Live streaming is one of the hot topics, and the trend started back in 2020 but is now an important tool for many marketers and brands. Many event planners embrace its importance and its effectiveness, while some reject it. There are many marketing mottos which can easily be fulfilled by live streaming, and many experiments can be done using these. For that, there are numerous live streaming online platforms and streaming service providers who offer many services as per your needs and requirements, which we will discuss further in the blog.
For now, undeniably, everything has its pros and cons, including live streaming too. Let’s understand what live streaming is and how it has advantages for your business and what its disadvantages are.
What is Live Streaming?
In general, live streaming refers to the online transmission of media that has been simultaneously recorded and transmitted in real-time which can also be referred to as streaming too. The term “live streaming” is unclear to some extent, as there are many examples which change its meaning completely. For instance, nowadays, videos are played over social media, video games are also played in the form of live streaming, and the basic understanding of live streaming can be found in cricket matches (or any other sport) which are broadcast live over our TV screens.
The basic difference that lies in all those things is just purpose and the channels that are used for what content. Here we are going to talk about the live streaming that is generally available overall on social, customised platforms or webcast services providers medium which is believed to be a boon by many marketers and brands. As it helps to create brand awareness and increase engagement and, at last, measures the media impact that a service or product can generate. For better understanding, it is something that shows the real impact metrics of any product and consumer behaviour due to its real-time interaction with the audience (via likes, comments, and other options).
Live streaming is getting very popular on the internet. According to statistics, people watch live videos eight times longer than they watch videos on social media. Nowadays, video content is the best content with a good ROI. But is live streaming good for your brand or business? Let’s discuss it right away.
The Pros and Cons of Live Streaming for Businesses and Brands
It’s always been an advantage to spread your reach over the platforms or trends where more people are there. In a world where yesterday’s news is already old news, it is better to engage in live streaming to promote your business.
#Reach More
On many platforms, including Facebook and YouTube, live videos outperform videos that can be viewed later. These platforms promote and prioritise this type of content over others. Your live content will receive more exposure than other people’s because live streaming for brands and businesses is still unpopular.
With live streaming videos, you can reach out to more people and increase your exposure. Since viewers spend 8 times as much time watching live videos as they do on recorded ones, they can be longer, which gives viewers more time to find and watch your stream.
#Unique interaction with customers
Unlike any other form of media, live streaming gives companies and brands a chance to engage with customers. It establishes a relationship with customers and provides them with a personalised brand experience.
In the past, it was acceptable for businesses to be impersonal and inaccessible. However, consumers in today’s market want to associate themselves with brands. They are interested in learning more about the company and its owners. Through a live video, a business can be reached and its personality revealed.
#More engagement with real-time interaction
It is highly preferable to interact with customers live rather than online. The real-time interaction sparks a conversation with your customers that is second-best to face-to-face interaction but much more scalable.
The live streaming elements also enhance the audience’s engagement with your content. People are more likely to share live videos because they want to participate in the conversation. For instance, live videos often lead to discussion among viewers on social media six times more than regular videos.
#Build trust
Potential customers want to learn more about the brands and see whether they can rely on them or not, which can be enhanced by the interaction via live videos. If they like what they see leads can be generated.
#Freedom
The endless possibilities lie in live streaming. Firstly, they don’t have any restrictions that can help you go live for hours. Secondly, you can customise the content as per your marketing goals which is an advantage.
The Disadvantages of Live Streaming for Brands and Businesses
For brands and companies, live streaming has many benefits, but it also has some drawbacks, just like any other form of content. The main disadvantage of live streaming as a business is also its biggest benefit: it is LIVE. There are no do-overs.
#Mistakes can Diminish the Reputation
There is no second chance here, which somehow can be scary for many brands, but it’s the truth. Mistakes made over live can lead to disapproval of your brand’s image, which means you need to be more prepared. But this concern can be resolved by the webcast services providers as they are the ones who have mastered the skill of presenting your brand in live streaming. Availing the solution of webcast services can help you and decrease the scope of any mistakes to happen.
#The Practice is Live
Practice is as important as conducting live events for your brand. As you and your team rehearse more to present the marketing goal, it will exponentially decrease the number of mistakes. As said above, leveraging the streaming service providers’ expertise is a great way to project your brand’s image and overall decrease mistakes.
When you go there are many aspects that need to be considered. Noting down the metrics and keeping an eye on the analytics is the first thing. Other than that, analyse which segment of the event is liked by people and which is not to determine where you can improve. Noting down the feedback and improving it can be healthy practice proven.
Key Takeaway
Live streaming is one of the most cost-effective ways of marketing. Going live on some of the most trending social media platforms like Facebook or YouTube is free. All this contributes to the notion that there are more advantages to live streaming than disadvantages.
No matter the type of content you can create, the main goal of your live video strategy should be to establish relationships with your current and potential clients. Without a doubt, the ability to develop trust and a closer relationship with the audience is live streaming’s main benefit for brands and companies. Go Live! Build your reach faster!