To keep up with a dynamic marketing world where everything is hyper-interactive. Businesses must adapt, adopt, and stay updated with the latest trends. The long shadow of the global pandemic acted as a catalyst for accelerating digitalization, which was already underway globally.
This drastic shift from the offline to the online sphere called for measures to implement the concept of livestreaming business to ensure the customer experience is not compromised. Enter – Livestreaming technology.
What initially started as a standard platform for gamers has now found expansive usage in the eCommerce world. The launch of Chinese retail giant Alibaba’s Taobao Live, in May 2016 was the first platform integrating online shopping into livestreaming.
Video as a mode of communication has far superseded other platforms owing to its engaging, entertaining, and interactive interface. It’s a key component of every social media marketing strategy today. Even social media behemoths, including Facebook, Instagram, and YouTube, have joined the bandwagon and adapted an algorithm to host livestreams.
Livestreaming Business: 6 Critical Reasons and Use Cases To Kick-Start Your Journey
Livestreaming has become a valuable currency for brands and businesses. Businesses can draw many benefits from the well of livestreaming.
1. Livestream helps in nurturing customer’s trust
In a time where advertisements may seem less trustworthy, livestreaming has cemented its position as an important source of reference for customers in their purchase decision. Showcasing products in real time can help establish and reinforce trust throughout the entire buying process.
Although there is a fine line of difference between livestreaming and personal interaction, it breaks the fourth wall between the brand and the consumer. Livestreams allow customers to see your personality and expertise rather than depending on the traditional text, photos, and advertisements.
2. Engaging your audience with live video
Brands can beat the goldfish-like 8-seconds attention span of modern consumers through video content. Visual content also helps to retain customers by fostering a strong connection.
Livestreaming allows brands to engage with consumers in real time through live broadcasts, thereby forging a personal connection with them.
Businesses can leverage this content format to keep their customers updated. You can also demonstrate products and service offerings, collaborate with eminent influencers, and answer consumer queries.
Therefore, streaming for business facilitates an instant connection and further simplifies the brand-consumer relationship. Since the communication takes place in real time, the consumer feedback is genuine, authentic, and raw.
In an attempt to turn a livestream into an enthralling event, Jimmy Choo’s creative director Sandra Choi hosted dozens of Bloomingdale’s customers on Zoom.
This 45-minute-long broadcast has many surprises for the viewers. The brand sent cocktails and macaroons to early registrants. Moreover, the first 50 customers who bought a pair of Jimmy Choo shoes during or immediately after the event were gifted a personalized fashion sketch.
Those customers who stayed till the very end of the livestream received special gifts. A gift basket and Bloomingdale’s gift card giveaway.
This approach can be customized to fit a specific brand. You can reward the participants of your livestreams with different incentives: discounts, product samples, gift baskets, or some branded items from your company swag shop.
3. Stay on top of the customer’s mind
The old trope – ‘out of sight, out of mind’ – rings true when it comes to products and services. If the goal is to get your business etched in the consumer’s mind, make the most of social media to market the product before the livestream.
After the livestream, eCommerce businesses can repurpose these broadcasts on their official socials so that potential customers can view those posts in case they miss out on the stream.
4. An effective tactic to generate leads
The ripple effects of a livestreaming business can be reflected in the leads and sales your brand generates. Pre-recorded and pre-scripted videos have the hullabaloo of lighting and recording equipment, but consistency, planning, and organization are the only proponents of gaining traction on a livestream. Before you start a livestream, consider the following factors:
- Know what you want to talk about that would engage the customers.
- Sketch out your speech and highlight the points and products that will be highlighted on your livestream well in advance.
- Stay updated and aware of when your target group is the most active, and schedule your livestream accordingly.
A 2018 report by Streaming Media stated that 77% of employees experienced problems like buffering while streaming live video at work. Many things can go wrong with business streaming – buffering, video lagging, equipment malfunction, pixelated images, poor quality, delayed audio, and sound disruptions – the technical glitches are endless. What you can swear by is maintaining a good quality of communication and clear presentation.
5. Launch Your Products Using Livestreaming
A product launch is a crucial step in a product’s lifecycle. Hence, brands need to be cognizant of the resources they pool and the measures they have in place to make it a perfect launch.
Explaining product know-how can help businesses connect with consumers at a deeper level surpassing the barrier of physical location.
Source: Content Fortune
Fenty Beauty launched its makeup line on Facebook live, and this event was hosted by singer and co-owner of the brand Rihanna, which garnered more attendees than it would have otherwise.
The launch also included makeup classes, interviews, and peppy music – a range of events that would cater to consumers with varied interests, thereby acing the product launch.
However, even the biggest brands don’t do surprise launches. Warm up your audience in advance with a pre-launch campaign on social media to boost awareness. Scheduling pre-orders to give the customers a taste of the launch also works wonders. Giving exclusive early-bird access to consumers to view the livestream can help you earn their loyalty and support.
Transform your livestream into an immersive experience for consumers – give discounts and giveaways to engage the audience and boost sales of the newly launched product.
