June 4, 2020
Live videos have passed the novelty phase and today shape the interaction of brands with their audience more than ever. By tapping Live, they can incorporate views in an immediate, haunting, and authentic way that other formats simply cannot, especially in times of social distance. And marketers are aware of the trend and scaling in different ways to use tools such as: Instagram Live, LinkedIn Live, Facebook Liveand newcomers including Tick tack and Pull out.
While #SMWONE, Social chain’S Oliver Yonchev examined the evolution of live streaming and why it should be central to each brand's approach. "Art may seem dramatic, but I think there are many nuances and many important principles to go live and many things that brands should take into account," he said in his opening speeches.
Here are the key findings and insights:
- FOMO is powerful and can be used in any live activation
- Going "live" and being "live" is not the same thing
- Anticipation is the bed companion of fear
The main drivers for live viewing
"We are a generation of" now "in which everything is" on demand ", said Yonchev. In this world, the choice is underpinned by the desire to pre-program our lives exactly how we want them, and we want algorithms to serve us these things in accordance with our desires. Enter the meteoric ascent of Molochs like Netflix, Disney Plus, Apple, and Amazon Prime.
This is supported by statistics showing that the five main categories of content that are normally streamed live include TV series or episodic content (45%), Sports (31%), Tutorials or videos with instructions (30%), Games (29%) and videos of friends and family (28%). Of course, three basic principles develop when you take a closer look at these trends that drive live television:
- Fear of missing out ("FOMO")
“Like all emotions in general, fear drives action. It goes back to the basics of neuroscience, ”Yonchev repeated, disassembling the basic parts of the brain: the limbic system, the primitive brain, and the neocortex. To repeat how fear can lead to strange or atypical behaviors, he referred to the story of how Social Chain developed a fake soccer game, Rex Secco, to find out how the agency could do anything about the most talked about online will be a short time. The result? Over 120 million impressions, including people who incorrectly claimed they had heard of Secco before.
Regarding the use of technology and all its variants as well as the support of the community, Yonchev emphasized that people in social media simply do not watch as live as in conventional live formats. In addition, people are and remain driven by scarcity. "In a time when we are connected like no other time in history, the feeling of being connected is as low as never before."
The big advantages: The fear of missing something is stronger than ever and a feeling that you can use with every live activation. As you approach Live as a brand, you change your story as the space changes, and most of all, focus on humanity in your engagement plans.
Yonchev then went over the formats that marketers should highlight in developing their approaches. Returning to an earlier point, he stressed that we live in an on-demand culture, so a live format needs to acknowledge this by allowing people to leave and rejoin a live and still know what's going on. In a word, this can be accomplished with simplicity. Not to underestimate the power of anticipation is also crucial for success. Ultimately, the fear in FOMO can lead to anticipation, which can ultimately promote attachment. In short, fear is not always negative, despite the connotation that is often associated with the sentence. Finally, harness the power of virality by creating content that encourages participation, whether through sharing, commenting, liking, or otherwise.
Combined with the live audience drivers and formatting best practices, you need to consider several effective mechanisms when creating your live strategy. These are based on three themes: interactivity, anticipation, which Yonchev called "companion of fear", and experience.
Quizzes and games are especially helpful when trying to present products so that not only is the audience bombarded with details, but also invited to participate, learn more about the brand, and make more informed decisions. Social Chain teamed up with Boohoo for a live quiz show where a new question was created every minute for an hour, with the winners chosen at random. From the virus loop caused by the incoming comments to the anticipation of the next announcement of the winners, this was a perfect storm for a successful life, and the results supported it: Social Chain reached 4.6 billion people and attracted a total of 791,000 engagements.
"One of the most effective forms of marketing is experience," said Yonchev. However, experience can be costly and difficult to scale, but live streaming allows us to overcome these obstacles. In another example, Social Chain partnered with Superdry on a digital treasure hunt that revealed more clues when people commented on “Treat” and when a certain volume was reached. "What this really did for the brand was to do an experimental activity and get a lot of people who couldn't be there to experience it and introduce that part and relationship to them." Social Chain has taken this to other levels, from controlling live events to music and pyrotechnics to using World Puppy Day to create a "Puppy Catwalk" and start live stream shopping for Facebook videos.
“Download Twitch. Go live on LinkedIn. Play house party, ”Yonchev urged at the end of the session.
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