How Live Video Streaming Can Benefit Different Business Verticals?
Live video marketing has become a powerful game-changer for today’s online business community. It is live, interactive, exclusive, and also demanding. Live streaming brings in a whole new set of advantages that other content forms just cannot deliver. In fact, live streaming technology is a new marketing strategy that you can use for branding. No wonder that live streaming software is the big thing in the video industry with the world moving towards technology evolution and users willing to get things done on the go.
Live Streaming Success Mantra
Live streaming allows brands to stay connected with customers in real-time offering exclusive content instead of intrusive ads. Live videos can take a brand’s inbound marketing to new heights. Live streaming technology allows viewers to see events through the eyes of the broadcaster. This offers practically a full-on interaction online, eliminating geographical boundaries. “Go Live” is the new success mantra for businesses.
Must-Know Live Streaming Solution Statistics
Did you know that over 80% of internet users watched more live videos in 2016 compared to the previous year? The numbers are expected to take a leap to over 82% by 2020. The streaming industry is expected to reach $70.05 billion by 2021 from $30.29 billion in 2016. Some statistics show that video quality is one of the important factors over 67% of the audience consider when watching a live broadcast. Around 56% of millennials consume live content from their smartphones. Leave all the statistics aside, but it is hard to deny this one- Live stream of Game of Thrones by Facebook earned over 3.5 million views and over 2 lakh comments.
The need for Live Streaming Solutions
Demand for live videos is growing rapidly among internet users. To satisfy the interests of your audience, show them the development process, to get their opinions and feedback, many businesses incorporate live streaming in their business strategy. Live video streaming is an excellent tool for marketing, but that is not the only benefit it offers for your brand. Here are some major benefits of live streaming that evoke the need for live streaming solutions for your business.
- Live Streaming is an Excellent Communication Tool
Video content is engaging and it is more effective if it’s live. If implemented well, it can work as an excellent communication tool to facilitate effective communication between your business and audience. It not only initiates communication, but it also helps to reach your audience, expand your brand and ultimately drive more sales.
- Live Video Builds Trust
Customers prefer buying from brands they like and trust, but achieving trust doesn’t happen overnight. Most brands make use of advertisements to reach your audience and gain their trust. But, the fact is that customers are often cynical of brand advertisements. Incorporating live streaming solutions to your marketing strategy can help to build and reinforce the trust of your customers. With live video streaming, you can show your business processes and bring in transparency and accountability to your audience and in turn- find new customers.
- Improves User Engagement
Live videos are not just for your customers to view whatever you show; it also allows them to engage with your live videos actively. As a business, you must make efforts to engage your audience in real-time through live events. The audience is likely to have a history of engaging with your content the moment you go live.
- Live Streaming Increases Conversion
The end goal of any digital marketing strategy is to increase sales and conversions. Live streaming boosts sales amongst your audience by 97%. A strategically placed video content on the landing page or a live streaming video can help you increase conversions by 80% more with over 60% of viewers most likely to buy from you after watching a video.
How Live Streaming Helps different business verticals?
Live streaming has become an important tool or a digital marketing strategy for different business niches. That is why most brands are trying to create a live streaming website for their business. It is clear that live streaming is a great way to take your business to new levels, regardless of your niche. As general live-streaming apps just offer a limited range of features and monetization capabilities, it is important for you to own a live streaming solution custom made for your business needs.
First, let’s see where live streaming can be applied and how each niche works.
The education industry is already using live video concepts to stream lessons and activities from the classroom for students who are not able to be in the class. If you are in the education industry, by developing your own live streaming platform, you can offer your audience the opportunity to watch the experts as they teach real-time.
Live streaming transforms the methodology of teaching as it is a more conducive way of learning. Many live streaming platforms come with tool integrations that allow admins to automatically identify the preferences and requirements of students.
Live streaming has also paved the way for mobile learning which is the new trending thing in marketing. mLearning, as it is affectionately called, is the big thing that offers a higher retention rate. The ability to access a broad range of educational video content on mobile devices is actually great.
The health industry is again one niche that can benefit tremendously from live streaming solutions. There are plenty of professional live Video Streaming Software that you can leverage to develop a live streaming solution that suits your niche. From offering patient support in real-time to providing patients with test results, conducting training sessions for interns to executing a conference with your colleagues in different parts of the world, live streaming can be really beneficial.
In an advanced level, live streaming also allows surgeons to conduct surgeries in the guidance of an offshore panel of doctors. Medical events can also be recorded and then sent to users. It is recommended to learn how to make your own live streaming website to take your business to new heights. In short, live streaming is the medical industry’s next big tech disruption!
The logistics domain is all about safe and on-time delivery of cargo shipments. Customers are always concerned about their shipments getting delivered on time in good condition. Live video streaming can help solve issues related to this. Live streaming can be used by truck drivers who can directly contract the dispatcher in case of any accidents or breakage. The driver can stream to show where the breakage is located and the specialist on the other side can help him with fixing the damages in real-time.
On the other hand, with web cameras installed in the luggage space of the delivery vehicle, customers can be notified about the location of the cargo and its condition through live streaming.
