How to Generate Revenue from Livestreaming: Hear from 7 Experts in the Industry
Live video is taking the internet by storm. In fact, live is growing faster that other types of online video, and ad views on live video have increased at an annual rate of 113%. Typically, marketers see live streams in the context of B2C, or tailoring messages to individual viewers. However, they also have significant potential for improving marketing opportunities for businesses. In fact, video on a landing page can increase conversion by 80% or more and companies using video enjoy 41% more web traffic from search than non-users. So, is it possible to generate revenue from live streaming?
To find out more, we’ve reached out to 7 industry experts in live streaming and asked:
How is live streaming being used to generate awareness and revenue, either in your business or ones that you’ve seen in the industry?
Here is what we discovered:
Andrew Haley, Live Streaming and Product Evangelist at Telestream.
I use live streaming in a variety of ways in my job at Telestream. Primarily, it serves three overlapping purposes:
- Community engagement
- Awareness generation
- Revenue generation
One of our weekly live streams, WirecastLive, serves all three. It streams live on Thursdays to Facebook, Youtube and Periscope. WirecastLive was designed to engage with our customers, fans, and prospective leads and provides a place where they can ask questions, learn about interesting topics related to live streaming, and get hands-on tutorials and demos. It raises awareness for our Wirecast brand and Telestream products by generating fresh, interesting content that is findable through search and social media sharing, as well as tapping into the social networks of our guests, partners and viewers. Lastly, it drives soft revenue (we don’t do hard sells on the show) by driving traffic to our website or online store, as well as notifies people when product updates or upgrades or complimentary offerings are available.
I have found live streaming to be one of my most valuable tools in content-based marketing. But I am definitely still learning and adjusting how to leverage it even more effectively to serve all three goals.
James G, Owner at Www.internetbizuni.com.
I use live video a lot in my business to grow awareness and make sales. We use Youtube Live, Periscope and Facebook Live. This is a blog post that I have created that explains how we use Facebook Live to grow our business.
Robert Elder, Research Associate at Business Insider Intelligence.
Live video can imbue digital communication with an authentic, interactive, and human dimension. Public figures, influencers, brands, media companies and publishers are tapping into this quality to connect with people, generate awareness, and expand their audiences.
Matt Sweetwood, U.S. CEO & CRO at beBee.
Live streaming video has helped me stand out in crowded businesses, be a market leader and provide a cost-effective method communicate my message to thousands. It’s helped me build a personal brand that has led me to both personal and business successes. Today I using live streaming for my weekly show, “The Big Life Show” – without the need for fancy production, with my audience already pre-built on my social media and at a low cost.
Greg Ellis, VP of Business Development and Sales at DaCast.
Live Streaming brings a sense of immediacy that attracts people and, if correctly promoted on social medial platforms, the more viewers who click on your live stream, the more viewers will join. The #FOMO phenomenon (Fear Of Missing Out) is real. Live Streaming is a great way to trigger the fear of missing out and boost your brand awareness. By recording your live event you can then send your viewers a follow-up email with a link toward the VOD so they can live that moment again, tweet it, share it or even embed it on their blog.
Live streaming also allows you to engage with your audience on a more personal level. By broadcasting live an exclusive behind-the-scene footage, your customers get access to information and individuals they want to know more about. It is a good way to offer an authentic look on what your business is really about.
Operating with an online video platform like DaCast who can provide you with a white-label paywall and different monetization options will allow you to monetize your live content in different ways and generate more revenue. Are you live streaming series of live events? You can apply a subscription whereby viewers can purchase access to your content for several days, weeks or even months. You can also offer the option to purchase each event individually via pay-per-view.
A good strategy is to attract your viewers with free content and then monetize the real live event. The recorded file of your live event can also be monetized and you can offer a discount to the viewers who watched it live. Make sure to look at your analytics results to always optimize your video content as well as your monetization model.
Josh Brown, Content and Community Manager at Fieldboom.
