Live Streaming has become increasingly popular nowadays, with 35% of marketers incorporating this strategy in their marketing efforts, up from 20% in 2022. However, with live streaming, audience engagement is one challenge in making these types of videos, as 78% of businesses have faith that high engagement increases their ROI levels.
How can you keep customers watching your live events and attract new prospects? This article will examine tried and trusted strategies that top companies like SAP, Burberry, and Eaton have incorporated into their livestream marketing to improve customer engagement and revenue. Keep reading to learn more.
Table of Contents
What is live streaming?
Live streaming market size
Reasons to include live streaming in your marketing strategy
11 tips to increase engagement levels and retain your audience during a stream
Conclusion
What is live streaming?
Live streaming refers to going and broadcasting oneself in time through video. During a stream, individuals can interact with their viewers, who can engage through features like screen sharing and live commenting.
At times, live streams have become a part of companies’ marketing strategies to attract new customers and generate interest in their offerings. The goal is for viewers of these videos to explore and consider the products being showcased.
Live streaming market size
The market size for streaming is substantial. In 2022, it reached a value of USD 55.4 billion, with projections indicating further growth. Industry experts anticipate that by 2032, the market will expand to USD 559.62 billion, reflecting a compound growth rate (CAGR) of 29.30% from 2023 to 2032. This surge is primarily driven by the increasing preference for streaming instead of social media posts.
One significant factor contributing to this growth is e-commerce integration within shopping experiences. Platforms such as Alibaba’s Taobao Live and Amazon Live are at the forefront of this trend, revolutionizing how brands and influencers present products. By enabling real-time interactions with viewers and facilitating purchases, they reshape the way commerce takes place online.
The interactive nature of the format encourages viewers to engage with hosts, explore product demonstrations, and receive responses to their questions. Using scarcity and limited-time offers during sales creates a sense of urgency that drives impulse buying. Furthermore, live shopping builds trust and authenticity by providing viewers with an experience of products in action accompanied by reviews and recommendations.
Reasons to include live streaming in your marketing strategy
Incorporating video streaming into your marketing strategy can be beneficial. Firstly, live videos hold attention 10 to 20 times longer than pre-recorded videos. This extended lifespan provides opportunities for your marketing efforts to effectively convey your message, create brand awareness, and establish connections with your audience in an increasingly competitive environment where capturing and maintaining attention is challenging.
Additionally, 28% of marketers have already invested in live streaming initiatives as they recognize the value and impact it can have as a tool. By being an adopter of this technique, you stand to gain benefits for your business.
Around 45% of consumers are willing to pay for live video content. It indicates that if consumers perceive the content as unique and time-sensitive, they are more likely to be interested in paying for it. Therefore, it taps into the aspect of FOMO (fear of missing out).
Moreover, with increasing consumers expressing their willingness to pay for content, leveraging this marketing strategy can set you apart from your competitors. In this case, you target a tech-savvy and engaged audience.
Additionally, 52% of consumers tend to share video content. This behavior amplifies the reach of your content as viewers become participants in distributing your videos by sharing them with their networks. As a result, live streaming presents an opportunity for your business to increase visibility, engage with an audience, and go viral as shared content reaches new viewers.
Furthermore, it’s worth noting that 63% of individuals aged 18 to 34 regularly watch streamed content. Gen Z and Millennials are known for being digitally literate and socially connected, making them a significant digital audience segment. By leveraging live video marketing, you can effectively engage with this demographic by tapping into their preference for real-time interactive experiences.
This age group also possesses the highest purchasing power in the United States, spending USD 600 billion annually. As a result, capturing their attention through live stream content can greatly contribute to your business sales success.
An astonishing 81% of individuals who watch videos are highly likely to make a purchase.
Videos, including live videos, hold sway over potential customers. You can establish a connection with viewers by engaging in live streaming activities and dynamically showcasing your products.
This heightened level of engagement significantly boosts the chances of converting people into customers, making live streaming a tool for driving sales and enhancing overall marketing effectiveness.
11 tips to increase engagement levels and retain your audience during a stream
1. Gain an understanding of your target audience
Before embarking on any live streaming endeavors, take a moment to truly grasp who you’re addressing. Even if the planned activities seem entertaining, they may fail to excite your audience if they don’t align with their interests.
One approach is to gather information about your audience, such as their age, occupation, or location. You can employ surveys and polls, participate in forums, or utilize media posts to collect this insight about your customers.
You can also make use of the data provided by Google Analytics. Gathering this information will assist you in developing content that resonates well with their lives.
Another approach is to identify your viewers’ challenges if you know who they are. Addressing these issues during your video and offering solutions can make your content more relevant and valuable.
2. Determine your objectives for the stream
When it comes to increasing customer engagement through videos, it’s crucial to understand what you want to achieve with each stream. Before starting the stream, define the purpose of the video.
Are you looking to promote a product, reach a sales target, or generate leads? Once you have answered these questions, you’ll have a roadmap for creating content that aligns with your goals.
3. Establish a schedule for livestream sessions
Having a schedule for streaming content can significantly enhance customer engagement levels. Think of it as setting up dates with your audience. By going at specific times, you build anticipation among your viewers.
