Live streaming for business is way past a possibility or an opportunity. It is now a reality! And there are tons of reasons why brands and companies should be doing it.
We might even say that live streaming is already one of the key trends of the moment. And loads of companies have been making the most out of this tool.
The live streaming boom
Although the big breakthrough of live streaming occurred around 2016, this has been growing fast. Social media platforms have been playing a big part in it since then, but the COVID-19 pandemics pushed the live streaming growth even further.
Just to get an idea, according to an article published on The Verge, in March 2020, the “live-streaming sector grew a full 45 percent between March and April” of last year, due mainly to the pandemics.
This evolution was transversal. From YouTube, Instagram, and TikTok, all social media platforms registered an incredible growth of live streaming events. But it also created room for new companies and new businesses. Just look at Zoom, which appeared almost as a unicorn and took everyone by surprise.
This happened right when lockdowns and social distancing started to make a big impact on people’s daily routines and disrupted business practices. So, many companies had to adjust to a new reality and started looking for new opportunities for customer engagement and that’s where the live streaming enters.
So, even if the live stream was around for several years now, most companies and brands just started doing live streams last year, which fuelled the sector growth. Whether we’re talking about fashion brands, gyms, or retailers (for instance), most of them begun live streaming recently.
The fact is that if this started as a solution to keep businesses going through the pandemics, now – given that the pandemics is still going and ushers long term and lasting social and economic changes – live streaming for business is becoming even bigger and taking a huge part on marketing trends.
Live streaming for business: why should you go for it?
For those who are still wondering and doubting why and if. Well, let’s put it clear: live streaming for business is happening.
Most people (or should we say: customers) tend to prefer video content and/or live video, as opposed to a written blog post. Plus, a compelling video tends to increase the purchase intent – that is why video commerce has been on the spot.
The numbers behind live streaming are astonishing. An article by Vimeo Livestream Blog says that “80% of audiences would rather watch live video from a brand than read a blog”, while “82% prefer live video from a brand to social posts” and “after watching a video, 64% of users are more likely to buy a product online”.
Neil Patel himself (being a marketing guru) is advocating the advantages. He states that live streaming for business “is a powerful way to connect with your target audience and personalize your message in a way that’s unique compared to other marketing mediums”, which can get any business pretty good results.
Besides, being easy to use, this is also a way to personalize a company’s contact with its audience, thus deepening the connection with its audience/customers and driving the audience’s association and loyalty.
Still wondering why should a business use live streaming?! Here are a few additional reasons:
1. It’s growing… fast!
Live streaming is not only one of the most popular tools at the moment, it is also the fastest-growing one. Any social media platforms have a live streaming tool of its own enabling its users to stream cheap and straightforward and at any moment.
So, it’s no surprise that many are now investing in the online video streaming business, given that this represents an immense world of opportunities to grow, and it’s quite lucrative.
2. User engagement and brand awareness
Live streaming requires real-time interaction. This means that companies have the chance to boost real-time user engagement. Plus, this kind of content captures more user attention and creates wider opportunities for immediate interaction and engagement between the company and the audience.
As a result, you’ll foster a more personal relationship with your audience and strengthen the bond between your brand and your customers.
Besides, through live streaming businesses now have the chance to directly share and promote their message and improve their brand awareness, while fostering customer trust, given the transparency nature of this kind of content.
3. It’s a cost-effective form of video marketing
Live streaming is the most cost-effective strategy for video marketing campaigns. You have several options available. From social media to specific tools (such as Zoom), companies now have affordable live-stream solutions, especially when compared to other video marketing strategies, namely, pre-recorded videos.
The latter, when professionally produced have high costs and take longer to get done. In its turn, a live streaming video is available on low budget (or even free) options, and it is quick to set up.
Live streaming for business: a go-to solution
A good communication strategy is the key to reach and engage audiences. And live streaming is currently one of the best ways to do it.
With the technology presently available, companies and brands now have the chance to permanently and immediately reach wider audiences. Whether it’s on a computer, tablet, or smartphone, everyone can have access to all sorts of information and even watch a live event.
How to use live streaming for business?
Live streaming is here to stay, so it’s better to make good use of it.
Being a versatile tool, companies can make the most out of live streaming and even promote different types of events, such as:
- Live Q&A sessions
- Shareholder meetings
- Updates and announcements’ sessions (for new products or services)
- Live product tutorials/ showcase/ demos
- Training sessions
Get down to it!
Live streaming offers immense opportunities for businesses (in any field, we might say). And there’s no denying that it holds limitless advantages and possibilities for companies that will lead (undoubtedly) to a bigger visibility and consequent revenue for the businesses using this tool.