At a time when social networks and apps are everywhere, and indeed, integral to every brand's marketing strategy, the latest trend for early adopters is live video broadcast applications.
Companies such as Meerkat and Periscope are waging a war to be the first integrated live-streaming platform on social networks, but the question on everyone's lips is: is this going to be just another fad, or a medium for brands to maximize moving forward?
The Age of Live-Streaming
The concept for live-streaming is not new, in itself. There are numerous live-streaming platforms out there, like younow and Livestream, but their success has been varied over the years.
One explanation for the mixed reactions to live-streaming in the past, and the apparent appetite for the functionality now, could be that social networks have helped to change our habits and attitudes in sharing our lives online, and we're now much more willing to be more public than we have been in the past.
Indeed, in a digital landscape characterized by constant visibility, the content we post can often be more important than living in and enjoying the moment that we're trying so hard to capture. These days, there can be numerous activities that we undertake solely for the purpose of creating shareable content - for example, we no longer necessarily attend an event to be there, but more to say that we were there.
In an increasingly narcissistic online world (don't forget we're living in the era of the "selfie") and with a rising impetus to publish every part of our lives, as if somehow these are the only records of our existence, there appears to be an obvious and natural progression into the age of live-streaming. Live video broadcasting applications such as Periscope and Meerkat have the potential to play a huge role in the next generation of social media self-publicity, not to mention opening new avenues for brands to communicate with their existing audiences, as well as reaching new target consumers.
The timing is also perfect in regards to technology - the latest generation of smartphones are equipped with photo sensors, HD video, autofocus and zoom modes and all kinds of other gadgets and gizmos. Some models even rival the compact camera and can sometimes offer better shots thanks to numerous integrated settings such as colour balance, focus, burst mode - as well as editing tools such as brightness, frame, red-eye correction etc. The advent of 4G connectivity and increasing access to public Wi-Fi also offers us faster and better quality streaming, which, in times past, would've been a significant barrier for live video broadcasting companies.
Brand Reaction at the Heart of Streaming
So should all marketing teams be adopting live video broadcast applications as part of their overall strategy? Whilst it's still too early to showcase many brand success stories with live-streaming, these applications offer strong promise: that of a face to face live interaction with the consumer, regardless of geographic placement.
Periscope and Meerkat are both based on a very simple principle: they're networks that infuse life. They piggyback on what Twitter does best - namely, to track and create news in real-time. These platforms display all the elements for success: real-time, informative and in particular, audience response.
As we know, comments and audience reaction can be a tricky side to navigate and are often tainted with bad reputation. However, when integrated seamlessly within the video stream, this could encourage a much more honest and valuable feedback tool. Known as "thread-streaming", this comment process offers a new engagement opportunity for brands, bringing them closer to their audience than ever before.
Brands can use live-streaming applications to create real-time connections with their audience - whether it be by sharing a keynote live in action, a press conference, a live FAQ or interactive MOOCs. There are many possibilities to build stronger relationships with audiences and generate "brand-reaction", i.e. a spontaneous and direct discussion around branded content. With Meerkat's new feature "Cameo", which enabes users to invite their viewers to "take over" their live streams for 60 seconds at a time, brands will be able to involve their audiences even further, moving from "broadcasting to" towards "broadcasting with", a significant shift in the broadcast process.
Periscope also facilitates a "brand reaction" feature, which allows viewers to send hearts to the content creator and which will then appear live on the screen. However trivial this may seem, this is a valuable tool for brands to measure audience response, as unlike "likes" on Facebook or "+1's" on Google+, this feature is delivered in real-time and dynamic. Viewers can use these hearts as many times as they want, at any point in the sequence, enabling broadcasters to analyse their audience and understand who's connected to their content and what specific sections they've connected with. Watching the replay, brands will be able to identify and isolate key moments in the live stream that resonated with their audience - a hugely valuable tool for marketers to enable them to refine and increase the effectiveness of their messaging.
At a time when every marketing action on social media aims to generate interaction and ROMI (Return on Marketing Investment), mobile applications for live video broadcasting such as Periscope and Meerkat could well be the key tool that's been lacking for brands to best engage their audiences.