4 Reasons Why Live Streaming is the Best Strategy for Entrepreneurs to Build Brand.
As an entrepreneur, you have to produce moving content on a daily basis, and allocate a large advertising budget.
The most promising strategy for that right now is live streaming.
It has already gone mainstream in China, where it is set to exceed box office receipts and is fast growing in the rest of Asia.
Forward-thinking entrepreneurs would be wise to look at live streaming as a major touch point for their brand.
As it will enable you to accomplish a variety of consumer-facing goals such as community building, influencer outreach, native advertising, and social commerce.
Here’s everything that you need to know about the potential of live streaming for your brand.
1. Live streaming can accelerate your community building efforts.
Many brands try to build communities around their business through Facebook or LinkedIn groups.
Live streaming is an effective way to jumpstart your community building, as it represents such a major shift from how we normally interact online.
Rather than interact with other users on a group or a board, live streaming gives people the opportunity to interact with one another as its name hints: live.
Shared experiences on digital, such as responding to the same show or participating in the same challenges, forge stronger relationships among users and between them and your brand.
2. Live streaming make influencer marketing accessible again.
The rise of globetrotting influencers on social media platforms like Instagram has placed influencer marketing beyond the reach of most entrepreneurs.
At the fee for a single post commanding up to thousands of dollars, only large corporates can realistically work with influencers on a regular basis.
Live streaming restores influencer marketing as a tool to the vast majority of entrepreneurs.
Since audiences on live streaming platforms tend to be more intimate, fees are not only more affordable, but the results are more impactful.
When a live streamer shares a product or service with their audience, viewers do not simply like a post and then scroll on as they would on Instagram.
The influence wielded by influencers on live streaming platforms is much deeper.
Because viewers sit, watch, and listen in what for many is one of the few uninterrupted breaks during their day.
3. Live streaming bring you more cash for your ad campaigns.
One of the most commonly touted advertising metrics in digital marketing is the cost per click, which tracks the cost for every thousand clicks.
No equivalent metric exists for live streaming. Why?
Because viewers do not simply look at a live streaming feed and then click away, as they would with a banner ad or social media post.
Each viewer is instead glued to their phone or laptop, giving the kind of undivided attention that other channels can only dream of.
With this level of intimacy, any form of advertising, not just influencer marketing becomes more efficient.
Entrepreneurs have many tactics to choose from.
For example, you can create branded content in collaboration with live stream show producers, provide ads that can air during relevant programs, or even embed themselves directly into the platform.
4. Live streaming can boost sales.
Many entrepreneurs may erroneously assume that live streaming is only for top-of-the-funnel marketing activities.
Such could not be further from the truth.
In every market where live streaming has matured, there is always a natural evolution toward commerce, with viewers ordering products that the live streamers are talking about, interacting with, or even wearing.
Commerce on live streaming is almost like a private version of home shopping, made interactive to the extreme.
Viewers can pose questions to the live streamer, request to test the product in different ways or even ask for recommendations.
Brands appreciate this level of interactivity, as it spurs more sales from often fastidious shoppers.