The rise of video marketing is not new but the sudden boost in live video consumption taking over the internet is quick to grab all our attention. Over 161.4 million people watched live video content in the year 2023 and the percentage is on the rise this year.
With live video marketing becoming a central means to advertise products, integrating it into your marketing strategy is integral to staying competitive. Your audience craves the authenticity, immediacy, and interactive experience that live video provides. This dynamic format allows you to connect with your audience in real-time, fostering a sense of community and engagement that can’t be matched by traditional content.
This article covers the intricacies of live video marketing in 2024 along with some latest trends in live video marketing. Let’s get started!
The Rise of Live Video Streaming
Live video streaming is revolutionizing how we consume digital content. It is one step ahead of video marketing to tap customer attention via platforms such as YouTube Live, Instagram Live, etc. It adds value by making interacting with brands possible online. Here are some latest statistics emphasizing the increased rise of live video streaming:
- The global live-streaming market ballooned to $1.49 billion in 2023 and is projected to hit $3.21 billion by 2027.
- An individual spends approximately 17 hours weekly watching online video content, a testament to the medium’s engagement.
Your marketing efforts can significantly benefit from understanding how platforms, like YouTube, measure engagement. With each live stream, you’re not only presenting content but also leveraging active viewer participation to potentially increase your metrics.
Integrating social media strategies can enhance your live video streaming efforts. It’s essential to stay updated with the latest social media trends to effectively adapt your live-streaming content for maximum impact.
By harnessing live video streaming, you’re positioning your brand at the forefront of digital marketing trends, nurturing a loyal viewer base, and staying ahead of the competition.
Connection between Live Video Streaming and Customer Satisfaction
Gen Z customers are more online than offline, and with effective tools such as live streaming, you can catch their attention right where they are. Online streaming integration on websites and social media applications allows businesses to showcase their products and services via live videos that immediately grab their attention.
The live video presentation of the products adds a layer of transparency for the customers and helps bolster trust. The customers get a sense of touching and feeling the product virtually, which adds to their buying experience overall.
You can also think of live video streaming of products more like an online engagement strategy. It provides a platform for customers to ask questions and clarify doubts. Not only from the customer’s end but even businesses can explain the features and benefits of the products more organically.
Challenges and Considerations With Live Video Streaming
While video marketing has more upsides than downs, there are a few considerations that must be thoroughly considered. These include:
Difficult Video Creation Process
Live streaming requires strong technical support, a stable internet connection, as well as appropriate software configurations. The customers can have a poor streaming experience in case of technical glitches like disconnections and buffering.
Latency
Real-time interaction is key in live streaming, yet many broadcasters face delays. Reducing latency ensures your audience engages with content promptly.
Content Accessibility
Ensuring your live content is inclusive means considering localizing your content through subtitles or AI dubbing to reach a larger audience.
Resource Intensive
Live streaming is resource-intensive as it requires equipment, bandwidth, as well as personnel to execute. Streaming a live video for a large audience or accommodating multiple streamings at once strains the resources.
Benefits Of Live Video Streaming For Businesses
Video marketing does not only showcase products but brings a story to life. Live video streaming offers a unique set of advantages for your business’s marketing and engagement strategy. Let’s study how:
Influence Buying Decision
Videos tend to stay longer in the memory of the customers compared with text or images. Additionally, with live video streaming, the customers get a platform to address any queries in real time. It builds trust, eliminates doubts, and hence, influences the buying decision.
Create Valuable Experiences
Live videos hold the power to create valuable experiences and not just showcase the product. It is an extraordinary means to immerse customers in an experience that will stick with them. This makes not only the product stand out but the business itself.
Boost Conversions
Engaging the customers with long paragraphs of text is more difficult than it seems. On the contrary, live videos that take the customer through the product with supporting visuals gain an upper edge. Additionally, you can boost conversions by strategically inserting CTAs at important points.
Cost Effectiveness
Producing live content can be more cost-effective than pre-recorded videos. You save extensive editing time and resources, redirecting your budget to other areas of your business.
