FlixChimp members will be using your inventive powers to find new ways to entertain and inform your audience with your live stream videos and we want to make sure your creative video productions get the financial recognition they deserve. Getting audiences to put their money where their live event hunger is takes some efforts.
Charging for viewing video productions can be a barrier. However, we also know there is un-tapped demand for independently produced VOD. There are people who are prepared to pay for quality content they cannot get anywhere else. (N.B. There’s a clue, right there FlixChimpers!)
Whether your purpose is teaching skills, creating brand awareness with specialist and expert training, or driving website traffic, streaming is the perfect medium for audiences to interact in real time with you and achieve all these aims.
Whatever your reason, you will want to get as many people seeing your video-casting as possible! Of course, your audience may be really niche, in which case, you may only be attracting a minority of viewers, but if you produce quality content they cannot get anywhere else, there are some enthusiasts who are prepared to pay for uniqueness, together with the chance to communicate with you live to learn more.
So, how do you get over the Pay Per View psychological barrier with those people wondering if it’s worth handing over their money? Here are FlixChimp’s 5 live streaming tips for you to ‘make a good fist’ of making money from video on demand via live stream.
1. Plan Promotion Together With Production
We know you are keen as mustard to serve up your hottest video dishes with well-planned productions. But you need to put as much work into the business side as the creative side to make money. Fail to plan promotion, plan to financially flail. Start working your social media channels early to generate buzz and get people looking forward to seeing you live.
Promoting should start long before you ‘open’, so people know who you are and can make plans to be around to watch and even share with others what they are doing.
Plan getting your message out at least two weeks in advance of your live stream -longer whenever possible.Assume your viewers have a busy calendar and need to plan to watch. Early promotion increases viewer numbers and also allows you to present exclusive offers, increase familiarity and make your brand more memorable.
2. Price Setting
Setting the right price is always tricky, so do your research. Price should take account of the length of your broadcast, video production costs, expected demand and operating expenses.Tighter margins will make volume of viewers vital; paying premium may be preferable if you expect to only attract a few participants. Pricing means finding your sweet spot. This is different for everyone and is something you can test over time.
Starting lower can make increasing prices tricky, without encouragement from your audiences. As a new video streamer,aim to acquire viewers who will return for more,rather than maximising unit revenues immediately.
Balancing objectives will be different for all of you between attracting new viewers, maintaining loyalty and being adequately paid for each live-stream you put out.
3. Pre-Order Tempters
As part of your advance marketing, sell early with exclusive promotions. Find out who your ideal fans are by offering discounts for reserving their place early. Think about additional extras you can tempt viewers with as rewards for their early reservation. Pre-order offers benefit you by advertising your event and generating immediate revenue.
4. Managing Customer Care
Pay per view has to be treated as a business. To maintain loyal custom, you have to be prepared for things going wrong and gripes occasionally arising from problems with video live streams. Given the free providers you are competing with, plan for viewers who may want a refund, or just need advice with technical glitches.
Whilst you are hosting your live viewing, have your team ready on hand for when problems arise. Live stream is an immediate medium, so prompt and courteous customer care is crucial to keep people happy enough to come back again. Pay Per View video streaming is for pro’s.
5. Give Audiences Choices
FlixChimp gives you the option to record your live stream events, to offer as a VOD for your audience to watch later. This helps you reach both people who enjoy the live experience and people who may not have the time to view your live stream.
Pay Per View of single live events is just one way to make money. Building a portfolio of themed or linked videos gives you more ways to attract audiences with different priorities. The more you record when live, the more ways your audience can get a feel for having been amongst your audience, seeing or hearing others’ reactions.
Remember, FlixChimp membership means you can reduce the costs of your bulk uploads. Package together related recorded events, or selections and even add post-event commentary and discussion to add value. Obviously, the more options you offer your viewers, the more views you’re likely to have.
Pay per view video is not so different to live streaming, except that live FlixChimp hosted events can mean premium pricing for exclusive content, not available elsewhere. However,expectations of viral potential need to be reduced, given you are competing with mainstream VOD and free content, even though their content may not come anywhere close to the unique content you are giving.
Internet video is still evolving and video producers are still testing what works and what doesn’t. Yours is a story still unfolding.Wherever you are in your journey to make live stream work for you, remember to start with FlixChimp’s friendly T’s & C’s that make sure your efforts are not wasted.