videos, people want to be a part of the conversation, and they are more likely to share it too.
“For example, live videos often lead to discussion among viewers on Facebook – in fact, live videos on average get six times as many interactions as regular videos.” – Facebook
Building trust is essential for businesses to succeed. Potential customers want to know the brand and know they can rely on them. The level of interaction on live video allows viewers to create a connection with the brand. If they like what they see, this connection leads to trust.
Another advantage of live streaming for brands is the freedom involved in it. There are no restrictions. You can go live for hours if you want. The content can lean more to the personal side, but it can also be more business related. It can be more commercial, or it can be more educational. The possibilities are endless.
If you think your business needs more content and plan to create videos on demand, keep in mind that live streaming videos, can be repurposed afterward. You can record your live stream, and once you finish it, you can post on your social media platforms as more content. So, it becomes a video on demand.
To repurpose content, you need to make sure it will make sense as a video on demand. For example, if you do a live product demo with a flash sale, it might not be ideal to repurpose it, unless you edit it. But, if your live video is educational, it can work well as a video on your YouTube channel.
There are many advantages to live streaming for brands and businesses, but, just like any other content type, there are some disadvantages. The main downside of live streaming as a business is also its most significant advantage; it’s live. There are no do-overs.
Not having a second chance can be scary for brands, because this sounds like there’s no room for mistakes. But that isn’t true. In fact, viewers can be more forgiving when it comes to live video, and many expect some live bloopers. It gives the broadcast a human aspect, which is essential for viewers to identify with your brand.
No do-overs also mean that you need to be more prepared than you would be for videos on demand. Have a live stream checklist handy, make sure you’ve checked and double checked every equipment. Place everything you might need within reach.
The more you do it, the easier it will be.
The Practice is Live
Another disadvantage of live streaming for businesses is that the only way to get better at it is to do it. Keep in mind that mistakes will happen. But, there are a few of things you can do to keep the errors to a minimum.
Firstly, you and your team can rehearse as much as possible, and you can also do a recorded dry run. In turn, you’ll be able to watch your video and figure out what needs to be improved.
Secondly, after every time you go live, you should analyze your efforts and determine where you can improve. Many viewers leave their feedback in the comment section, take them into account.
Lastly, you can plan for mistakes. Create contingency plans for things that could go wrong, so if it happens, you will have an action plan in hand.
As far as content marketing strategies go, live streaming videos are one of the most cost-efficient types of content out there. To go live on platforms like Facebook or YouTube is free. For equipment and the general setup, you don’t need anything expensive to get excellent results. You can even use mobile devices. Because of the increased reach, promoting your live streams is more effective than other content types, and the ROI tends to be higher.
The live video production requires more attention in the preparation than videos on demand, but once you reach the end of your broadcast, that’s it. You don’t need to work on it for another few hours, editing it and getting it ready to post. In other words, there’s no post-production cost or hassle.
When it comes to live streaming for brands, there are many more advantages than disadvantages, and we encourage you to give it a try. Contentwise, there are countless possibilities to explore, and your audience will appreciate the effort.
Businesses and brands can create live Q&As, interviews, behind the scenes, product or service demos and much more. Regardless of the content, you can create, you should focus your live video strategy on building a relationship with your customers and potential customers. Without a doubt, the main advantage of live streaming for brands and businesses is the possibility of building trust and a deeper connection with the audience.
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