What is Live Video? What Makes it a Trending Marketing Tool in 2020?

Live video is predicted to be the next tidal wave in marketing that will transform business. This is actually bound to happen as videos, pre-recorded or live, are fast-replacing blogs and other traditional forms of advertising and promotions to capture a bigger share of the market.

Tech Crunch estimates that “people now watch 1 billion hours of YouTube each day.”  But here’s something interesting, though. Live videos are quickly on the rise as well, with people spending more time watching live videos compared to pre-recorded ones. This 2020, live video is going to dominate marketing as we know it, and here’s why.

Live streaming’s popularity started in Asian economies and it has become a common past time for customers. Eventually, live streaming evolved into a marketing tool for the retail sectors. Today, eCommerce platforms like Tmall and Taobao live stream their products daily.

In the US, however, live streaming is picking up the pace although it has not yet hit the mainstream. That’s why it may be the perfect time for companies who want to get an edge  to invest in live streaming

Live video as a marketing tool

Thanks to social media platforms like Facebook, Instagram, and Snapchat, it’s very accessible for businesses to “go live.” There are also other platforms like LiveMe and YouNow that provide ways for businesses to live stream and broadcast longer hours of content. Definitely, live video as a marketing tool is effective and lucrative. Check out these numbers:

• According to Neil Patel, live video is more desirable than simple blog content. In fact, a study conducted by Livestream and New York Magazine showed that 80% of users would rather watch a live video from a brand instead of reading content marketing efforts.  
• When it comes to conversion rates, 67% of those who watched a livestream event made a purchase. This is really high compared to the conversion rate of a blog post on a website.  
• Live videos also get higher engagement rates compared to pre-recorded videos. 

The advantages of using live video for marketing

So what are the benefits of using live video for your business?

1. It’s cost-effective and brings considerable returns! Live videos don’t require all the production costs and effort needed for pre-recorded videos. Usually, they are raw, simple, and straight to the point. During the streaming itself, the video producer won’t need a big production team.

2. It helps the brand stand out and make stronger connections with the target market. Live videos’ personal approach makes it a captivating medium. For example, some brands like Target use live videos to build hype on their new product releases. The fact that they are ‘live’ makes the entire experience feel more authentic. The thing with today’s consumers is they are all about authenticity and being genuine.

3. You get access to real-time data. While streaming, the marketer can see the comments of the people watching. They can study how the market reacts, the number of people who stay until the end, and the most appealing segment of the video streaming! This will help the marketer decide if they need to adjust on the spot, or take note of their findings for future videos. They’ll be able to listen to the data and find out which parts of their live video got the most attention, or at which point the viewers started leaving.

Ideas for live video content

Here’s a quick rundown of ideas for live video content:

• Repurpose the brand’s best-performing blogs into an engaging webinar! 
• Go live for industry breaking news or major announcements.
• Hold a Question & Answer session where the brand representative answers any questions about the product or service.
• Hold live product demonstrations. 
• Increase engagement by showing behind-the-scenes or talking more about the brand story
• Invite some of the brand’s influencers to talk about your business

Live video can come in as a new channel that marketers can leverage to help build their brand, acquire customers, and nurture them. The truth is, people are consuming more video content and is a trend that more companies should incorporate into their marketing mix.