Live Video and Why It Matters to Your Business.

By ANDERSON CHOW

You may remember Candace Payne with her hysterical laughter and childlike enthusiasm all over the internet not too long ago. If not, then surely you’ll remember the lady in her 30s wearing a Chewbacca face mask in her car, trying out the mask for the first time breaks out laughing infectiously and almost uncontrollably on video.

That was a video she shared on Facebook Live and within hours has reached 81 million views and 5 days and 140.7 M views later, it has broken all previous Facebook Live stream records. We can easily understand once you watched Candace on the video as her explanation is priceless, “it was simple joy” and one we all need.
 
People spend 3 times more watching live video stream content and it generates more engagement, comments, shares and viewing time than any other video. Talk about authenticity and trust for your brand as live video is more appealing to brand audiences with 80% rather watch live than read a blog, and 82% over a social post.
  

Source: https://neilpatel.com/blog/live-streaming-importance-2018/

The success of Live video did not go unnoticed as Instagram launched Stories, Twitter bought Periscope and integrated it for live streaming and then there’s Youtube which started Live in 2008. As the natural extension of video marketing— the video is becoming even more significant in 2018, as we are moving to a 90% of world’s internet traffic where the video will be predominant.

 
But what makes the Live video so well liked?
While all signs are pointing towards the impending video as the king-of-content, we try to break down to a granular level explaining why Live video in particular stands out.
FOMO
The human psychology is tuned to survival instinct and we simply cannot be left out. We could easily have anxiety over an exciting or interesting event currently may be happening elsewhere, and if we do not take part in it, we may be left out altogether, hence the fear-of-missing-out is very real. In fact, the term was created from the advent of technology that made social sharing so prevalent.
 
Curiosity
Human beings are curious by nature. What peak our interest is our desire to learn what makes something ticks and how things work beyond our own ability to explain. We are eager to constantly discover new things. Live streaming show our viewers content as it happened that otherwise may not see.
 
Recognition
We are all social animal. We love to participate in the activity that gives us something in return and we learn a little bit more about ourselves along the way. Live video enables us to partake in an activity where we learn that there are many others just like us, thus giving us an affirmation. We love to interact with anyone who is willing to listen and eventually affirm our existence. In the end, we just wanted recognition and live video’s interactivity enables us to achieve it.
 
Accessibility
Youtube started Live video back in 2008 but only after Facebook Live began in 2016, has it really taken off like crazy and the reason is the mobile phone. It is almost too easy to start and take part in Live video because everyone has a smartphone today. Technology has freed us up and not too beholden by cumbersome equipment where accessibility is almost instantaneous.
 
Narrative
We all love a good story and what’s better than you are being a part of that narrative. The suspense and excitement leading prior to the event are a powerful tool that could help build the anticipation. Whether it is a launch of an anticipated smartphone or a major league game, each has an effective real story to tell and Live video practically provides that channel of output we are all longing for.
 
It is not a secret that Facebook’s new algorithm is already changing the way we will be interacting with the platform. The news feed will be getting back to basic where family and friend’s sharing will take precedence over anything else, albeit seemingly Facebook is abandoning the content publishers. Mark Zuckerberg was smitten heads over heels with video and Live video takes the cake. In other words, Live video will dominate social feeds as content publishers are waking up to this reality. It is reported 1 out of 5 videos on Facebook is live and having watched 3 times longer than other videos.
 
One other interesting development is the live collaboration between different collaborators will take flight. Instagram is launching the ability to go live with a friend and taking collaboration to a whole new level. With this feature, followers will spillover between brands, and opportunity to co-brand events will be even greater.
 
According to Filmora, live streaming industry could reach $70.05 billion by 2021 as 82% of consumers prefer live videos over other types of social posts. Live video brings in nearly 10 million active users daily and they are watching on an average of 106 minutes every single day.
 
How Does Business Play in Live Streaming?
Live video streaming is a great way to engage with your target customers in real-time with an element of urgency. Sharing the live event with your customer can greatly improve your authenticity and make them feel more connected to your company and industry. Making your audience feel that they are part of the event is crucial to the success of any Live video. Here are a few ways you can build live video into your business video strategy.
 
Share live event
Be the eyes and ears of your audience as the event takes place. Walk around and show your audience what they may not be able to see normally. Do this at an event, seminar, forum, walk-through your office, production line etc. Better still is to make an announcement news, insights not already known or a product launch during this live event. Consistency is key and remembers to acknowledge your audience engagement. Ask questions and provide answers.
 
Host an interview
Do short live interviews with the experts, employees or clients. Let them share some insights, news or just opinions and comments. Interviews like these demystify and humanize your organization, making your brand more accessible and personal.
 
How-to about your business
From baking that special soufflé to how you print that 3D model of your latest design, this is all about showing your audience a peek into the ‘making of’. This type of live videos can greatly enhance authenticity and trust for your brand as you take pride in your production.
 
Behind the scene
Sharing live video of behind the scene is like a VIP back stage pass to a rock concert. You bring the audience on a journey to ‘infiltrate’ the actual event and share some ‘secrets’ the audience would not have access to otherwise.
 
Conduct training
Become the expert and the voice of your industry by conducting training on live video. You’ll be surprised by how many people are interested to learn about your industry. Guide your audience through a step-by-step class and they’ll eventually demand more of it. Be the go-to reference. This may seems informal and less polished compared to a scripted training but it actually produces more engagement among viewers as they are perceived it as more genuine.
 
Q&A

This type of live streaming shows you care about your audience concerns and problems and you are making it a point to solve them live. Q&A is a great way to deeply connect and engage with your audience where it really matters to them. Ability to address your audience by solving their problems can only enhance your brand’s relevance and position in their mind.

Source: https://techcrunch.com/2017/06/27/facebook-2-billion-users/


Conclusion

The suggestions here are neither exhaustive nor definitive but serves as a starting point to working with Live video streaming. Feel free to combine and create something uniquely your brand because you know your business and your customers better than anyone. While Live video has taken the social media by storm, we believe it will do the same for business anytime soon. All the major social media platforms have invested billions of dollars into preparing for a live-streaming war and billions more active users are on them.

It won’t be long now for businesses to realize that a wait-and-see strategy in the social media environment is like not having a strategy at all. Your competitors are doing what is necessary to build engagement and audience but the higher thrust in social media is about building a community that follows you and trusts your brand. Video has that special ability to tell stories through motion pictures that engages more of viewer’s senses than any other forms.

Audience attention span is fickle and short. The demands for their eyeballs are challenging and seemingly impossible. Having video is important to any business marketing strategy and there’s a big difference between doing video and doing it well. It demands a thorough understanding of your business goals and marketing objectives before any business could embark on a strategic video marketing plan. Video in general and Live video to be specific may just give your brand the added boost you need now moving forward.