6. You can livestream an offline event
This is the most flexible form of direct communication with your target group. You can start a livestream from the comfort of your home or anywhere in the world and generate exponential revenue.
Businesses can transform a physical event into a virtual location and maintain livestreaming accessibility for paid attendees only. Creating pre and post-event affiliates for attendees includes exposure and discussions around the soiree without broadcasting paid sessions.
This is a valuable opportunity to create content and generate further discussion among the cohort of social attendees without businesses having to commit the time and resources to do it themselves.
The dates and new location have been announced for VidSummit 2023! We want input from YOU! Who do you want to learn from at VidSummit 2023? What else should we bring to the event? How can we improve? Comment your ideas!
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— VidSummit (@vidsummit) September 29, 2022
Virtual tickets are a valuable revenue stream for live events taking place around the world. In the same vein, VidSummit authorities executed a phenomenal idea of selling virtual tickets to their annual event, making their event a profitable one.
They added a button right on the home page prompting more sales through the event and directing ticket holders to the correct place to watch the live event.
You can even get tickets to the 2023 VidSummit organized from October 3-5 in Dallas, Texas.
How to Get Started with Livestreaming?
Streaming for business involves little to no production value or editing expenses, which are otherwise needed on a pre-recorded video. All you need is a phone, laptop, or desktop to carry out a livestream.
Once these bases are covered, there are more important facets of the livestreaming business, which, once integrated, can help your brand skyrocket to success.
1. Selecting the platform
Choosing the right platform for a livestreaming business is a big step. The platform should facilitate a seamless product launch and house a vast audience who can view the stream. Platforms with the biggest social reach include Facebook, YouTube, and Twitter for general purposes, with LinkedIn Live and Instagram Live in particular to meet business needs.
It is a given that users will be active on these social media platforms. What can yield a better result is integrating the livestreaming feature directly into your brand’s main website for quicker conversions.
Implementing an omnichannel experience which begins on your website and adapts to social media can drive better engagement while maintaining ownership of the first-party data you receive.
A reliable platform like Firework integrated into your website can help your business provide a highly customizable livestreaming experience without the burden of additional coding requirements. Businesses can regulate the chats between customers and influencers or livestream hosts to maintain customer security and ensure brand safety.
2. Roping in influencers for more reach
Influencer marketing for your business can hit the right chord, provided the influencers align with your business objective and their personality resonates with the product and the audience.
According to a global survey by Rakuten in 2019, 99% of consumers discover new products because of influencers they follow.
3. Crafting campaigns effectively
Know your brand values and objectives to be able to craft campaigns that align with your business values. Tap into verticals, such as live store tours, product showcasing, product releases, influencer and brand ambassador interaction, and seasonal sales through livestreaming to optimize customer engagement.
4. Planning interactive elements
Pre-scripted and pre-recorded videos facilitate a one-sided conversation, whereas livestreaming contains interactive elements wherein customers can ask questions, send emoticons as reactions, give feedback, purchase products, and engage with the virtual community as a whole. This two-sided open street of communication can make consumers feel involved.
Since livestreaming does not have the option of pausing and resuming videos, this amps up the chances of the audience watching a live broadcast for a longer period of time.
5. Setting up a livestreaming cadence
Make your customers come back for more. The Livestreaming business is a powerful tool to engage consumers by creating a sense of urgency and excitement through an interesting sales approach.
Host theme-based events and celebrate topical days, popular holidays and occasions. In short, don’t leave any stone unturned to communicate and engage with your audience. Businesses can integrate a live call-to-action (CTA) into the viewing experience.
For consumers who joined late, those who did not end up purchasing any product, or any consumer in general, a CTA can redirect them to your website for potential conversion.
6. Enhancing performance with data
Businesses can utilize tracking tools and analytics dashboards to monitor key performance indicators, like viewer counts, consumer behavior and engagement, best-selling products, and website conversion rates.
The inferences drawn from this research can help them improve and provide a better livestreaming experience.
How livestreaming for businesses can create an exceptional shopping user experience?
Livestreaming is a tour de force that can take your business to the next level. Livestreaming has leveled the playing field in marketing as household brand names, small and medium enterprises, or businesses of any size are subscribing to this medium of communication.
Prepare for the future of interactive customer experiences by taking the first step towards livestreaming for your business.
How Firework can help brands create livestream shopping experiences?
You can opt for Firework’s platform to get the most out of your livestreaming strategy. With it, you can transform your customer experience entirely with highly customizable livestreaming without additional coding requirements. Moreover, you do not need to resort to an external social media platform but can integrate it directly into your business’s website.
Not only can you conduct livestream shopping campaigns directly, but you also get to own the zero and first-party data provided by your customers.
Customers can directly interact with the brand, influencer, or livestream host to ask questions and share reactions. Brands can moderate the chat discussions to ensure brand safety at all times.
Firework’s video experience is hyper-immersive and generates data analytics, including clicks, impressions, views, add-to-cart rate, and personal information in the form of first-party data. You do not need to use any other customer data platform to leverage the same benefits.
Firework enables you to maximize your audience engagement from the start of the customer journey to the end. It is simple and hassle-free to implement and is exponentially effective.