3 Ways Livestream Content is Different
Just think of all the things you get on demand: Food, music, travel, entertainment, groceries, clothes, razors, etc. Our world is on demand. So how does Livestream, which necessitates we watch it in the moment, fit into our lives? Are we swimming against the stream by going live? Or is there something different and valuable about the experience livestream content ushers in? To find out, we did some research into what other brands are doing, then we rolled up our sleeves and began some experiments of our own. Here’s what we found:
1| Livestreaming breaks down barriers between you and your audience. Imagine if you spoke to your TV and the people inside actually heard you—and could respond? With livestream you can create this relationship with your audience. Last month, we took to Periscope to livestream a conversation with Sam Farber of the NBA surrounding the biggest event of the year, the Playoffs. We took questions from our social audience with a game we call “Baller Thoughts,” where we showed a tweet and asked our audience to guess which NBA all-star shared it. It was interactive, it was fun, and it couldn’t have been done without livestream.
2| It has a massive organic reach — When you livestream to Facebook you receive an average of 3x the viewership of any other content. This is in large part because Facebook’s news feed algorithm gives preference to live video over other content in your followers feeds. We’ve experienced this firsthand, seeing our livestream video outpace our pre-planned video content. And the longer you stay live the more people you reach Tip: Of course the length of your livestream does not trump the value your content is providing to your audience.
3| It also has a low-cost of entry — The cost of producing and then promoting a livestream is extremely affordable right now and well below average cost-per-click for static and even pre-planned video promotions. Right now, we are seeing an average of $.02 CPC versus 5 to 10 cents for pre-planned video versus .20 cent average for static posts. And when you factor in the lower production costs of a livestream compared to pre-planned video content, it’s an even better deal for brands looking to provide their followers with more engaging video content. So, for brands looking to push out more video without digging into their marketing budgets, the answer could well be livestream.
To recap: 1 Livestream provides an opportunity outside your events to directly connect with your audience and create a closer sense of community with your followers. 2 Favorable algorithms offer up a solid advantage over other content types such as static and pre-planned video. 3 A lower cost per click means a whole lot of new eyes on your brand and content at a fraction of the cost of static content promotions. That should help you in your overall marketing budget—or at the very least impress the c-suite.
So the next question is, what should you livestream? To help answer that we suggest you create a litmus test to help you decide what to showcase. Here is our own litmus test:
1| Is there an immediacy to the content that warrants a livestream?
2| Is the content relevant to our social audience on the livestream channel?
3| Is there a qualitative/quantitative measurement for success in place?
Once a project passes through the gauntlet, roll up your sleeves and get to testing. For us, that was a Livestream of our Summit in London which allowed us to reach over two hundred thousand facebook feeds outside of the live event attendees. In our next livestream post, we’ll share with you some livestream learnings that we hope will help guide your own experimentation. Look out for that next week.
For an even more in-depth look at trends in live-streaming, check out the chapter “The evolution and growth of livestreaming” in the Smart Social Report: Volume Four.