How to Use Live Streaming to Grow Your Business in 2023

For businesses, live streaming services offer tremendous growth potential. By 2030, the global market for video streaming would be worth $330.51 billion. As more and more people choose to watch live online videos over conventional (pre-recorded) videos, live streaming is an opportunity that businesses shouldn’t miss out on. 

Live streaming services enable businesses to provide content that isn’t possible with on-demand video. They can stream a live Q&A session, an interview, or an informative webinar. 

Perhaps your company already recognizes the potential of live streaming but is unsure of how to maximize it. Learn how live streaming platforms can connect with your audience and expand your business.

How to Use Live Streaming to Grow Your Business

Why is Live Streaming a Must for Your Business? 

It didn’t take long for digital marketing to become ubiquitous. Today, no business would consider attempting to reach clients without it. Live streaming platforms are on the same brink. But this time businesses are learning from past errors and jumping in as quickly as possible. 

There is video everywhere around us. Consumers now expect it. Therefore omitting live video from your marketing plan will potentially drive customers away. Instead, potential clients will go to your rivals who consistently release high-quality content. 

If these arguments aren’t convincing enough, consider these live-streaming marketing statistics: 

  • Executives prefer watching live streams free to reading texts by 59%. ● Live streaming is used as a marketing strategy by 86% of businesses. ● In 2022, 88% of consumers want to see more brand videos. 
  • Compared to non-video users, marketers who stream live increase their revenue 49% faster. 

What Are The Benefits Of Live Video Streaming For Business? 

Live streaming helps a business differentiate itself from the competition in several ways. In this section, we will list the benefits of online streaming sites for your business.

1. Connect with Your Audience 

Compared to traditional social media images, text, and sound bites, video is more appealing. Rather than just displaying an image, a video lets you learn more about what your brand genuinely stands for. You can explain your goal and why it matters to

viewers.

2. Expand Your Reach 

A live streaming service paired with VOD enables you to create and curate more pertinent content. This can make the customers find your content organically and can develop a deeper connection with viewers. Your reach is substantially increased by doing this.

3. Show Your Authenticity 

While using live video you cannot modify the content. So you come out as more raw and unpolished. You might be disappointed by the inability to edit, but it actually feels liberating. You can concentrate on conveying your message rather than worrying as much about how you appear. Being more genuine with your audience increases their trust in you, which in turn will make them transact business with you. 

What Kind Of Live Streaming Videos Can You Use For Your Business? 

There are different types of live videos that businesses frequently use to communicate with their target audiences. The eight video types offered by the best live video streaming software are listed below.

1. Live Events 

Streaming a live, offline event in person is a fantastic option for a live video. Live streaming of the event is ideal for those who wanted to attend but were unable to do so or who were not interested enough to purchase a ticket. You can go around the event with a camera strapped to you, or you can film the event and interview attendees in between the main activities.

2. Product Demonstrations 

If you have something that is physical, you may show how to use it effectively. If your business is service-based, you can ask team members questions regarding their roles and the operation of the service. Videos of demonstrations don’t necessarily have to be of your own products. You can also cover how to use a tool your business or your audience frequently uses.

3. Shoppable Videos 

In the same way, shoppable videos used in live-streaming platforms are revolutionizing e-commerce. You can live stream free your products to actual viewers, who can then quickly add their favorite items to virtual shopping carts by clicking.

4. Virtual Tours 

Hosting a virtual tour is another imaginative idea you might put into practice. You can use your camera to lead viewers through your company’s physical space or your manufacturing process. This gives them an inside look at how your business runs. At the same time, it also helps to humanize your brand.

5. Announcements 

Web streaming services are one of the best ways to create anticipation for a product launch. Nobody can help but wonder what launch is important enough that it requires a real-time announcement. Instead of learning about the buzz later, they’ll want to tune in so they can engage in the debates afterwards.

6. Live Tutorials 

Long and in-depth educational videos that cover a subject relevant to your industry are

possible. Short how-to videos that offer just a few quick suggestions on your subject are also possible. Making a quick advice video and using it to promote your longer live stream could be a terrific approach to market your live stream tutorial.

7. Interviews 

For interviews, a live “streaming now” video format is ideal. You can talk to a corporate employee, such as the CEO or founder, or you can locate a different industry expert. In addition to providing you with useful, insightful information, speaking with experts and thought leaders help you establish credibility with your audience.

8. Contests 

Everyone enjoys winning competitions. Additionally, you are significantly more likely to recall a brand after winning a contest it sponsored. Live competitions typically take the form of giveaways where the winner is drawn beforehand and announced live. It’s a terrific approach to increase your social media profile and generate awareness about your business. 

Tips to Implement Live Streaming for Your Business 

Now that you have some ideas on live streaming, let’s talk about how to implement live streaming services into your business. You can do the following:

1. Choose the platform 

Before creating live streams, choose the platforms or stream apps where you wish to reach your audience. Social networking, pre-built streaming software, and fully integrated solutions are some of your alternatives. 

The more affordable option is social media, which is where many firms start.

Create your own live-streaming channel if you wish to have more control over your videos. The best live video streaming software also offers drag-and-drop choices. This allows you to build a branded video platform for your business. 

Technically speaking, these solutions are simple to use, but they still have size and customization restrictions. However, a fully integrated solution allows your company to create its own streaming platform from scratch. You have complete control over everything, including content management and analytics.

2. Decide the Monetization Option 

Your ability to make money off of your live streaming depends on the streaming software or stream app you select. There are a few ways to monetize your live streams, but you could decide to utilize them solely for brand awareness. 

  • If you’re directly selling a product, make them shoppable 
  • Generate income by including advertisements in your content 
  • Work with sponsors who can help you with videos in exchange for shoutouts ● Charge subscription fees for content 
  • Ask for funds, especially for NGOs

3. Select a Streaming Frequency 

When will you start streaming live? Streaming rarely is probably not enough because your viewers might stop paying attention to you. Choose a schedule that will be reliable, practical to produce, and keep your audience interested. Your audience learns to expect exceptional content from you as you stream more frequently. But you also want to achieve a balance that doesn’t compromise the caliber of your output.

4. Modify Content Depending on Performance

Watch how well your live streams are doing. Utilize this information to inform your live streaming marketing plan by using the analytics tools that are available on almost every platform. For instance, you’ll want to know which content to produce more or less. If expert interviews get a lot of interaction than product announcements, produce more interviews. 

5. Distribute as VOD after saving 

You don’t have to use your live streams as one-off pieces of content. Instead, you may make them timeless by filming and posting them as on-demand videos online. If you utilize YouTube or the best streaming live service, you can record your streams so that viewers who couldn’t watch live can watch them later. 

Conclusion 

There has never been a better chance to include live streaming in your business plan than today. Ready to begin but require assistance with setting up your live stream? You can get aid from OnTheFly. 

OnTheFly is a single live-streaming platform with all the tools you require to produce, stream, host, broadcast, and record live videos. Start your live stream free today and learn all the ways web streaming services can take your business to the next level.

Karan Singh
I am the owner of the blog readree.com. My love for technology began at a young age, and I have been exploring every nook and cranny of it for the past eight years. In that time, I have learned an immense amount about the internet world, technology, Smartphones, Computers, Funny Tricks, and how to use the internet to solve common problems faced by people in their day-to-day lives. Through this blog, I aim to share all that I have learned with my readers so that they can benefit from it too. Connect with me : Sabinbaniya2002@gmail.com

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