A New Dynamic: Live Streaming

Today, live streaming is part and parcel of a successful social media strategy. For some people, that might be unfortunate news 🙃. It’s not exactly everyone’s cup of tea to feel super comfortable standing and talking live in front of a videographer or even an iPhone to an audience online. But as we all know, the world of marketing is constantly evolving and changing we need to keep up.

One of those changes includes *dun dun dun* liveee streaming! At this very moment, I bet you’re probably thinking no one wants to watch a live stream or it’s not worth it … and that’s where you’re wrong. Everyone loves live streams. In fact, 78% of online audiences watch Facebook Live videos. Live streams don’t even have to go on for hours and hours on end – think about Instagram Live stories! They go on anywhere from a few minutes to maybe a few hours (but that’s quite rare). Instagram in itself is extremely popular and allows you to connect with your audience and personalize your brand with them. So, why wouldn’t you want to use it to your advantage?

Why Should My Business Care About Live Streaming?

Well for starters, live streaming has an extremely large user base and is growing in popularity. In fact, in 2016, it was more than a $30 billion industry and is expected to double in growth and become more than $70 billion by 2021. How’s that for a start 😉?

One of the biggest live streaming platforms today is Twitch.tv. Active users on Twitch watch videos for an average of 106 minutes every day. That’s around an hour and 45 minutes every single day. And get this: 58% of users spend more than 20 hours a week watching videos. 20 hours. That’s almost one whole day a week spent watching live streaming videos. Don’t tell me live streaming isn’t relevant 😜.

To add on top of that, people of all ages are watching and creating live streaming videos. Just check out the facts in the chart below. It speaks for itself.

What Does Live Streaming Do For My Business?

Most of the time, those who watch your live streams don’t only watch, they also engage with your business in multiple ways at the same time. In fact, the majority of your viewers will most likely use social media or a search engine to search for your name and tell their friends about it. With live streaming, your customers actively learn more about you and share you with their friends.

People love the thrill of excitement and adrenaline. Live streaming gives them exactly that (but in a milder dosage, of course. We’re not talking about bungee jumping here 🤭). In this (milder) experience, you give your audience a sense of urgency to check out your “limited-time offer.” This urgency entices them and helps convert them into paid customers. Specifically, live streams that hype new product releases effectively play with this feeling of excitement. Because these live videos are often raw and unedited, your audience doesn’t know what to expect – inspiring eager anticipation for what’s to come. If you’ve done a successful job in engaging your audience, they’ll want to come back frequently to see any new updates on the release. And then *ding ding*, it’s a winner’s situation for you.

Live streaming also builds trust. You want your audience to trust you and your business. Since your live stream is unlikely to be rehearsed, you’ll be conversing and engaging with your audience in a natural and casual way. This makes them feel like they’re participating in an authentic and genuine interaction, which increases their perceived trustworthiness towards you. All of this leads to what you want most – an improvement in customer loyalty and retention.

Go Ahead, Step Out of Your Comfort Zone

So, while you may be hesitant to engage in live streaming, you should step out of your comfort zone once in a while 😜. It’s what is in the best interest for your business and brand and something you don’t want to miss out on. It’s always better to be ahead of the fish rather than behind.