Getting started with Livestreaming for your business: Things to note

Sukanya Shettigar

Livestreaming has been making waves among marketers across industries, and with good reason. In 2018, consumers were spending 83 minutes a day watching digital video content. The pandemic made this skyrocket to  92 minutes by 2020. Livestreaming or live video, which was once associated mainly with the gaming community, is no longer restricted to any particular industry.

Live-streaming
Source: Wistia and Livestream

 

Why Should You Leverage Livestream for Your Business?

Livestreaming has grown phenomenally — the market expanded from $30 billion in 2016 to $70 billion in 2021, and is expected to reach $184 billion by 2027. Marketers have found enormous success in this medium which is only estimated to multiply in the near future.

Livestreaming is an apt medium for your business to launch new products, provide virtual tours, and host interactive sessions with experts. You can also conduct tutorials on new offerings, showcase features and updates, drive sales and promote events with it.

Brands can leverage livestreaming to reach their target audience in a humanized manner. Your customers get to connect with your business in real-time while receiving a very immersive, informative and interactive experience from the comfort of their screens. It’s simple to implement but the results can be tremendous.

Livestreaming plays a crucial role in enhancing the user journey — right from discovery to consideration to purchase. It also helps you engage with today’s millennial and Gen Z population that are tech-savvy and inclined to explore differentiated brands.

Brands can benefit from integrating livestreaming capabilities into their shopping experience to significantly boost engagement and conversion rates. On average, brands have reported a 4x increase in user engagement, a 3x increase in organic traffic, and a 2.8x in product discovery just by adding livestreaming to their customer engagement strategy.

Coresight Research Report: Livestreaming Myths Debunked

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How to Get Started with Livestreaming?

A major advantage is that you do not need a lot of equipment or resources to set your business up to livestream. Start by defining the goals you want to achieve for your business with it. Determine which platforms you should use by identifying those that your target audience prefers the most.

Livestreaming Checklist

Selecting the platform
While social media platforms like Facebook and Instagram can be a good bet if your users are active there, you can actually integrate livestreaming directly into your brand’s main website. This will cut down the conversion time drastically if a majority of your customers browse your products primarily on it.
Additionally, employing a decentralized livestreaming model on your own site can drive better engagement on the open web while maintaining ownership of the first-party data that you receive.

Roping in influencers
Influencer marketing has become extremely popular. To leverage it properly in livestreaming for your business, make sure that you choose influencers who are relevant to your niche and will attract maximum fans and customers. Influencer selection must align with the brand’s business objective and personality and resonate with the target audience, so it is imperative to tap into the influence of Key Opinion Leaders in the industry.

Kim Kardashian appearing on Viya’s Taobao live stream. Source: Alizila

Brands can also leverage nano and micro-influencers with a robust captive audience and high-value buy-in.
In 2019, Kim Kardashian sold 15,000 bottles of perfume within a matter of minutes on Taobao Live, China’s leading livestream commerce channel with the help of Viya, one of China’s favorite live streamers. In this case, Viya’s presence drove sales and helped Kim Kardashian swing such staggering numbers.

Crafting campaigns effectively
Define how your brand wants to engage with the audience and use storytelling devices to convey the message you want to deliver. Look into avenues like product showcasing, influencer and brand ambassador interaction, live store tours, product releases, and season sales to enhance customer engagement with livestreaming.

Planning interactive elements
Make sure to engage with the viewers during the live session. Your livestreaming infrastructure should enable customers to ask questions, add reactions, give feedback, and purchase products and services easily. Plan in advance and plug in interesting elements to make the session as interactive and engaging as possible.

Setting up a livestreaming cadence
Keep your viewers and customers coming back for more by scheduling regular livestream shopping experiences. Look for opportunities to host theme-based experiences during popular holidays, festivals, or other occasions to provide them with solutions and maximum value.

Enhancing performance with data
Regularly track the performance of livestream sessions with key performance indicators (KPIs) such as the number of views, best-selling products, and website conversion rates to craft better livestream shopping experiences. Use real-time predictive analytics to track live stream performance and derive insights into content, products, formats, hosts, and viewer.

How Firework can help brands create livestream shopping experiences?

 

Firework

To get the most out of your livestreaming strategy, you can opt for Firework’s platform. With it, you can transform your customer experience entirely with highly customizable livestreaming without additional coding requirements. What’s more, 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.

Summary

Livestreaming can help brands and marketers transform their customer experience and engagement by leaps and bounds. Be it with interactive Q & As, product showcases, or guided live tours, you can seize the chance to create strong content, curate an audience, and connect with your audience meaningfully.
Firework enables you to maximize your audience engagement from the start of the customer journey through to the end, is simple and hassle-free to implement, and is exponentially effective.

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