Why Livestreaming is an Effective Strategy For Business

Why Livestreaming is an Effective Strategy For Business

The challenge of online businesses is to stand out from the competition and reach target audiences in innovative ways. Video livestreaming is one such strategy that is a part of many businesses' marketing plans. Livestreaming allows companies to speak directly to consumers and personifies the brand by putting a face to it.

Facts and Figures Prove Lifestreaming Works

Producing livestream events has a proven track record for increased exposure to audiences. Consider the following studies:

  • Statistics show that 80% of audiences prefer to view livestreams to reading blogs. Additionally, 82% would prefer to view a livestream than read social media posts.
  • Viewers are more engaged and likely to respond to calls to action from live videos. Approximately 73% of businesses surveyed realized positive ROI using livestream marketing since it is an inexpensive strategy to deploy.
  • Livestreaming boosts sales and conversions. Linking a livestream to the landing page of the business website can increase conversions by over 80%.

Benefits of Livestreaming

  • Livestreaming reaches more audiences through social media platforms. Establishing a following on social media enables followers to get to know your brand before the livestream. When going live on a social media platform, notifications are posted on the followers' news feeds to tune in to the broadcast.
  • Livestreaming is a low-cost marketing strategy that is easily accomplished by using a smartphone and social media account to get started.
  • The host responds to viewer comments and questions which can establish a level of trust. Through this exchange, prospective customers learn more about the product, which may lead to increased sales.
  • Livestream presenters can host flash sales and other specials during the presentation to encourage more orders.
  • Followers can easily share links to the livestream with others, resulting in increased viewership.

Livestreaming During the Pandemic

Businesses are reeling from the ongoing pandemic's effects with many tried and true marketing strategies rendered ineffective. However, livestreaming continues to succeed as an effective strategy. This is due in part to the increased use of social media. With many people spending more time at home, they turn to social media for news and communication with others.

In fact, 39% of social media users surveyed said that they are spending even more time on the platforms since the onset of the pandemic. Facebook reports that their Live platform for streaming had 50% more users since January 2020. This increase in social media use translates to more followers for a business' livestream event.

The uptick in online shopping during the pandemic has many businesses scrambling for new ways to connect with consumers. Livestreaming presents a personable approach to reach out to shoppers who are staying safe at home.

Think about Home Shopping Network (HSN) or QVC as a model for livestreaming to audiences. This type of marketing, often referred to as live shopping, is exploding in popularity as homebound shoppers look to businesses that can showcase their products online. The streams keep customers engaged, increasing the potential for additional sales.

The Future of Business Livestreaming

While the pandemic has contributed to many businesses turning to livestreaming, this marketing strategy is poised to stay an efficient method of connecting buyers with sellers. Additionally, advances in video and internet technology will continue to transform the livestream process as more sophisticated graphics, overlays, and enhancements to platforms evolve. These components will positively impact the viewer experience, engaging them even more during product presentations.

Melon is an innovative web-based livestreaming app that transmits your livestream to four platforms simultaneously for increased viewer exposure. Contact us for more information on how Melon can optimize your next livestream to reach more audiences with your product or service.