So what is live streaming?

Live streaming allows people to be the makers, the directors and the creators. You don’t need a fancy camera or a big budget, all you need is your phone. Annous (2016) states that live streaming on social media provides mobile users to record content that uploads live to the social networking sites (SNS).

What social media platforms provide live stream services?

Marylin (2017) reveals that Facebook has 1.18 billion daily users worldwide. To live stream on Facebook all you have to do is: update your status, select the live stream button, write a description and go. To compete with Facebook other platforms that compete with live stream are YouTube live, Instagram live and Periscope through Twitter (Periscope was is a stand alone streaming service that integrates with twitter).

The statistics

According to Mediakix (2017) in the third quarter of 2015 ad views for live video had risen by 113%. This exponential growth can benefit companies by advertising via live video.

Mansfield (2016) explains that using Cisco’s Visual Networking Index video traffic is predicted to account for 80% of all internet traffic.

Using Ballaben (2017) research shown below in the graph it is clear that online video advertising has the highest percentage of recognition between internet users taken from the study at 31%.

 

What can you take away from the statistics?

As video is becoming growingly popular, it is important to follow trends online because if you’re not kept up to date you could affect your business. The internet and digital marketing is constantly change, it does not take long for a marketing strategy to be out dated. For example the study provided as a graph below King (2016) shows the increase in smart phone ownership compared to basic mobiles that do not have the opportunity to provide apps on the phone. Using this information it is clear that companies should advertise the majority content to mobile phone users rather than physical print.

Why is it successful?

The sense of immediacy ables people to react instant as the content is being created, because there is a sense of urgency this can be exciting for the user. Wilbert (2017) reveals that people behave positively to human interaction, giving customers a glimpse of behind the scenes via live streaming video (LSV) can help create empathy through emotions. Connections can be made through LSV as live streams are mostly unscripted so they have a sense of realist interaction.

Third Angle (2017) says there are different ways you can connect with your audience:

Q&A – People can use live streaming for questions and answers to engage with viewers.

Interviews – People can stream interviews or even speeches for users to gain insight on general questions asked. On Facebook viewers can like and comment as the video is happening to give feedback.

Announcements – Businesses can explain contests live, the idea is to show real behaviours so people can identify personality and behaviours to a brands identity.

Why do people interact with live streams?

Cognitive association theory by Buchanan (2015) suggests that adverts can use certain words to trigger other related material in peoples memory. Since online users are typically liking pages on Facebook, following accounts on twitter, subscribing to channels on YouTube and following accounts on Instagram. Then live streams that will typically appear will be videos from pages they subscribe to and content they typically want to look at. When viewing streams trigger words can stimulate behaviour and emotion towards individuals and businesses for example Nanavati (2013) states that story telling can trigger emotions subconsciously without viewers even realising. Mahoney (2003) shows through focus groups that 95% of cognition (the mental process of acquiring knowledge) happens outside our conscious brain.

Can live streams raise brand awareness on social media?

Tactics can be used when using live streams to raise brand awareness. Product placement within streams helps to raise awareness. Suggestions for the future of LSV are that they should adopt the pause-screen model for when the user pauses a video a link for the product or branding should show on their screens. Limitations currently are that the main source of monetisation for live streams currently are adverts put in the streams or product placement. As social networking sites are free to use the streams do not have a cost to view the LSV. To conclude LSV can improve brand awareness all depending on the content provided.

References

Annous, K. (2016). Livestreaming vs. Live Broadcasting: A Necessary Introduction. Available: http://www.adweek.com/digital/khudor-annous-live-me-guest-post-livestreaming-vs-live-broadcasting/. Last accessed 4th May 2017.

Ballaben, S. (2017). Digital Advertising – UK – March 2017. Available: http://store.mintel.com/digital-advertising-uk-march-2016. Last accessed 4th May 2017.

—Cohen, J; Basu, K. (1987). Alternative Models of Categorization: Toward a Contingent Processing Framework. Journal of Consumer Research. 13 (1), p455–472.

Israele, E. (2017). Why live streaming is the future of social media. Available: https://www.business.com/articles/why-live-streaming-is-the-future-of-social-media/. Last accessed 4th May 2017.

King, M. (2016). Digital Trends Autumn – UK – October 2016. Available: http://academic.mintel.com.liverpool.idm.oclc.org/display/748746/?highlight. Last accessed 4th May 2017.

Mahoney, M. (2003). The Subconscious Mind of the Consumer (And How To Reach It). Available: http://hbswk.hbs.edu/item/the-subconscious-mind-of-the-consumer-and-how-to-reach-it. Last accessed 4th May 2017.

Mansfield, M. (2016). 27 Video Marketing Statistics That Will Have You Hitting the Record Button. Available: https://smallbiztrends.com/2016/10/video-marketing-statistics.html. Last accessed 4th May 2017.

Marylin. (2017). How To Increase Brand Awareness With Facebook Live. Available: https://www.meetsoci.com/blog/how-to-increase-brand-awareness-with-facebook-live/. Last accessed 4th May 2017.

Mediakix. (2017). THE TOP 9 LIVE STREAMING STATISTICS MARKETERS MUST KNOW. Available: http://mediakix.com/2017/02/top-9-live-streaming-statistics-marketers-must-know/#gs.eSq9Svk. Last accessed 4th May 2017.

Nanavati, A. (2013). 15 Psychological Triggers to Convert Leads into Customers. Available: https://blog.kissmetrics.com/15-psychological-triggers/. Last accessed 4th May 2017.

Third Angle. (2017). Grow Your Brand Awareness With Live Video Streams. Available: https://third-angle.com/grow-your-brand-awareness-with-live-video-streams/. Last accessed 4th May 2017.

Wilbert, M. (2017). These 5 Businesses Succeeded at Branding With Live Video. Available: https://www.dacast.com/blog/5-businesses-build-brand-awareness-live-video/. Last accessed 4th May 2017.