To succeed as a brand, you need the right idea or a product, a proven marketing strategy, and an understanding of how to follow up with your customers. Over time, video marketing has proved to be an effective means for businesses to engage with customers, drive traffic to a website, and also increase website conversion.
According to statistics from Review42, customers who view a video of your product are 1.81 times more likely to make a purchase than those who did not. Merely placing video(s) on your landing page can increase your website conversion by more than 80%. It is no wonder that over 86% of businesses worldwide are already using it on their website.
More recently, the concept of live videos is a new thing for businesses, marketers, and brands alike. According to recent studies, live videos on Facebook are watched three times longer than pre-recorded videos.
Although live videos are a recent phenomenon, it is already clear what type of benefits they will bring to businesses globally.
How Live Videos Benefit Your Business
They Help You Connect with the Right Audience
They Help You Connect with the Right AudienceOne of the most critical factors in customer acquisition is trust, and no other platform helps you build trust like live videos. Live videos provide an opportunity for real-time interaction between you and your followers.
They provide a platform for a one-on-one conversation where customers can ask questions, interact, and get first-hand information directly from their favored influencers or brand owners. That is a great way to build trust as it gives your viewers a sense of involvement, making them feel like they are a part of your brand.
Increased Conversion Rate
Live streaming can increase your conversion rate because most of your viewers will be watching live based on the time and platform you have provided. What this means is that your audience that spends time watching your live videos is interested in what you have to offer. That means they are much easier to convert.
Small Expenses and Increased Revenue
Small Expenses and Increased RevenueCreating a live video requires little to no resources. It can be done without the aid of special equipment, hardware, software, or even location. With just your smartphone or laptop, a chosen platform (like Facebook), and your internet connection, you can easily create a live video that can potentially reach millions of viewers in a short time. Your viewers are potential customers, so your revenue may increase as well.
Also, you can use your live videos to cut the cost of advertising. Studies have shown that viewers who receive instructions to sign up for an event or visit a website through live videos have a higher chance of completing that call to action than those who receive the same instruction via text or pre-recorded videos.
Live Video Is Easily Consumed
There is no doubt that the human brain is designed to process visuals faster than text. For this reason, consumers prefer videos over text. A recent survey by Livestream that included 1000 users revealed that 82% of them indicated that they would rather watch live videos from a brand than read a social post.
It is no wonder that social media platforms like Facebook and Instagram have algorithms that prioritize videos, especially live videos in their newsfeed. Even more recently, Facebook has taken a step further by sending out notifications to followers before a live video begins.
Hence, if you wish to increase engagement, grow your brand, and build trust with your audience, live videos provide you with the opportunity to achieve all those without much stress.
Conclusion
Although live videos are relatively new, the power of other forms of videos is well known. Live videos have recently begun receiving more attention, with big brands already investing heavily in live streaming platforms.
Also, mainstays like Facebook are already prioritizing live videos on their newsfeed. When applied to business, live videos can reduce your advertising cost, increase conversion, and help you build trust with your audience.
This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 876239, 959379 & 965502.
You made a good point when you shared that having live streaming will provide real-time interaction between you and your followers. This will ensure that people get to feel a sense of involvement with your brand. I would like to think if a company is planning on broadcasting its products, it should consider doing live streaming by hiring the right service that can offer to do it.