By incorporating live video streaming into your marketing toolset, you can foster a transparent and intimate relationship with your audience, which can be translated into more robust customer loyalty and potentially higher conversion rates. Integrating engaging explainer videos in your live streams can further promote your brand and clarify your products or services, enhancing viewer understanding and interest.
Future Trends and Innovations In Live Video Streaming
Cuing in the live video marketing trends can take your business’ video marketing up a notch. Live streaming is the way to go because “you’ll get instant feedback, you’ll capture eyeballs, you’ll create an intimate connection … and you’ll skip the algorithm.”
Here are a few trends that are expected to govern live video streaming in 2024:
Increase in Product Videos
Owing to the easily digestible nature and high efficiency of videos, businesses are increasingly moving towards including videos for showcasing their products. From text descriptions, a movement is expected toward using live product videos to showcase the product as it is instead of describing it in words.
For example, Aldo, a celebrated shoes and accessories brand used live video streaming for its Spring 2021 catalog. They partnered with the influencers Mimi Cuttrell and TikToker Nate Wyatt who showcased their favourite Aldo products giving customers a chance to look at them without stepping out of the house.
Live Video Streaming Diversity
The diversity of live streaming is awe-inspiring. It goes from demonstrating a recipe to hosting fun Q&A sessions to even showcasing makeup and hair-do processes.
Take, for example, Kylie Jenner’s Kylie Cosmetics. In live streaming, the brand provides customers with a backstage view to humanize the brand and make customers feel more connected. Have a look at one such video –
Live Streaming Events
Another trend that is dominating in the arena of live streaming is streaming events. This is yet another way to increase reach and make customers across the globe a part of the event. It leverages virtual networking facilities to reach more customers and drive engagement.
For example, Salesforce, a CRM giant used LinkedIn Live to livestream their event Dreamforce. It drove unbelievable traffic with its continuous engagement and campaigns before the live stream.
Best Practices for Implementing Live Video Streaming
By implementing a few tips and video content strategy, you can maximize your content’s reach and expand your company’s potential. To make the most of your video delivery, integrate the following proven best practices into your functioning:
- High-Quality Video Content
Keep in mind that the users are connected with you in real-time and every second for which they are on your channel counts. The better the content presented to the customers, the more likely they are to buy your products as virtual presentation is the only means of contact. Ensure that the videos are high quality, visually, and audibly appealing.
- Choose the Right Streaming Platform
Choosing the right platforms to float your content is integral to tap the suited customer base. Alongside YouTube, Instagram, LinkedIn, and Facebook are other commonly used platforms where you can connect with a specific audience. Choose wisely to ensure your target audience is captured.
For example, creators and influencers often go live on LinkedIn and Instagram to talk about their experiences and share tips.
- Promote Videos Actively
Only creating and optimizing the content will not land you customers unless you make an effort to actively promote your content and launch teasers before the live stream. Build curiosity around the product and create excitement in the audience. You can also later share the videos on social media, collaborate with online creators, create backlinks, and participate in online communities. Also, think of promoting your videos through digital signage, you can check the Key Elements of a Digital Signage System and see how your promotion strategy can benefit from using it.
Conclusion
In 2024, live video marketing solidified its position as a key player in digital marketing strategies. Increased use of AI, more authentic behind-the-scenes content, and the blurring of lines between entertainment and marketing have shaped a new era of customer engagement.
Missing the video marketing wave is synonymous with missing out on a huge part of your audience. Your marketing strategy should leverage these trends to stay ahead. Consistently measure your results, knowing that success relies on understanding and adapting to these dynamic trends.
Embrace the live video marketing movement. Explore how Splento’s video marketing services can elevate your brand and keep you at the forefront of innovation.
Author Bio:
Shweta is a growth marketing specialist who is working with 2xSaS. She creates content that converts website visitors into paying customers for SaaS companies. In her free time, she likes driving around the city & hanging out with her friends.
