Dave Stubenvoll is the CEO of Wowza Media Services, a Colorado-based provider of live-streaming software and services.
3 Things Every CEO Needs to Know About Engaging Millennials
Live streaming is the best way to engage millennials
Smart CEOs understand the significance of millennial engagement. According to recent research from Nielsen, millennials “are the most-coveted consumer demographic from a marketer-engagement perspective.” As consumers, the demographic is projected to spend $1.4 trillion in 2020, representing 30% of all retail sales globally.
Due to the generation’s size, influence and spending power, smart companies are investing millions of dollars in digital advertising in an attempt to better engage with the demographic. This is where live-streaming video comes in.
Today, over two-thirds of all consumer internet traffic is live-streaming video — and that number is set to increase to 82% by 2020. Regardless of industry, live streaming works to drive user engagement. Data shows live-stream notifications drive 3.3 times more traffic compared to other standard notification types (such as video, photo or update).
However, the challenge for most CEOs is that they lack practical know-how when it comes to creating effective live-streaming campaigns to reach and engage with online audiences. To successfully capture the attention of the millennial demographic, there are several key components for CEOs and their teams — in any space providing product or services — to consider.
Provide Authenticity and Transparency
When aiming to engage with millennials, authenticity is a company’s lifeblood. This generation is heavily influenced by authentic experiences and values transparency — in fact, 84% of millennials don’t trust traditional advertising.
As such, live streams must look and feel real. To meet this demand, forward-thinking businesses must provide real and actionable tips, be transparent in sharing their values and keep overtly promotional adjectives to a minimum when live streaming.
Deliver a Unique Experience
Not only do millennials crave authentic experiences, but they desire a unique experience, event or special offering to remain involved and in the loop. Consider streaming for drive-thru banking, virtual doctor visits, smart home surveillance and digital marketplaces for buying and selling goods as examples. Although video chatting with a pushy sales person may not be appealing, having the option to live stream to your mechanic and get to the bottom of any issues your vehicle is having might be.
Additionally, Internet of Things (IoT) video streaming is growing in popularity as doctors and health care professionals utilize low-latency streaming for certain surgical procedures, law enforcement uses body cams to capture high-definition videos and these applications find their way into our homes as pet monitors, security systems, doorbell cameras and more. The ways video streaming can enhance customer experience are truly limitless.
Focus on the Audience
It goes without saying that responding to your audience’s questions and feedback creates a more engaging experience. As mentioned, sharing original or exclusive content rather than directly selling to your audience is a great way to create engagement by leveraging the feeling of trust.
Say you planned to discuss a particular topic during your stream, but the audience is asking questions outside the topic. Respond and adapt to this change. When viewers see you’re responding to them, they’ll feel more involved and engaged.
For CEOs with teams looking to cash in on the world’s largest generation, look no further than live streaming. In a world where 80% of audiences prefer to watch live video from a brand than read a blog and 82% prefer live video to social posts, companies must evolve their strategies to truly embrace the power of their audience. Live streaming drives authentic experiences, urgency, shareability and interactivity that will genuinely resonate with millennials.