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Live Shopping Marketing Strategy

How Much You Should Spend on Live Streaming Platform?

How Much You Should Spend On Live Streaming Platform?
How Much You Should Spend On Live Streaming Platform?

As we all know, live streaming is nowadays at its peak. It has become an indispensable tool for businesses, content creators, organizations, etc. to easily and effectively communicate with their audience in real-time. With the advent of advanced features and the need for seamless interaction with the audience in real-time through online events, the question arises: how much should you spend on a live streaming platform? So, in this article, we will talk about some of the most important factors you should consider when budgeting for a live streaming platform.

Assess Your Needs 

Before investing, always list down your actual business needs. Understand the scope and complexity of your online events. What does your eCommerce website lack? What type of product did you first showcase during your live events? What ways of integration can be done into your website? Other points to be noted are the number of live product demonstrations, event planning requirements, and the number of analytics & insights you wish to have. In this way, you can determine the essential features that align with your goals.

Cost vs Features 

The price of any live streaming platform may vary, depending on the features offered. Multi-store single accounts, live audience interaction, highlighting products, gathering insights, and adding multiple event hosts are essential for some users, but may not be the same for others as well. At this point, always consider the cost according to the impact of each feature and prioritize them according to your business needs. Also, it is crucial to find a balance between your needs and your budget.

Subscription Plans 

Most of the live streaming platforms offer a wide range of subscription plans to meet different user needs. These plans typically come with tiered pricing, allowing you to choose a plan that suits your requirements and budget. Always look for a plan that provides the essential features your online business needs while avoiding unnecessary add-ons. Live streaming subscription plans often come in monthly or annual packages, so consider the long-term value they offer.

Pay-as-You-Go  

If your live streaming needs are sporadic, you may want to explore pay-as-you-go options. This flexible pricing model allows you to pay only for the services you use, which can be cost-effective for occasional users. Pay-as-you-go options are especially beneficial if you’re planning one-time events or campaigns that don’t require continuous streaming.

Scalability 

As your audience as well as events start to grow, your live streaming needs may also start to evolve. Make sure the platform you choose can scale with your needs. This includes the ability to schedule, edit, or delete events, as well as handle an increase in traffic and viewers. Scalability is an important factor in determining the long-term cost-effectiveness of the platform you choose.

Hidden Costs 

In some cases, there are some hidden costs charged, such as overage charges, additional bandwidth fees, and charges for exceeding event duration limits. Before investing in any plans, always read the fine print and ask your service provider about all the potential hidden fees they are going to charge. This is because understanding the full cost structure will help you avoid unexpected expenses.

Value-added Features 

Beyond the basics, some live streaming platforms offer value-added features like the ability to highlight focused products with an “Add to Cart” feature, share events on social channels, and create polls for feedback. These features can significantly enhance your audience engagement and ROI, but they may come at an additional cost. Evaluate the value these live streaming features bring to your events and weigh them against their cost.  

Analytics and ROI 

The ability to track and measure the success of your live streams is vital. Find platforms that offer comprehensive analytics and insights, allowing you to make the most out of your events. With this, you can even track different metrics like viewer engagement, conversions, and audience feedback, which will help you make data-driven decisions and improve your ROI like never before.

Conclusion  

Whenever deciding how much to spend on a live streaming platform with advanced features, it’s vital to go for the one where you can find a balance between your needs and your budget. A number of advanced features are coming day by day, but always remember to consider what your online business needs the most. You can go for scalability and value-added features, or ask for hidden charges or services to ease your work. Overall, choosing the right platform is not a piece of cake. Make sure whatever you choose fulfills your business needs without breaking the bank. Additionally, such a platform should not only meet your current needs but also provide you with room for growth and help you achieve a higher ROI. By making an informed decision, you can ensure that your investment in live streaming is both cost-effective and result-driven.

Categories
Live Shopping

10 Jaw-dropping Features of Live Streaming Platform That Everybody Should Know

10 Jaw-dropping Features of Live Streaming Platform That Everybody Should Know
10 Jaw-dropping Features of Live Streaming Platform That Everybody Should Know

According to Adobe’s research, globally, 41% of internet users worldwide have watched a live stream. This statistic underscores the growing popularity and importance of live streaming in the digital landscape. For today’s e-commerce website owners and business owners, integrating a powerful live streaming platform into their online presence is not just a luxury, but a necessity. To help you navigate this dynamic space, we’ve compiled a list of 10 amazing features that every live streaming platform should have, and how these features can enable website owners to engage and thrive in the digital age. 

  1. Seamless Integration – Always go for a best-in-class live streaming platform that should integrate seamlessly with your e-commerce website. The reason behind this is that non-tech users can also go for such platforms without thinking about technicality. So, the less time spent on setup, the more time you can dedicate to engaging your audience.
     
