Businesses with a well established online presence have the ability to build a strong relationship with their customers. Communicating with your target audience is no longer enough for today’s modern customers. Enterprises also secures a space in their area of expertise and actively share their knowledge with their audience through live streaming platforms. To stay at the top of the market, brands frequently post informative and engaging videos that are shared to their audience on social media in different online platforms.
Skilled businesses understand the importance of remaining in frequent connection with their target audience and are constantly exploring new methods to improve this connection. One of the most popular and emerging medium enterprises that choose to stay connected with the audience is live streaming. Live streaming allows enterprises to stream live videos and receive full-time feedback from their followers facilitating an instant connection.
People prefer connecting with brands in real-time through modern technologies like live streaming that no longer limits personal connection. Live streaming offers entrepreneurs and enterprises great opportunities to increase the exposure and diversity of revenue generation. The advantages of live streaming are many; let’s look into reasons why live streaming is the communication table stakes for enterprise organizations.
Visuals are impactful
Communication through email or an audio conference call doesn’t compare to the benefits of communicating through live videos. The visuals have a major impact on making an instant connection with the audience. Due to shorter attention spans, viewers just remember only 10% of what they have heard. Whereas, videos convey the message to the audience more easily and efficiently. The retention rate increases when the same information is paired with relevant visuals.
Reach new audiences
People across the globe have started embracing live broadcasting and spend their valuable time watching live videos on a daily basis. Live streaming is a great way to reach new audiences as it is appealing to a modern audience. Enterprises understand these trends and utilize live broadcasts to popularize their offerings including products and services to audiences who are not in their reach.
If you can build a consistent live broadcasting viewer base, you can increase your revenue generation exponentially. Live streaming sessions with your audience will help your viewers understand your brand better. There is no other medium than live streaming that allows this type of interaction. The audience craves interesting posts, stories, and peek behind the scenes, live streaming checks all these boxes and that is one of the advantages of live streaming.
Cultivate trust among the audience
Live broadcast is quite beneficial for creating a personal relationship with your target audience. As you would be communicating with your audience in an authentic and raw way, the audience feels like they are taking part in a more genuine engagement. It is much more genuine than pre-made videos that are pre-scripted. In this way, brands can improve their trustworthiness and reliability by leveraging live broadcasts, which helps to drive a great exposure across the globe and better sales when promoting your offerings. When using live streaming, you will expect to see an enhancement in the customer retention and brand loyalty.
Capture truly engaging content
Live streaming content can be exciting to watch as they are not aware of what would happen in your live videos. Brands can take their viewers on a journey that is unique to them like attending an event, displaying new products, hosting Q&A sessions, and streaming interviews.
Audiences always love the sense of urgency, unpredictability, and excitement they feel while watching a live video where things are not scripted. In fact, more than 80% of audiences prefer to watch live videos than reading a blog. Brands can use live broadcasting to reach a viewer base that doesn’t enjoy watching pre-made videos.
More possibilities for engagement with the audience
Live business streaming video works great when the audience can immediately engage with the live streamer. Brands can allow their viewers to ask questions and use the live broadcast to respond to them quickly. The quick exchange of feedback improves the collaboration amongst the audience and the brand.
You can immediately facilitate trust amongst your audience if you authentically interact with them. This bond will allow the brands to have a great impact and paves the path for more authentic interaction. Starting a live streaming business also allows you to facilitate other organizations to leverage live streaming for business benefits.
Facilitate transparency that is critical to a happy workforce
Over 31% of employees demand more transparency from management, only 23% of employees say that they have full insights into how their company is actually performing. Enterprises must find new ways to fill this gap to facilitate transparency.
Live streaming conveys a sense of authenticity and trust that no other medium can match. As creating an in-person time is not always an option, live streaming can create positive feelings about the organization among the employees which is critical to a happy workforce.
Immediately deliver the best quality content
Successful brands that adhere to modern technology quickly reach to new posts, product releases, interview broadcasts, and other important events. They constantly share important events and things happening in their industry with their audience through social media posts, tweets, blog posts, podcasts, videos, etc.
Live broadcast also allows brands to bring forth the information of their events in front of their viewers almost immediately. For instance, if a new event or a product of yours has launched, you can quickly stream a live video to share the details with their audience. Enterprises can also promote their products and services with live broadcast and also allow the audience to make a purchase, thereby increasing your revenue.
Several opportunities for revenue generation
For enterprises that are looking for innovative ways to increase revenue through social platforms, live broadcast opens up immense opportunities for monetization. Here are some of the ways to generate revenue with live streaming.
- Charge the audience to access your live interviews and webinars
- Bring traffic to your existing website
- Conducting paid product reviews
- Accepting sponsorships
- Promote your products
- Selling the entire live streams
- Running ads throughout your live streams
If you are planning on how to start a live streaming business, make sure you integrate the monetization strategies you require to meet your business goals and objectives. You need not follow a single monetization model; you can use a combination of revenue strategies to generate income with your live videos.
Convey your message
Live streaming allows everyone in an organization including, CEO to team members in different geographical locations to become familiar with each other while enhancing the ability to have all-hands meetings with staff spread across different offices.
With fewer barriers to starting a live streaming business, more enterprises are using live streaming to connect both internally and externally. Instead of conducting a meeting once a year, monthly or weekly meetings can be conducted to keep all the employees connected with each other.
Crowdsourcing opportunities
Live streaming allows you to interact with your audience in real-time as they comment on your live videos. You can leverage this opportunity to crowdsource ideas and conduct audience research. Getting feedback from your viewers will help your business promote its offerings and marketing efforts, thereby fostering business growth.
Live broadcasts are also accompanied by viewer count indicating the number of people who watch your broadcasts. Viewers can also comment and leave hearts to show their interest in your videos. Broadcasters with more hearts end up with getting a good ranking on social platforms which brings in more viewers.
Cross-promote your broadcasts
To get maximum exposure for your live streams, you can cross-promote them on your other social platforms. Notify your audience about your upcoming live videos beforehand so that you know when to tune in to watch your videos.
Even after the end of the live streams, you can promote the event on your social accounts like Facebook, Instagram, Twitter, and LinkedIn, create news and blogs on your website informing your site visitors about your broadcasts. You could also ask other brands to promote or sponsor your live streams, particularly if both of your audience bases are common.
Conclusion
Live streaming is how brands communicate with people. Social media channels and live streaming platforms have made it easy and effortless for anyone to live stream from their smartphones. And live streaming is not confined to millennials, over 59% of senior executives would prefer watching video from a brand than reading text-based content. With live streaming, brands can make it easier for their senior employees and team leads to communicate and exchange information in a way that is convenient for both parties.
As you can see, the business opportunities that live streaming providers are endless. Most enterprises already have the necessary skills and resources to grow their organization with live streaming. Are you already using live streaming in your business? What are the benefits you have enjoyed with these new communication channels?