One way to use live streaming to build brand awareness and to increase revenue is to host an interview or a solo video where you can showcase your expertise and teach your followers something that they don’t already know. The key is to engage your audience and make sure that they don’t drop off which can be done by encouraging conversation.
A few ways to increase engagement of your live streams:
- Make use of strategic questions to open a knowledge gap. Doing this causes psychological pain, according to Chip and Dan Heath in their book Made to Stick because you’ve now made a person aware that they are missing out on important information which could help improve their lives. This also takes advantage of our need for instant gratification – humans are hardwired to want things – including in this case the knowledge necessary the close the aforementioned gap.
- Enable a chat module so that people can discuss their thoughts and/or share their opinions to the questions you ask.
- To further push engagement, and therefore avoid drop-offs, the host(s) of the live event should also participate in the discussion – this two way dialogue virtually ensures participation from the audience as well as gives the host(s) the opportunity to take away the pain by closing the knowledge gap which helps to enforce their authority as a thought leader.
While it can be a balancing act to be able to get through the key points of the presentation while engaging with the audience by encouraging discussion, if done properly, it can ensure that people stay through for the entire stream instead of snoozing or dropping off.
So how does this help with brand awareness or increasing revenue?
If you’re keeping your audience engaged, then that most likely means that they find whatever you’re doing to be interesting as well as getting value from from your stream. It’s easier to then get these followers to take action – whether that’s sharing your content, increasing your mailing list by getting people to go to a specific landing page, going to a specific landing page to collect email address, providing numerous opportunities and options for viewers to purchase your goods, etc. Furthermore, you can repurpose the video – offer it as an embeddable replay, share it on video sites, etc.
Cameron Jahn, CMO at AmpLive.
Live streaming is a new channel for most marketers, but there are some exciting things happening in the industry to drive both awareness and revenue. I’ll share one example from each bucket.
Live streams for awareness – Break out of the walled garden
Why bother live streaming, you may ask? It’s more engaging than any other media channel available today. It’s so engaging that people can’t help themselves but watch 3x longer than recorded video. In this Attention Economy, capturing a prospect’s precious minutes of attention is harder than ever.
From a cost per acquisition standpoint, live streams are incredibly effective. Your email list has a finite number of people on it. Your social channels all have a certain number of followers. Setting aside paid traffic, your site gets a finite amount of organic visitors. How to expand beyond people you already know? Every marketer struggles here, no matter what size company you work at. Paid acquisition for live streams is one answer.
Let’s use Facebook Live as an example. Every time you use Facebook Live, your followers get notified. But only those who are online and looking at Facebook in that moment. This is surely a subset of your total followers. The best marketers I’ve seen are the ones who have figured out how to guarantee live views from people who don’t already follow you on Facebook. Think of it this way: Facebook already has about 2 billion users, but there are another 5 billion people on this planet. The strongest marketing teams I’ve seen are the ones who can extend their message beyond the walled garden of Facebook and directly reach people wherever they may be online — even if you’re not already connected to them on a social platform.
Driving revenue – Live streams are the new webinar
The most impressive thing I’ve seen is connecting live streams into the playbook of demand generation tactics all marketers run. What do I mean? Live streams are the new webinar. Let me unpack that metaphor. Webinars are a well-known tactic to acquire new customers. There’s industry benchmarks around them. No one gets fired for doing webinars. Why? Because they’re some of the most effective marketing dollars you can spend from the perspective of dollars invested/minutes of engagement from your audience.
I’m seeing more and more marketers mashing up live streams and webinars, and it’s incredibly powerful. Here’s one example that we did here at AmpLive a few months back. There are many more I can share if you want to see more drop me a note: firstname.lastname@example.org.
Live streaming increases engagement which ultimately drives traffic to your site, increasing sales. So, live video has tremendous power to generate revenue. Find more tips on maximizing ROI with live streaming here!
To learn more, contact AmpLive today!