  2. Multi-Platform Broadcasting – Reach a wider audience by broadcasting on multiple social media platforms simultaneously. The ability to go live on Facebook, YouTube, Instagram, and other platforms with a single click ensures that your message reaches your target audience wherever they are. 
  3. Interactive Chat – Engage your viewers with interactive chat features. A live streaming platform should allow viewers to ask questions, leave comments, and interact with you in real-time. This fosters a sense of community and connection, making your audience feel valued. 
  4. Real-Time Analytics – Knowledge is power. Comprehensive real-time analytics provide valuable insights into viewer demographics, engagement levels, and conversion rates. This data helps you tailor your content and marketing strategies for maximum impact. 
  5. Custom Branding – Ensure brand consistency by customizing your live stream with logos, banners, and overlays. A professional look and feel can make a significant difference in how your audience perceives your brand. 
  6. Monetization Options – Turn your live streams into revenue streams. Monetization features like pay-per-view, subscription models, and ad integration can help you generate revenue from your live content. 
  7. Audience Engagement Tools – Keep your audience engaged with interactive tools like polls, Q&A sessions, and giveaways. These features not only make your live streams more exciting but also encourage participation.
  8. Robust Security – Protect your content and viewers with robust security measures. Features like password protection, content encryption, and moderation tools ensure a safe and controlled environment for your live streams.  
  9. Content Archiving – Don’t let your valuable live content go to waste. A live streaming platform should allow you to archive your streams for later viewing. This allows you to extend the life of your content and reach a wider audience over time. 
  10. Mobile-Friendly – In today’s fast-paced world, many viewers access content via mobile devices. Make sure the live streaming platform you choose is mobile-friendly, with a responsive design and a user-friendly mobile app. 

These live streaming features are the building blocks of a successful live commerce platform, offering seamless integration, real-time interaction, monetization opportunities, and more. However, before making a choice, you should first gather some information about your competitors who are already leveraging these services. This will help you with a better understanding of the competitors and target audience.  

Conclusion  

In conclusion, we can simply say that these 10 features we’ve highlighted here play a vital role in the ecommerce world. As we all know, having an ecommerce website is not enough to promote your product and increase sales, because the competition keeps on increasing, making it hard for people to drive expected results. That’s where live streaming made it easier and affordable for ecommerce website owners to leverage these services. By choosing a platform that incorporates these features, you’ll not only create memorable and interactive live streaming experiences but also unlock the full potential for increased revenue and brand growth. 

Categories
E-commerce Marketing Strategy

Live Streaming Platform Vs Social Media Platforms: Which One to Choose?

Live Streaming Platform Vs Social Media Platforms: Which One to Choose?
Live Streaming Platform Vs Social Media Platforms: Which One to Choose?

In today’s digital realm where everyone is constantly connected, live streaming platforms and social media platforms have become indispensable tools for communication and expression. Whether you’re a content creator, business owner, or simply an individual looking for a perfect platform to shop, these platforms offer a variety of features to suit your needs. However, with so many options available, it can be challenging to determine which platform is the best fit for you. In this blog, we will be diving into a head-to-head comparison of live streaming platforms versus social media platforms, so you can make an informed decision. 

Live streaming platforms, such as MyLiveCart, Twitch, Channelize, etc. have gained significant popularity in recent years. These platforms allow users to broadcast themselves in real-time, engaging with audiences across the globe. The key advantage of live streaming platforms is the ability to create an intimate and interactive experience. Whether you’re hosting a Q&A session, performing a live concert, or showcasing your gaming skills, live streaming platforms offer a unique opportunity to connect with your audience on a deeper level. Additionally, these platforms often come equipped with engaging features such as live chat, allowing viewers to interact with both the host and other viewers, creating a sense of community. 

On the other hand, social media platforms like Facebook, Instagram, and Twitter have become a staple for billions of users worldwide. These platforms allow users to share text, photos, videos, and other forms of content with their network of followers. The main advantage of social media platforms is their wide reach and ease of use. With just a few clicks, you can share your thoughts, experiences, and creations with a vast audience. Social media platforms also provide a variety of features such as hashtags, filters, and tagging options, which can enhance the visibility of your content and help you connect with like-minded individuals.  

When it comes to monetization opportunities, both live streaming platforms and social media platforms offer different avenues. Live streaming platforms often provide opportunities for content creators to generate revenue through subscriptions, donations, and sponsorships. With a loyal fan base and engaging content, creators can earn a substantial income through these platforms. All you need to do is embed a code into your website provided by such platforms. By doing so, you can experience how easy it is to integrate live streaming into your ecommerce website and go live within a couple of clicks.   

Social media platforms, on the other hand, offer various advertising options for businesses and content creators to promote their products and services to a wider audience. By leveraging social media services for targeted ads, sponsored posts, and influencer collaborations, individuals and businesses can capitalize on the vast user base of social media platforms to boost their brand and generate sales. 

One crucial aspect to consider when choosing between live streaming platforms and social media platforms is the nature of your content and your target audience. If you have a specific niche or expertise that requires real-time engagement and interaction, live streaming platforms might be the way to go. However, if you’re looking to reach a broader audience and share a variety of content, social media platforms offer more versatility. 

