The rise of social media platforms has created novel avenues for increasing sales and thus, revenue. In particular, the live streaming feature on these platforms is an ever-growing global marketing strategy. It is projected to be worth over 500 billion dollars in 2030 by Market Research Future. Through live streaming, a car business can both advertise and build revenue over the internet in real time. This article will discuss the phenomenon that is live streaming auto sales and how to grow revenue from it.
What are live stream auto sales?
Live stream auto sales is a process of using the live stream feature on social media platforms and websites to engage with customers, advertise and sell cars to them. Currently, popular car companies such as Tesla, Renault, and Nio use this strategy to increase their popularity and revenue. The benefits of live stream auto sales include increased car sales rates, improved online shopping experiences and increased engagements with customers.
Making money from live stream auto sales:
Here are a few guidelines to effectively use this strategy. Firstly, it is important to select the most appropriate streaming platform that will have the most reach to your target market. There are many social media platforms available such as Instagram, Facebook and Tik Tok, as well as other platforms that can be embedded into your product’s website like Dacast. To increase your reach, you may utilize multiple streaming platforms at the same time. Now that you have selected a suitable platform, you have to create anticipation around the live stream event by broadcasting alluring pre-event notifications and teasers. Such teasers could include videos of the car being driven or images of the car and its specifications. This will build excitement around the live commerce event and promote the car even further.
One of the best ways to improve the live commerce event is to involve influencers who influence the automobile industry. Influencers have followers who trust their recommendations and who are more likely to make purchases because of this. Additionally, you can capitalize on influencers’ ability to increase audience engagement as they are skilled in creating polls, chatting with viewers, and responding to comments.
Another method of engaging attendees is to have competitions. Viewers could be asked to tag their friends, follow the car brand’s social media pages, or even repost the brand’s media content in an effort to win prizes and freebies. By doing this, the brand is able to make the viewers market the cars to their friends and followers.
After the event has been concluded, vital metrics and key performance indicators must be tracked to understand the level of success of the event and identify ways of improving. These metrics include event attendance, engagement rates, sales figures, cost per attendee, live polling response rate and drop-off rate.
In conclusion, as social media continues to be a quintessential part of E-commerce, it is vital to capitalize on it to generate revenue. By utilizing the guidelines above, you too can profit from live-streaming.
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