Allocating your stream budget effectively and strategically is one of the biggest keys to successfully creating content that builds your audience and drives ROI.
For many marketers, content creation isn’t a problem. It’s easy enough to produce a live stream if you have a camera and internet connection. However, for professional marketers using live streaming, the problem is maximizing ROI through audience targeting and development. Maybe you have an existing audience that loves your stuff. How do you continue to make content that resonates with them while grabbing the attention of new readers/viewers/followers? And, how do you grow your reach and maximize impact without wasting money on tactics that don’t generate enough leads?
Here are some ways to make sure you maximize the value of your live stream budget:
1. Audience Targeting Support
We’ve said it before, and we’ll say it again: When producing content, you must identify your target audience. Audience targeting is about finding your desired customer before they know you’re there. It’s the practice of identifying your ideal customer and focusing on them. Even your best content will never resonate if you don’t create it with a specific persona in mind. Ask yourself what topics your audience wants to see you cover, and don’t stray from that list.
In terms of budgeting — you can hire media-savvy companies [such as AmpLive 😉 ] to help with this. However, the main budget you’ll be dealing with in this case is just regarding time. And even though time is the most valuable currency, don’t cut corners here. Identifying the correct target audience is one of the most crucial factors in increasing ROI for all streaming efforts.
2. Production Team
Sometimes the only thing that separates two great live streams is the production value. All other things being equal, it can make or break you. Would you rather watch someone a stream of someone idly talking to the screen, or watch someone using a green screen, with professional lighting and cameras? When a viewer sees that you put time and effort into your broadcast, it further entices them to engage with your stream.
3. Distribution Service
Audience targeting is important, but it becomes significantly more valuable and actionable if you have a distribution strategy to actually reach your target audience. Once you have identified your target audience, it’s time to deduce where they like to browse on the internet so you can deliver your content to them. (We’ve touched a little on this in a previous post).
If your target audience is in the millennial age group, it’s probably not a good idea to advertise to them on AARP or sites aimed at retirees. In this instance you would be better served distributing your content via sites like Twitch, where your target audience is already browsing.
The distribution strategy will most likely require a financial investment, and should be carefully considered when organizing your live event. If you aren’t planning on investing in a distribution service, you’ll need to set aside extra time and money for promoting the event ahead of time to make sure people know where, when, and what you’ll be streaming (only about 50% of registrants show up to events, on average, so you’ll need to expand your event promotion to offset this loss).
4. Retargeting Service
As with any content marketing campaign, the interaction doesn’t stop at the main event. Sure, you’re more likely to be seen by more people, and by the correct people, if you develop content that is appealing and targeted, and you deliver along the correct channels in the proper venue. However, most people engage with one piece of content online and then move on.
While it may be easy to forget when mapping out your event budget, if you want to have a lasting impact on your audience, it’s important to invest in retargeting. Keep track of your viewers, and follow up with the ones who seemed open to learning more about you. This could be attempted through social media or through chat during the event, or it can be accomplished through a formal distribution and retargeting service.