Encouraging anticipation among your audience motivates them to actively plan to participate in your sessions, resulting in high conversion rates.
Demonstrating commitment by adhering to a streaming schedule sends a message to your viewers that you value their time and engagement, which builds trust and establishes a connection between you and them.
Furthermore, algorithms favor content creators who maintain regularity and reliability, increasing the visibility of your videos on streaming platforms. This enhanced visibility leads to growth as your business attracts people who resonate with your content.
4. Use a reliable content streaming platform
A reliable content streaming platform is vital for a successful live video session with your audience. However, selecting the right live streaming platform can be challenging, especially with the market flooded with various options, including free and paid versions.
Therefore, when starting with live video marketing, you can utilize free social streaming options like Instagram Live, YouTube Live, and Facebook Live, as these platforms have billions of monthly active users. For instance, Instagram boasts 2.35 billion monthly users, while YouTube and Facebook have 2.7 billion and 2.9 billion users, respectively, making it easy to reach several potential customers.
Investing in a video streaming platform is ideal if you have many followers on different platforms. Restream and IBM Cloud Video are popular subscription-based platforms that allow you to stream your videos on multiple social media channels, thus reaching a wider audience and increasing engagement across multiple channels.
Choosing a social media platform for the livestream will also entail considering features like chat, live polls, and reactions. These elements encourage viewer participation, therefore boosting engagement levels with your video. And the more active your viewers are, the higher the chances of conversion.
5. Prepare adequately for the live stream
Before going live, it’s important to prepare for the livestream. Developing a plan is crucial for success. Take the time to outline a script or agenda for your live video, ensuring that it aligns with your sales and marketing goals.
Incorporating graphics, overlays, and backgrounds will help maintain a cohesive visual identity during the livestream, reinforcing brand recognition and professionalism.
To make the livestream more dynamic and keep your audience involved, consider planning to incorporate interactive elements such as polls, Q&A sessions, and audience shoutouts. These engagement tools encourage participation.
6. Market your live stream event
Marketing your livestream event is critical for increasing audience engagement. You can promote the event through channels by running promotions and teasers that generate excitement among your followers.
Promoting your stream through various social media channels, email newsletters, and websites is important to generate excitement among your audience. This will help to build anticipation and get more people tuning in. Additionally, providing teasers and sneak peeks can be a way to attract an audience.
7. Cohost the live stream with a famous influencer
One effective strategy is to co-host the event with a known influencer. These influencers usually have a following, and by collaborating with them on your livestream, you can reach a range of viewers and introduce your brand to potential new customers. An expanded reach increases brand awareness and exposes your content to people who have yet to discover your products.
Moreover, having a celebrity collaborate on your livestream adds trust and credibility to your brand. When their followers see them endorsing or associating with your brand, it can positively influence their perception of your content. Customers are likelier to engage with a brand they trust or feel aligned with.
8. Incentivize your audience
Another effective tactic is to incentivize your audience during the video. By offering rewards or incentives, you encourage participation.
You can encourage viewers to do certain things that will help you achieve your objectives.
For example, you can host contests or giveaways during the stream where viewers can win prizes or exclusive merchandise by participating in activities like answering questions, sharing the stream, or making purchases.
Another tactic is introducing discounts or exclusive deals only available during the stream. The sense of urgency created by this limited-time offer can motivate viewers to take action, resulting in increased conversions as they will want to take advantage of such an opportunity.
9. Actively interact with your audience
It is also important to interact with them in the live video. This can be done by responding to their comments and questions, creating a sense of connection, and fostering engagement.
Encouraging participation through asking questions, conducting polls, and featuring user-generated content can also enhance levels. Showcasing user comments on the screen and expressing gratitude for their involvement will make the live stream more dynamic and inclusive.
In addition, involving your audience in two-way interactions makes them feel heard and appreciated, which fosters a memorable experience that encourages participation and promotes brand loyalty.
10. Use quality audio and video equipment
To ensure your stream is audible, ensure you use high-quality audio and camera equipment. Consider investing in microphones, like Shure’s SM7B and MV7 models, which are widely regarded as the best livestream gadget options.
While most video cameras and smartphones can handle live streaming without issues, it is crucial to prioritize HD resolution. Avoid compromising count and customer engagement by providing low-quality videos and audio to audience members.
11. Measure and optimize your live stream
Measuring and optimizing your streaming results is crucial to make your strategy effective. Start by assessing metrics like viewer count, live chat activity, and website traffic. If your livestream includes elements that can be measured, like coupons, thoroughly evaluate their effectiveness in your marketing efforts.
Allocate 10 to 15 minutes after each session to analyze the aspects that had an impact and identify areas that need improvement. Eventually, you can excel in the live streaming game by advancing your engagement metrics over time.
Conclusion
In conclusion, achieving success in streaming requires creating engaging content and a genuine connection with your followers. Implementing the tips discussed here will help make your streams resonate with the audience.
The main goal is to attract viewers, create a community, and establish loyalty. By enhancing your live streaming abilities and adjusting to your audiences’ preferences, you will undoubtedly experience increased engagement and success in the changing world of video content marketing.