Conclusion 

In conclusion, both live streaming platforms and social media platforms have their strengths and weaknesses. Live streaming platforms provide an intimate, interactive experience, perfect for content creators looking to engage with their audience on a personal level. On the other hand, social media platforms offer a wide reach, allowing individuals and businesses to share various forms of content with a vast audience. Ultimately, the choice depends on your content, target audience, and your goals. So go ahead, explore the options, and choose the platform that aligns best with your vision and objectives. 

Categories
Live Shopping

How to Use Livestreaming to Boost Your Brand’s Reach and Engagement?

Live Streaming for Reach and Engagement
Live Streaming for Reach and Engagement

Live streaming has become a center of discussion nowadays and even resulted in a positive response to a large number of ecommerce stores. But how do they do this to achieve such growth? What is their secret ingredient to get such boosted brand reach and engagement just by leveraging live streaming on their online store? The main reason behind their success is the right way to use live streaming. In this article, we will discuss some best practices of live streaming to boost the brand’s reach and engagement like never before. Let’s get started.

Identify Your Live Streaming Goals

Before diving into livestreaming, it’s essential to define your goals. What do you want to achieve through livestreaming? Is it to showcase new products, provide educational content, or interact with your audience? Identifying your goals will help you create a focused livestreaming strategy and measure your success.

Create a Live Streaming Schedule and Stick to It

Consistency is key when it comes to livestreaming. Never let yourself be demotivated with the results you will get in the beginning of the live streaming. It is natural to not get enough response in the beginning, but once you start getting enough response, nothing can stop you from getting enough engagement and sales rates. For this, create a schedule for your livestream sessions and inform your audience about the timings. Whether it’s a weekly series, monthly events, or special occasions, having a consistent schedule will build anticipation and make it easier for your audience to tune in regularly.

Host a Contest or Giveaway

Contests and giveaways never turn the excitement and engagement down. Offer your audience exclusive prizes, discounts, or special offers and encourage them to share your livestream with their friends or tag others for additional entries. This not only expands your reach but also increases the chances of converting participants into customers.

Create Urgency

During live session, create an urgency to drive immediate action from your audience. One effective method is by showcasing the product count. The more the product count goes down, the more the sense of urgency will create. It creates a sense of urgency and fear of missing out (FOMO) among your audience as when they feel a time constraint or fear of missing out on an opportunity, they are more likely to engage with your livestream, make a purchase, or share the content with others. This sharing of your content with others will lead to boosted brand reach, resulting in more people engaging and sharing your livestream. This often leads to higher conversion rates and increased sales.

Promote Before and After Session

Spend some time promoting your live streaming event before going live to make your target audience aware about your next live session. Before a few minutes/hours of going live, say 2 hours, use all your available social media channels as well as email newsletter to rush your audience. It will work as a countdown for them and create a sense of activeness towards them to attend your session and improve engagement & brand awareness.

Now, once you end your live session, promote it by publishing it on different social media platforms to make people aware of your live streaming feature, your newly launched product if any, and build brand awareness & engagement.

Take Viewers on a Behind-the-scenes Tour

Create the next level of engagement with your customers or viewers by providing a behind-the-scenes tour. Show how you choose products, how you conduct testing on new products, how your designers design the products, how the operation really works, and everything looks around when you are already on a live session. This way, you can capture their attention, make them think of your brand and products, encourage them to make a purchase from you, and even promote your business though a word-of-mouth. Make sure whatever you are going to show on a lie session should be properly recorded and consistently flows with what you want to show in an exact manner you thought of.

Utilize Q&A and Polls Session

Incorporate interactive elements like Q&A sessions and polls to encourage participation. Engage with your audience in real-time by answering their queries, providing valuable insights, tips and tricks (DIY), and seek their opinions through polls. In this way, you will not only get a better understanding of your audience, but you will also get insight about your live streaming session, seek out ways to better perform, and enhance engagement.

Repurpose Your Video

Before understanding this, keep in mind that your video quality should never be compromised. Use right equipement, software, and settings whenever going live and record it to repurpose it. Video with great quality in terms of resolution, framerate, bitrate, and audio, it will always work as a kick and will affect your engagement with your live stream.

Analyze and Improve

After making all the efforts, analyze and improve your overall performance. From the insights section, gather all the insights and collectively analyze what works and what not, i.e., identify your strengths and weaknesses. Another thing is, find out loopholes and strategize your plan accordingly. Here, loopholes can be the negative response of your audience in terms of engagement, traffic, feedback, least sales from the listed product, and other factors that your live streaming consists of. Now, learn from the mistakes you have made and improve your next live streams. Plus, never forget to compare two events to understand your target audience’s taste and preferences.

Conclusion

So, livestreaming offers a dynamic platform to enhance your brand’s reach and engagement. By following these tips, you can harness the full potential of livestreaming to forge deeper connections with your audience, expand your brand’s visibility, and foster active engagement. With this, you can witness your brand flourish in the realms of online commerce.