4 August 2020Blog
As a business owner, you know what it takes to take a risk. It comes to you naturally and welcome it at every stage, right? A new marketing trend peaks it’s way through the horizon and your first reaction is to see what it’s all about.
By the end of 2020, live streaming is expected to account for 82% of all internet traffic
Source: Go-Global
Live video marketing. It’s bigger than ever in 2020 and there’s a reason for it. In this article we’ll talk about what makes this marketing strategy effective and how you can implement it into your business plan.
Just Video
In order for you to understand how crucial video is in all of this, I’ll give you a brief history of why successful brands are utilizing video more than ever. It’d be nice if you just took my word for it but alas, it’s always neat going over this particular subject, video simply rocks.
Benefits
We use video to tell our stories ( Speaking of stories: Storytelling and Video). But why video? Well there’s no other way to put it, it’s the most effective marketing tool you have at your disposal.
Viewers retain 95% of a message when they watch it in a video, compared to 10% when reading it in text
Source: Insivia
They say that our attention spans are getting shorter. I’d like to say that’s probably because of the amount of information that we’re exposed to on a daily basis, there’s so much to retain! Whether our attention span is getting shorter, video is effective on getting the message across. The best part is, there’s loads of ways to implement video with your business, in fact I’ve made a list.
70% of businesses say they’re creating more videos now compared to the same time last year
Source: Animoto
Whether you’re preparing a presentation, or showcasing your latest product, businesses are creating more videos than ever and there’s no reason you shouldn’t be either!
Why it counts
I wouldn’t be writing this article otherwise. The people have spoken and they want more live video from you! Remember how at the beginning of this article I mentioned that every business owner know’s the risks it takes to actually run a successful business? It turns out, a lot of marketers today are still unsure about live streaming despite the impressive results.
Only 35% of Marketers are using Live Video Marketing
Source: MediaKix
Live video retains a consumers attention far longer than anything else, keeps them engaged, has direct influence on their purchasing and most importantly, it creates a deeper connection with their favorite brands! This is why in 2020, Live streaming is something that you should be heavily considering you still aren’t.
What it takes
All of your favorite social media channels, including Facebook and YouTube, have live streaming capabilities. They’re intuitive and they’re fun. And don’t worry, the learning curve isn’t as difficult as you think. In most cases, all it takes is a decent phone camera and you’re good to go. If you’re looking to take a more professional direction, the hardware isn’t expensive and available everywhere.
80% of people would rather watch live video from a brand than read a blog
Source: Livestream
And relax, if you aren’t using thousand dollar cameras to live stream your latest product reveal, there is a low level of expecatation when it comes to the production value of such streams. The reason being?
It’s real
It creates an authentic experience. With advertisers photoshoping their way to the bank, people are craving a more human approach (Check out: Boost Customer Retention with Video). Live video is that. Remember your first introduction to live video? Depending on the generation, the first thing that popped into your head was ” America’s Funniest Home Video ” and for many, it was YouTube.
70% of consumers prefer to watch live video on YouTube over other platforms.
Source: Livestream
A place where we saw that we’re all human and make mistakes. It’s what kept us engaged. What will happen next? That’s the beauty of live video. It magnifies the experience because you know it’s happening right NOW.
Ways to use Live Video
The truth is, the best place to stream is wherever you already are. However if you’re not ready for that kind of privacy invasion, let’s go over a few ways in which you can implement live video into your brand image.
I won’t be going over which social channel is best for streaming, as in the end it’s all about people demanding more live video. This of course means that you can live stream wherever you want. In fact, there are times where you’ll even be able to live stream on multiple channel services at once!
A behind-the-scenes approach
Remember the human factor I mentioned a few paragraphs higher? Audiences love to get a sneak peak behind their favorite brands. Why not show your consumers how your products are created? Packaged? Additionally, this builds strong brand loyalty.
87% of people will watch a live stream if it includes behind-the-scenes content
Source: Livestream
A reliable host
The key ingredient to live streaming should be your host. Someone with charisma and somebody that won’t leave your audience yawning. Screen presence is important that’s why it wouldn’t hurt to employ affordable influencers to talk about your latest product, and service.
If you don’t want to go the influencer route, there are countless of actors for hire to become your spokesperson for the day.
Practice makes perfect
Remember, live videos are…live! No editing and anything goes. Just like with anything in life, it’s always a good idea to practice what you’re going to be talking about before you hit that LIVE button. It’s never a bad idea to rehearse but don’t fret over the small stuff. A mistake here and there emphasizes the experience. We are humans afterall, everybody makes a mistake here and there, it’s how you get up that matters!
Live stream your business events
Excited about your latest feature or product? Make it a big deal and create an event for it! I’m talking the whole shabang. A countdown and a facebook event. Invite as many people as possible and create the suspense! Nothing better than being part of something historic. Make your brand historic!
Live Video is the future
If that hasn’t convinced you yet, I’m a little offended. But that’s okay. For the last part of this article, let’s take a look at the major benefits of live video and what it can offer for your brand.
It’s digestible
No, you can’t eat it! But you can consume it. As mentioned earlier with video, it takes far less effort than reading to absorb information using video. Lucky for you, Instagram have adapted to our preference for video by prioritizing their algorithms for video posts. Additionally, since live video is a top priority for social media channels, each platform is doing their part to create new ways for audiences to engage with video.
Consumers watch live video 10-20 times longer than on-demand content
Source: doxee
It’s affordable
Remember, people want a real experience. A live experience. What this means is that your production doesn’t have to be run by Spielberg. Nothing wrong with shaky camera phone. As long as you’ve got a decent internet connection and a camera that isn’t from 1997, you’re good to go.
It’s Engaging
The thing about live video is that it doesn’t just hook the viewers eyes. It gets their attention and invites them to comment as well. Facebook streams for example are always met with an active audience.
Consumers are 39% more likely to share video content
Source: clicktale
This form of video lets your audience participate and be part of something big. By being part of your company broadcast, they shape the direction in which the discussions are being taken. Pretty cool. This is the perfect medium to establish strong relationships with current and future audience members.
Conclusion
Live streaming video works. The best part, it’s not as risky as you first thought. The fact that you’re using video already gives you a head start. It’s effective, it’s engaging and most importantly, it works.
The video streaming market is projected to hit 184.3 billion by 2027.
Source: Grand View Research
Welcome your audience with open arms and show them how you run your business. There’s no better way to build brand trust than with live video marketing. Don’t hesitate, you still have a chance to get a running start on this digital marketing strategy.
