06 Apr Live Streaming Commerce – an effective Marketing Strategy for Ecommerce6 min read
These days it can be challenging to stand out from the crowd especially when you are selling online. Implementing marketing strategies comes to the rescue here as these provide a clear framework for reaching your target customers and maximizing ROI.
In simple terms, without marketing, your business will not go anywhere because it won’t be visible.
Live Streaming Commerce is one such phenomenon that can play a vital role in allowing businesses to reach their target customers in real-time. It has all the characteristics of effective modern-day marketing and offers a lot more than just marketing. It also works very well with other marketing techniques and helps you make the most of your investment.
Here are things that make Live Streaming Commerce a compelling marketing strategy for Ecommerce, D2C companies, and brands of all sizes.
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What can capture customers’ attention better than something unique taking place right now, and never to happen again?
Marketing products or services through real-time videos offer brands the ability to visually captivate their customers while providing useful information, gaining customer mindshare, creating more opportunity for discussion, triggering an immediate response from customers, and ultimately leading to product sales. Thus when you promote your business to the eyes and ears of potential customers, your competitive opportunity doubles.
The thing which makes live selling different from any other form of marketing is its ability to engage shoppers by tapping into their natural curiosity. And curiosity is the most Irresistible Way To Woo Your shoppers.
Some of the ways real-time videos can be used for marketing includes
- Hosting product demonstrations
- Interviewing industry experts or collaborating with influencers
- Live-streaming launch of a product
- Hosting giveaways and flash sales
Furthermore, Real-time Marketing is an effective strategy that can influence various parts of your business, like customer engagement and retention, brand awareness and promotion, and brand credibility.
From the above point, it is clear how Live Streaming Commerce plays a vital role in marketing. Apart from this, it can also lead to sales conversion directly as products featured and listed are being purchased during a live selling show. As buyers are not required to leave a live show, they are more compelled to impulse buying. This gives customers the opportunity to shop while viewing products in action.
With live stream shopping, the success of every show will be at your fingertips as once your live show is over, you can access relevant metrics related to commerce and audience engagement. Thus you can see what impact your live stream show had and how you can maximize the effectiveness of your next show.
Additionally, this will also help you identify who your audience is and what they might expect from you.
The practice of streaming a live show to multiple platforms at once is an effective way to ensure that a show reaches as large an audience as possible. By simulcasting, you get a wider coverage as your show reaches your social audience, website viewers, etc all at once. This will also help you reach consumers who might not have heard about your brand before.
With simulcasted streaming, you can tap into a diverse customer base and deliver your broadcast to customers irrespective of their preferences. For instance, you can stream on your brand’s website and Facebook Page at the same time.
Additionally, simulcasting allows you to save time you would waste on editing your videos before posting them to different social media platforms. Instead, you can simply live stream at multiple platforms at the same time.
Presents your Brand as a Sector Influencer
With live stream shopping, you can stream complementary content that can enhance your brand image and lead to brand loyalty. Getting projected as an influencer brand in your industry can help you in many ways.
Some examples of ways in which brands can use live streaming to project themselves as industry influencer are:
- A Healthy Snacks Brand: Conducting morning zumba sessions, diet tips, etc while promoting post workout snacks.
- A Hospitality Brand: Conducting daily tours of tourist locations around their hotels, while promoting hotel deals.
- A Photography Brand: Streaming complementary content like photography tips to promote a camera.
- A Cosmetics Brand: Live streaming makeup tutorials while showcasing makeup products.
Hence streaming complementary content is an added perk of live streaming shopping that can present your brand as a sector influencer.
Leveraging Social Media for Cross-promotion
Social media is always a great way to send out regular updates, announcements, and spread the word about your Live Shopping Shows. You can thus market your live shows by sharing about them on your social media channels to get large buyer audiences. It is always smart to market on different platforms as there can be separate audiences on each platform and it is important to cover them all.
If you are partnering with Influencers and Key-Opinion-Leaders (KOLs) to host these shopping shows, then you can also leverage their social media following to promote your shopping shows.
Thus live selling gives an opportunity to carry out cross-promotion and keep your existing customers engaged, attract new buyers, and amplify product sales.
Content Partnership for Cross Marketing
Cross marketing is about expanding the marketing reach of your products and with live stream shopping brands selling related, but non-competitive products can both bring in more sales by reaching overlapping audiences.
Brands can partner with other brands to host live stream shows, and also to promote each other’s products during the shopping shows. Cross-marketing via live streaming gives brands access to entirely new audiences without the cost of creating it themselves. This also offers buyers better exposure and more choices.
Live Streaming Commerce features can be integrated with your Ad Managers to target Ads to attendees of your shopping shows. Attendees of your shopping shows have better awareness of your products and services, and hence targeting ads to them can lead to higher conversions.
Live selling gives you an opportunity to target potential customers who might have missed a deal, limited time offer, or flash sales you hosted during your live show. These could be those buyers who attended your shopping shows.
The best way to connect with your customers post your live show is by sending them personalized emails mentioning the offer that they missed. By targeting customers with individualized content, you offer an experience that feels engaging, stimulates curiosity among customers, and encourages them to shop.
You can also grab customers’ attention by offering additional incentives via newsletters which will increase your website traffic and drive sales.
Targeting Specific Demographics
Live shopping shows can also be leveraged to target a specific demography. For instance brands today are coming up with plus size clothing to target a specific demographic and hosting shopping shows to target such a demographic can be an effective way to market your clothing line.
Additionally brands can leverage live stream shopping to collaborate with celebrities and influencers to host body positivity movements and empower body positivity. Hence when audiences clearly identify your unique selling propositions they will choose you over a competitor that isn’t specifically speaking to or targeting them.
Live stream shopping helps brands connect with targeted demographics much faster, ensuring they offer the right experience to a particular group of interested consumers. Customers who feel like brands are connecting with them at an empathetic level will be more prone to buy products and to remain attached to a brand.
Wrapping this up
Live streaming commerce is a one-size-fits-all solution. If you’re not already leveraging it, 2021 is the time to include it in your plan.
Brands across industries and sizes are benefiting from this new form of retail, and this new effective way to sell online. It provides positive results for both short term and long term. In the short term it helps improve sales conversion rate and increases your traffic while for the long term it leads to brand loyalty, brand authority and builds stronger and long-term relationships with prospects leading to a stable revenue stream.
Here are the key benefits it offers you:
- Real-time Marketing
- Live Commerce
- Analytics Tracking
- Presents your Brand as a Sector Influencer
- Leveraging Social Media for Cross-promotion
- Content Partnership for Cross Marketing
- Targeted Advertising
- Targeted Marketing
- Targeting Specific Demographics
Live stream shopping works for businesses through 3 primary mechanisms – entertaining consumers, engaging them, and educating them on the brand’s products, and thus activating the sales cycle.
Hence leveraging Live Streaming Commerce as a marketing strategy offers the best of both worlds – Reach and ROI, which makes it a winner when it comes to other marketing strategies.
If intelligently integrated into the system, and smartly leveraged, live video streaming can be a fantastic growth engine for your brand. Channelize.io can help you with this. Head over to our Live Streaming Commerce Solution for a walkthrough or connect with us at firstname.lastname@example.org for a demo.
Ready to take a deeper dive, here are a few more blogs to dig into:
How to market your Live Stream Shows to get Maximum Audience
How Live Streaming will change eCommerce in 2021!