Over the past year, the world as we know it has changed and the way people consume content for information, education and entertainment has changed. We are now living in a digital-first world powered by video and audio technology, however there is a specific form of technology that is and will continue to revolutionize (the social landscape) how we interact with each other today and in the years to come – that is Livestreaming.
Livestreaming technology is not new, in fact it has been used quite frequently since the early 90s with Severe Tire Damage being the first band to livestream from California in 1993, to the Rolling Stones performing their first major concert live on the internet in 1994, to US President Bill Clinton holding his first presidential webcast in 1999, and much more.
In the past five years though, one platform has quickly grown to earn the reputation of becoming the fastest growing livestreaming communities with over 400 million users, speaking 22 languages across over 150 countries around the world – and that platform is Bigo Live.
“We are thrilled to be the livestreaming social application of choice for millions of people around the world and within the Middle East and North Africa (MENA) region,” said a spokesperson from Bigo Live. “We are noticing a surge in people wanting to consume content, many people are spending more time to discover, learn and educate themselves on livestreams because they feel more connected and engaged to what is going on in real-time. This brings an exceptional opportunity for businesses whether large enterprises or small businesses to connect with their potential audience in a way unlike they have before. Businesses that will be able to capitalize on this trend can expect to reap several benefits that will not only benefit them today, but can potentially sustain their growth for the future.”
In terms of why businesses should invest in livestreams, Bigo Live has shared 4 points that all decision-makers should consider when choosing how to invest.
Livestream to Build Trust and Strengthen Relationships
For any business to survive and thrive, there needs to be trust – whether it’s amongst suppliers, partners, customers and potential prospects. However, people today are more in-tune and aware of all the meticulous work it takes to create that perfect piece of content that is placed on billboards, televisions, magazines, newspapers and across social media.
Although users appreciate the creativity and art behind the content, they want more, they want to feel a connection with the brand and the people behind it to build a certain rapport with the business that makes them feel engaged.
With livestreams, businesses and the people that work within them can interact with their audience in a more natural and human way – with smiles, laughter and emotion. Demonstrating that the brand is run by actual people that is not so different from the individual that is tuned in to the livestream can help them relate more and over time, build a sort of affinity to the individuals and organization itself – which in turn would lead to business opportunities and further advocacy, as consumers are more likely to buy from people they like and from brands that make them feel connected.
Highlight Employees and Personify the Business
In today’s world, Content-Is-King. The more content you churn out, the better it is for you as a business. However, given that companies have limited resources to invest, a great alternative would be to involve employees and get them to create content about themselves and show how they are on the job.
Internal talent is received much better than an external host contracted for a one-time appearance because viewers love to see the familiar faces of the recurring hosts and all their quirks. After a period of time, the hosts turn into something more – they become social media personalities.
This process of developing on-screen personalities enables businesses to become approachable because customers can put a face or (multiple-faces) that customers, suppliers and partners can relate to, which in turn personifies it. A business with a regular live stream has now evolved from being a faceless company with just a logo to a group of real people that you can see, interact with and relate to which in turns helps to build significantly better customer relationships and boost brand loyalty.
Helps to Understand What Your Target Audience Likes
Conducting focus groups interviews to understand how a potential product or service would be received by your customers is time-consuming and costly. Instead, live streaming is a great testing ground and businesses can evaluate products and market viability based on viewership, engagement, and almost instant feedback during the live stream itself.
Furthermore, livestreaming can also help gain insight and great ideas from the audience themselves. Honest opinions about existing products and services as well as requests for updates or future features can also be curated during these periods. This does not mean that all of them would be great, but there will be a few that businesses should spend some time considering.
Save Costs
Every business knows that you need to prepare and account for unforeseen or hidden costs.
Product demonstrations, event-hosting and staff training that typically took a significant amount of time and effort to coordinate between all parties – whether it was venue selection to setup décor to catering and more. Now however, through livestreaming all these experiences require is a stable internet connection and people can enjoy it from the comfort of their homes or wherever they may be.
Time is the only commodity that businesses nor individuals can get back. Livestreaming can help businesses save a considerable amount of financial resources and time in the long run that can be reallocated to generate more opportunities elsewhere.
Livestreaming is here to stay and Bigo Live intends to become the platform that provides users with value – be it informative, educational, financial or social. Integrating livestreaming within the current short and long-term strategy of the business will sure generate exceptional results.
One can only speculate how livestreaming will evolve in the years to come, but as it stands, it certainly is helping to shape the present and redefine the future.
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