With billions of active users around the world, it’s no secret that social media is a goldmine for business. Social media companies know this, and they are making a good living from ads. Since not all businesses can afford to ‘boost their posts’ and run ads on a daily basis, social media companies have introduced features to level the playing field a little bit and give smaller and startup businesses a fighting chance against their competition. One of the amazing features many social media platforms use today is live-streaming for business.
Live-Streaming for Business: What You Need to Know
If you haven’t used live-streaming for business yet, then you are missing out big time. It’s the hottest and most effective tool to connect with your target market. True – not everyone has the knack to talk in front of a camera. However, a little self-confidence can go a long way when it comes to live-streaming for businesses. Not convinced yet? Here are some incredible statistics you may want to know:
The live-streaming industry is expected to grow to a whopping $223.98 billion by 2028.
80% of online consumers prefer watching live videos than reading blogs
82% of consumers say they prefer live videos from brands than social posts
Around 63% of millennials in the United States watch live videos
In 2019, Coachella had 82.9 million live views
The lockdowns, quarantine, and travel restrictions caused by COVID-19 also encouraged more people to stay indoors for prolonged periods of time causing a positive effect on video streaming services, both in viewership and engagement. Subsequently, it resulted in the increased need for entertainment, resulting in an increase in consumption of video streaming services.
So, if you want your business to survive and thrive in this highly competitive digital market, then you need to work up that courage and step in front of a camera to see what all the buzz is about.
Benefits of Live-Streaming for Business
But what exactly can live-streaming do for your business? How do you benefit from live-streaming videos?
It builds trust and loyalty to your brand by showing the human side of your business
Trust and loyalty takes action and time to cultivate. Even then, the digital nature of the industry makes it a bit tricky to attract potential buyers. While technology cannot magically put you in your potential buyers’ living rooms, live-streaming is the next best thing. Uploading videos about your brand to multiple video streaming platforms give your business a boost like no other.
Live-streaming helps people feel they really know you and your brand – the first step to building trust and loyalty, which of course is the most important step to increase engagements, conversions, and sales.
Subsequently, live-streaming platforms give people a real-time view of what brands are up to. You can take advantage of this by showcasing your business and promoting otherwise inaccessible aspects of your brand to your audience. For example, a behind-the-scenes prep for launch events, photoshoots, etc. allows your audience to connect with the whole process of preparation.
When your audience sees you speak and smile (or even stumble on pronouncing a couple of words), it shows them the human side of your brand. This shows them your brand is run by real people, with real human characteristics – not so different from them. This is also one of the benefits of live streaming church services.
It bridges the physical and digital aspects of your business
In a not-so-distant past, the physical and digital worlds were worlds apart. No one really paid importance to the digital aspect of business. It’s a totally different time now; social media effectively blurred the lines that separate the two worlds.
Live-streaming lets you own both the digital and physical aspects of your business. Today, having just one or the other is no longer an option. If you want your story to flow effortlessly from the physical to the digital aspect of your business, live-streaming is the best way to do it. The digital world has a significantly larger audience now. Increased viewership means increased traffic, which of course means increased opportunities for sales.
Putting up live videos for your brand increases your brand’s accessibility. This ultimately opens another door for monetization. While your physical store may ebb with time, you can always keep your digital doors open. This scenario is apparent in today’s current situation of the world – many online businesses thrive while their physical stores wane.
By bridging the gap between physical and digital aspects of your business using live-streaming videos, you get the best out of your physical space and expand the potential reach of the digital side of the business.
Add credibility to your brand
Most online consumers are sick and tired of generic, automated, and cliché responses like “Sorry for the inconvenience, rest assured we are looking into that matter” for addressing issues. These responses are basic and impersonal. Live-streaming, however, lets you manage your online reputation with finesse. You can use live stream videos to talk straight to your consumers or show them new solutions to common problems. This builds brand credibility as it shows people you truly care about them.
Live-streaming videos give you the ability to connect, respond, and resolve problems with your consumers before they blow out of proportion.
You can also use live-streaming platforms to showcase your vision or introduce new ideas.
It can reduce unexpected costs
Live-streamed videos can be used over and over again, giving you the opportunity to cut unforeseen costs in running a business. Take, for example, the amount of time, money, and effort it takes to coordinate training programs. You will need to pay for the space, host, etc. With live-streaming videos, all you need is a stable internet connection.
Live-stream videos let you share the same information over and over again, without the hassle of scheduling conflicts of the various people involved and the added expenses for commutes.
The same thing can be done for event-hosting and product demos. There is no limit on how many people can join a digital showroom, unlike in brick and mortar spaces. Your target audience, wherever in the world they may be, can still be front and center for your product launch or various events.
Benefits of Live Streaming Church Services
Church services are one of the fastest growing live stream industries. Getting a quality, consistent engineer is crucial to your success as a church, especially during the pandemic. When live streaming, your members get to be part of your church from the comfort of their own home, and be a part of the service even when sick. Isn't it a shame that when you're sick you aren't able to attend, possibly in a time when you need it most?
While live video streaming platforms may require some learning curves, they aren’t rocket science. Once you get over the hurdle, you will find yourself equipped with a unique and incredibly powerful tool that will help catapult your business forward.