In 2022, a successful marketing campaign calls for marketers to think outside the box. With the rise of short-form content and social media platforms like TikTok, businesses generate the most sales by tapping into all of their digital resources.
Video marketing remains a staple for today’s marketers. In a study conducted by Wyzowl, research suggests that 92% of marketers utilize high-quality video content as an important component of their strategies. However, if these companies are not creating videos in-house, cost-effectiveness goes down. According to another report, American businesses plan on spending $135 billion this year on production costs. While consistent content creation is key to expanding one’s audience, the chance of a positive ROI is slimmer when relying on external parties.
So what does this mean for small- to medium-sized businesses that do not have a large budget to spend? How do companies create high-quality content and convert leads without the use of industry-grade equipment or resources? The answer is livestreaming with iOS devices.
The world of e-commerce has not (yet) thought of live streaming as a profitable or accessible way to engage with potential buyers. At first glance, businesses may think of live selling techniques as being comparable to shopping channels on cable television. Or, they may recognize the limited capabilities of streaming directly on social media platforms, such as Instagram and Facebook.
This is why our team at Switcher Studio built a mobile video-creation solution — to empower businesses to sell their products live and look professional doing it. The app combines simple software and elevated creation tools that users can implement all from their phone or tablet. It streamlines the content creation process and yields shoppable videos that engage scrollers.
In reviewing consumer behavior over the past few years, researchers have found a global shift to online shopping, and they expect the live selling e-commerce market to grow to $35 billion by 2024 according to Coresight Research. Those who want to win the market should get ahead of the curve and include livestreaming in their marketing plans.
The Marketing Pros of Livestreaming
When marketers are promoting a product, they need it to tell a story, and businesses stand out when authenticity is at the forefront of their content.
This is where livestreaming is uniquely positioned to offer that brand story in the most authentic way possible — through direct conversation with consumers.
Livestreams give brands the chance to become the customer’s best friend. Through conversational language and a sense of spontaneity, these videos show authenticity in real time. As a result, potential buyers feel personally invested in the company itself, making them more likely to convert.
In the context of e-commerce, live selling can drive sales more successfully than traditional online shopping for a few key reasons. First, live shopping viewers have the ability to see products on display. This makes it easier to visualize how a product looks in real life, rather than in edited images. Secondly, live selling techniques incorporate chat boxes for viewers to interact and ask questions. Getting questions answered in real time by a seller can help the consumer decide if the product is exactly what they are looking for.
This feature speeds up the sales process by offering more information.
To break it down, livestream marketing allows brands to:
- Save money on video marketing content
- Connect with multiple consumers in real time
- Showcase the authenticity of their products
- Answer questions from consumers to speed up the sales journey
- Boost revenue through creative storytelling methods
How To Incorporate Livestreaming Into Your Marketing Plan
There are many ways that businesses can incorporate livestreaming into their marketing plans. Here are a few ways to use these marketing tools to your advantage.
Livestream Your Product Launch
Introduce new products to your customer base through a livestream. With technology like Switcher Studio, you can elevate your new releases by incorporating multi-angle streaming and recording techniques. You also have the opportunity to highlight your brand by adding text, graphics, and prerecorded videos for viewers to see. It is both cost-effective and more personal than a prerecorded commercial.
Repurpose Livestream Content
Livestream content does not disappear after the feed has ended. Marketers are able to archive streams and repurpose specific segments for other social media campaigns. For example, a 30-second clip from a livestream can be used as an asset for a Facebook ad. Switcher Studio offers users the option of creating both horizontal and vertical content, giving an opportunity for cross-promotion on all platforms. These abilities add even more value to your content, giving you the ability to promote sales in the short-form content space.
In the traditional online shopping experience, consumer questions can go unanswered for hours, days, or even weeks. A lack of information from a consumer’s perspective could mean a serious delay in the sales journey or the end of the sales journey altogether. Marketers can solve this problem through livestreamed Q&A sessions. Here, viewers can have a direct conversation with a business about any given product. This offering promotes participation and increases the chance of conversion.
In our experience, the possibilities are endless when it comes to incorporating livestreams into your marketing campaign. With technology evolving all the time, the e-commerce industry needs to engage consumers in more authentic ways. I believe that livestreaming is the next step in forming tight-knit bonds between businesses and consumers.
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ABOUT THE AUTHOR
Nick Mattingly CEO, and Co-Founder, Switcher Studio
Nick is a livestreaming and social video expert and leads the Switcher Studio team as CEO, and Co-Founder. Since 2014, he has led the company to partnerships with Facebook Live, LinkedIn, Microsoft Stream, and beyond and has garnered features in TechCrunch, USA Today, Inc. Magazine, and BBC. Nick is also a member of the highly competitive Endeavor Entrepreneur network.