#1) Why Use Live Video: Cost Benefit, Save Money
The reality is that when an SMB (Small and Medium Business) owner hears the word “video marketing”, one of the first thoughts is EXPENSE. The reality is that a professional quality “on-demand video” can easily cost $2500-$5000. An SMB investment in a professionally published video can also be a significant risk considering those capital resources can be used on other marketing vehicles (SEO, PPC, Web, SMM, etc.)
The current technology and social media landscape is constantly evolving. One of the biggest innovations in 2016 is Live Video. Live Video is just an infant right now, an infant slowly transitioning into a toddler. One of the largest benefits of Live Video right now being realized by brands and businesses is that Live Video empowers them with the capability to inexpensively publish semi-professional videos, with more frequency and with the capability to reach many more consumers than an on-demand video.
The reality is that Live Video focuses on content and the broadcast message vs. a focus on the video production. If you have important content and a critical message worth broadcasting (i.e. sale, flash sale, promotion, breaking news, information, etc.) there is no need to spend excess time or money on professional video production when live video production achieves the same results, or better, with a fraction of the time and capital investment. ~ Michael Lucy
The overall factors for the cost of Live Video and comparison of Live vs. On-Demand Video;
- Hardware Cost Savings: A high quality smartphone for Live Video vs. Costly HD Video Cameras
- Equipment Cost Savings: Live video gear is much less expensive and more “mobile” vs. traditional and costly video gear
- Software Cost Savings: Smart Phone Broadcast & Studio Apps to produce semi-professional videos vs. Costly Video Editing Software
- Production Costs: Resource skill sets are less specialized vs. conventional highly trained (and expensive) resources.
In no way are we recommending that Live Video is a replacement to conventional on-demand video, however, we are simply recommending that Live Video is now a realistic alternative. The power of producing and publishing live video is now real time, can be done in a moments notice and lends itself to capturing reality in an unscripted production vs. a highly produced and scripted approach.
#2) Why Use Live Video: Time Benefit, Save Time
The evolution of Social Media has changed the way people consume data; there is a much greater demand for content and information as it happens. Consumers in 2016 are much less willing to wait and hear about about news or information during the evening. As history is happening each day, people want to hear of these events as they are happening, live, whether the news is good or bad. For instance, with the recent shootings occurring across the world, consumers are no longer going to wait until evening to hear of the news, instead, they’ll turn on their phones and watch the news live from wherever there are. Since consumers are gaining access to content immediately, it becomes vital for businesses to produce and publish videos rapidly before someone else beats you to it. The information you have is becoming more and more time-sensitive; however, this is where live video comes into play.
“One of the biggest benefits of a 3-minute live video is that it only takes 3 minutes to shoot and publish it.” ~ Michael Lucy
One of the best features of shooting a live video is that it only takes a few minutes to shoot and publish. There is no editing or re-shooting parts when producing a live video, and the video automatically streams to Facebook as you are recording. When producing an on-demand video, you could spend hours editing, downloading, uploading and publishing footage. This amount of time saved will allow you to keep up with the consumer on-the-move who wants to learn their information as it is occurring. In addition to saving time with editing and publishing, the equipment used in live video production is small. This means that the equipment is more mobile; it requires less time to move it, set it up and to tear it down when you’re done recording. Not having to carry around and set up large amounts of big equipment saves time. Before live video, each of these parts individually: editing, downloading, uploading, publishing and transporting equipment could take hours to complete.
#3) Why Use Live Video: Customer Loyalty, Social Media Engagement
Businesses are always looking to target the perfect audience when producing advertisements. What if you now had access to find out exactly who your audience is? When you go live, you are in a real-time engagement with your audience. You can see who arrives, when they arrive and what messages they may have for you. Consumers can watch your video and ask questions about the product or service you are presenting them with; other consumers may hit “like” or they may “share” your video. Being able to see who is watching your video and how they are interacting with you allows you to build relationships with your consumers and gives you ability to know your audience, building customer loyalty. Best of all, these engagements don’t disappear once you are no longer live. Instead, the video is saved as a permanent video asset on your timeline. It can be access by anyone at anytime, so if someone missed your video, they can go back, watch the video and still be able to interact with you.
Hardware, Software and Skill Sets are VERY Different than On-Demand Video
Producing Facebook Live Videos is simple, very simple. The journey of production starts with a good smartphone–it can be an iPhone or an Android device, as long as it has decent camera quality. With a total equipment investment, smartphone device aside, of $150-$300, you can produce a fairly professional live video. This $150-$300 can be invested in a decent tripod, a desk stand for your mobile device, a decent (wireless) microphone and proper lighting. For software, there is an abundance of free apps and programs that you can download for free to produce and publish HD-quality live video. On top of inexpensive hardware and free software, producing live video requires very little education or experience in the videography field. There is no need to call a professional with a video production education background to help you produce a live video. With a little bit of research and the proper tools, anyone can produce a live video.
Addition Benefits of Live Video Streaming
Some of the findings may surprise you:
- Executives most value live video’s unique ability to add an authentic human element to digital communication, relating to three of the top five benefits identified by respondents. This, along with other advantages, such as creating new video content for re-purposing later and enabling real-time audience interaction, is expected to lead to increased use by product brands and retailers in 2016.
- Brands and retailers are leveraging the power of live streaming video for a greater variety of use cases than has been reported previously. The results identify over 10 different use cases.
- 44% of the executives surveyed said they held a live streaming video event in 2015. 20% plan to test live streaming video for the first time in 2016.
- When asked about the importance of branded live streaming video as part of their overall marketing mix in 2016, 39% of the respondents said it will be “important,” and 20% said it will be “very important.” Nearly a quarter of respondents said the dollars allocated for live streaming video will increase in 2016.
Facebook Live and Live Streaming Video: The Takeaway
“Live Video” is no longer just an idle term with a lot of uncertainty, there is a lot of meat on the bones AND a growing resource pool of skilled Live Video professionals. 2016 has been coined “2016: The Year of Video” and as Facebook Live continues to steamroll the competition and YouTube continues to make progress in the live streaming video space, the importance of understanding how to leverage live video will only become more important.
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