If you are looking for how to start a live streaming business, there are many cost-effective ways to use like turnkey solutions to develop your own live streaming platform.
Media and entertainment
The rapid development of live video streaming made a big shift in the latest trends of both media and entertainment niches. Just a decade ago people used to gather together to watch television and rent DVDs to enjoy favorite movies during the weekend. However, now those activities like watching favorite movies and TV shows are not commonly consumed through TV networks. Modern video streaming platforms like Netflix, Amazon Prime, Twitch, etc. have completely transformed the viewing experience of the audience. With daily live streaming views now in millions, the media and entertainment industry can better connect with the audience and get the message delivered across in a concise way. Now is the time to learn more about how to build a live streaming website and to invest in it.
Real estate is again one industry that can benefit the most from live streaming. For example, popular real estate websites use live streaming for live auction streaming. Not just auctions, live streaming can benefit almost all areas of real estate. You can even live stream real estate displays to communicate with your customers in real-time.
As real estate largely depends on the visual components, live streaming can help you communicate the visual details in real-time with your customers. Cost-effectiveness, ease of use, independent of geographical constraints, etc. makes this a profitable solution for the real estate industry. With the right approach, you can use live streaming to grow your business.
Retail is one niche that has the largest number of mobile apps. For the same reason, retail businesses must look for new strategies to attract customers to remain competitive. Considering the popularity of live streaming solutions, retailers can use it for both marketing purposes and to increase sales.
If you are not using live streaming yet in your marketing strategy, start by learning how to set up live streaming video as it allows your customers to make purchases while watching live streams. On the whole, live streaming is perfect as a ready-made solution as well as an additional tool to grow your business.
Retail businesses can not just use live streaming platforms to enable purchases, it can be also used to educate a remote team, motivate distributors, train associates, engage employees, entice shoppers, improve social media engagement, etc.
Make Money Using live-streaming apps
We know that live streaming videos do help in making a good amount of money. Moreover, you are legally earning without having to put so much effort.
Some people do it for their passion, but at some point, they generate an impressive income from it.
To start making money with live streaming, there are two ways-
- Create your own streaming platform using live streaming software.
- Stream live video on a well-established streaming website.
Most people stick on to the latter as they don’t have to go into the details of how to create a live streaming website.
Creating a live streaming website is extremely critical for businesses of any niche. If you are using a live streaming platform of your own, broadcasting your business videos becomes easy. You can also offer informative, educational content like webinars, etc. to your audience. When it comes to some topics, live streaming offers better results than writing about it or trying to communicate about it through any other forms of content.
When it comes to monetizing your live videos, there are different ways to make a considerable amount of money. However, choosing the best revenue model can help you earn money in the most effective way. Pay per view, advertising, and sponsorships are some of the most common ways to make money using live streaming app.
How to drive user engagement?
To drive user engagement with live streaming, it is important to understand what behaviors will drive engagements amongst your audience.
Exclusiveness- If you want your live streaming video to drive user engagement, make sure your content is unique and exclusive.
Recognition- As your audience are not anonymous during a live stream, offering recognition to them will drive user engagement and increase the chances of conversion. Viewers like to be recognized by the brand, so make it a practice to say out the user names of your audience.
Curiosity- Human beings generally are curious by nature. If you are able to offer live video content that they usually don’t get a chance to see, there is a huge hope for engagement.
Here are some of the best practices to boost user engagement.
Make your audience a part of your live stream
Though your viewers cannot exactly see how you create your products and run your business, live video streaming solutions offer immense scope to visualize how things function with live streaming solutions. When going live, ensure that you do it in the right way by learning how to set up live streaming video so that no unpleasant experiences happen. Why not show them what really goes into product creation starting from the concept to completion. That way you will make your audience a part of the whole process.
Share live events
Your viewers will feel more connected to your brand when you share live events with them. The purpose here is not just to show the event. But making them a part of it. While you do that, make sure you give attention to their comments as well. In your live video, read out their user names and give a personalized reply to show that you care.
Conduct training with live streaming
Your audience will always be keen to learn more about your brand if the content you share is appealing. So, utilize the opportunity of live stream to help your audience familiarize themselves with your products. For example, if you are launching a new product, conduct a “How to use” live streaming session to tell your audience about your new product and how to use it.
Host interview sessions
Hosting interviews with your employees and clients is an excellent way to increase user engagement. Conduct short live interview sessions so as to show the not-so-known side of your brand to your audience. They will find it easy to relate to your brand in a personalized way through these kinds of sessions. However, make sure that you don’t try promoting your brand during these sessions. It must be used to educate and offer fresh content to your audience. During the training sessions, make sure you allow your audience to ask questions and reply to their queries. Maybe you can do separate live streaming sessions just for this.
We live in an increasingly connected global world. As businesses expand, the number of brands using live streaming to revolutionize their communications strategy is increasing. Beyond communication, businesses across various niches are using live streaming to engage both employees and customers. It is clear that this trend is here to stay and you will reap significant benefits if you invest in video Streaming Software. Having a live streaming platform of your own can turn your business ideas into live results.