Live streaming has emerged as a vital tool in today’s economic crisis for several reasons. We list the key points highlighting the importance of live streaming during these challenging times:
- Cost-effective marketing – traditional marketing methods can be expensive, especially during economic downturns, when budgets are constrained. Live Streaming provides a cost-effective alternative, allowing businesses to promote their products, services and brands through interactive and engaging content. It offers many an affordable platform to communicate with existing clients, as well as attract new ones, without incurring significant advertising costs.
- Monetising opportunities – Live streaming has become a significant source of income for many individuals and businesses. Platforms such as Facebook Live, and YouTube Live, offer many monetisation options, including subscriptions, donations, sponsorship and ad revenue sharing. The Go Live platform will have its own paywall function built in at the second roll-out, which will be a game changer for our company.
- Virtual Business Operations – Live streaming enables businesses to continue their operations remotely, allowing employees to work from home whilst maintaining productivity. Companies can conduct meetings, presentations and training sessions through live streaming platforms ensuring business continuity despite physical restrictions.
- Online Sales and E-commerce – With physical stores facing closures, live streaming has become an effective way for businesses to reach customers and generate sales. Through live streams, companies can showcase their products, and provide live demonstrations, all whilst interacting with customers in real-time. We work alongside Menzies for their live art auctions, which are always a huge success. We have also worked with companies, such as Fendi, on their Live streamed fashion shows. It really helps bridge the gap between sellers and buyers, which in turn leads to increased sales and revenue.
- Expand Audience Reach – Live Streaming offers an opportunity for businesses to really expand their reach beyond a local market. With a global audience, companies can connect with potential customers worldwide, allowing them to tap into new markets and diversify their customer base. This expanded reach is particularly crucial during an economic crisis when local markets are heavily impacted.
- Building Customer Trust and Loyalty – Live streaming enables businesses to establish a more personal connection with their customers. By providing behind-the-scenes glimpses, conducting live Q&A sessions, or hosting interactive events, companies can foster trust and loyalty. This direct and authentic interaction helps humanise the brand, making customers feel valued and engaged, which is crucial in times of economic uncertainty.
Live streaming has proven to be a valuable tool during the economic crisis, offering a range of benefits such as virtual business operations, expanded audience reach, cost-effective marketing, customer engagement, and monetisation opportunities. By leveraging live stream platforms effectively, businesses can adapt to the changing landscape, maintain their operations, and even find new avenues for growth amidst challenging times.