Live Streaming has benefitted some of the most unconventional sectors of the free market. The usage of live streaming in Travel industries, Live Video Blogging, Live News Streaming, Book Reviewing, Music Industry, Magic Shows, Business, Religious sectors, and plenty of other divisions have already been explored.
Getting deeper into the Business sectors, we have explained the concepts like Live Contests and Giveaways. Another such concept is Business Collaborations which is aimed at aiding the Businesses. Just as businesses can boost sales using live streaming to organize Contests and Giveaways, business collaborations offer a better prologue to hype the audience’s interest.
Collaborations between businesses are usually made to boost sales and reputation. One business that is customarily less / equally reputed than the other initiates a collaboration to improve itself through a better- known brand. The other business either endorses the former one either for a fee or sells the products along with their products boosting the sales of both.
This strategy mutually benefits both businesses. These kinds of collaborations allow the businesses to promote their product through live streaming and by offering the collaborated product as a combo, an immediate boost in sales might be observed. A better plan of action would be to combine products that benefit the audience best. As sales go, discounts go way further in sales improvement than any other.
Another idea that can work is to make these offers limited to the time of the live stream. This piques the audience’ interest along with bringing forth the “Fear of Missing Out (FOMO)”. A common problem with this game plan is that the websites must be able to handle a significant rise in the traffic. Many e-commerce businesses often underestimate the damage that is caused by a sudden rise in traffic. Not only do websites become irresponsive but this generates negativity in the customers that are difficult to transpire. Given, these complications are taken care of, this might become one of the most successful propositions to boost product sales.
The preceding publicity works can be managed through social media platforms and other marketing techniques. Several techniques to extend the reach of live streams have been discussed in the past. Following these techniques can not only improve the number of potential future customers, but the scale of savings can also make them loyal to your business. Read our article How to Advertise your Pre-planned Live Streaming Event on Social Media (link) to become knowledgeable about the basic free advertising techniques.