Live streaming is the new social media phenomenon. As the digital generation embraces social streaming with gusto, what’s in it for business? Answer: Plenty!
By Karen White
There is a new kid on the technology block. It is called live streaming, live video or social streaming. It is three different names for the newest social media phenomenon in which people use their smartphones or other computer devices to view live video at any point in time, streamed by individuals and businesses.
It is not difficult to imagine how social media users will utilize the new technology because people have been sharing what they are doing at the moment for years in uploaded digital pictures and posts. Live streaming just makes it possible to “go live” like a reality television broadcast and for viewers to react in the moment with comments and emojis.
This is not just for private individuals though. Businesses are already seeing marketing and customer engagement benefits. This is a boon for technology companies, media companies and businesses in general.
Making Businesses ‘Human’ More
Right now there are only several big players in the new technology, though innovative technology entrepreneurs will no doubt enter this fledging industry quite rapidly.
In 2015, Facebook announced Facebook Live, launching first to public figures via the Mentions app and then to everyone else in the iOS and Android apps. In April 2016, Facebook Live was expanded to allow a user to broadcast to people in the Facebook Group. Also added was Facebook Events which enables a person to do things like share an event or schedule a Q&A session.
Twitter Periscope and Google’s YouTube Connect are two more versions of live streaming (also spelled as livestreaming). The potential for advertising and engaging customers is immense. So immense that eMarketer’s forecast for digital video advertising spending is $13.4 billion in 2018. The reason for the growing popularity of streaming video goes beyond just being to show real people in real time. It gives companies the power to connect in an unprecedented way – on a more human level.
For example, one snowy and windy night, Southwest Airlines knew fliers would get frustrated by delays. Using both Facebook Live and Twitter Periscope, the airlines broadcasted from its network operation control center. A social media team member then explained to people watching on their smartphones what was going on behind the scenes in order to keep its customers safe. There was no script or pre-written tweets or planned messages. The company looked very “human” as it strove to keep people informed.
Getting Authentic
Big brands are embracing live streaming because it gives them a way to access a vast social media audience. Early users include Target, Chevrolet, Kate Spade, BMW and Royal Caribbean.
The companies that have been live streaming are already industry diverse, and they all agree on one thing: This new form of social media gives brands authenticity and gives customers access to products and events that they would not have otherwise.
It is also being used to build name recognition. For example, Target sponsored a live streaming commercial that included a performance by Gwen Stefani. It showed behind-the-scenes activity and events. Google live streamed its Google I/O annual developer conference in order to engage creators and fans in its newest products and services and to establish a stronger connection between them and the company.
Improvisational live streaming video offers a wealth of opportunities for companies to connect with current customers or clients or a new market. Businesses can adapt the content of their reality video to fit their mission. For example, the credit company Experian uses live streaming to discuss various financial issues like credit and student loans. AWeber, on the other hand, holds office hours using live video, giving people regular opportunities to ask questions. These sessions give customers a means of getting the information they want and need, and not necessarily what the company has decided they want and need.
It does not take too much thought to realize that live streaming can offer companies enormous insights into their customers.
Taking the Risk
There are some risks, of course, to live streaming.
One is that something will go wrong. Companies have seen the kind of damage that one racist tweet or one poorly worded Facebook post can cause to a brand’s reputation. Imagine a real person making such a mistake in real time. Another is that viewers could potentially make a stream of undesirable comments. It is difficult to moderate a rapid stream of comments.
One opportunity for innovative suppliers is to develop the technology to provide good measurement of live streaming video impacts. Other opportunities include the need for suppliers that can manage the live streaming sessions, market the videos to attract the largest audience, and train businesses in its most effective use.
Yet another is the need to measure responses and results. Target tracks “likes” in Periscope in terms of numbers and the rate at which they are sent. Live streaming can be used by small, medium, and large companies. Build the audience in social media and deliver the video, or use the video to build an initial audience.
It can be used to produce business value through content creation in numerous ways: Create conversations; introduce details of new products; engage customers through knowledge sharing; make viewers feel as if they are getting special insights; highlight employees; highlight technologies; get a larger “attendance” at events; and share successes.
It is brand building and advertising that is a perfect fit for the digital entranced audience.
Relationship Building Through Technology
Many believe the real value is found in live streaming’s ability to interact with an audience on the spot.
There is a lot of talk of the importance of relationship building in today’s business environment. Live streaming offers all the elements, including transparency, honest information and authenticity. When a company representative is willing to get in front of an audience via live streaming, it means the company trusts itself to deliver what the audience wants in a satisfying way. That is how loyalty is built.
Getting started is easy thanks to the big technology companies. They offer online guides to assist people and businesses.
As the next “big thing,” it behooves businesses and innovative suppliers to master the technology now. It is already here to stay.