IWA 41 2023—Live Streaming Marketing Service

Livestream purchasing has increased by an average of 76% worldwide from pre-pandemic times, the top 10 live shopping apps grew 77% year-over-year in the first five months of 2022 with 2.3 million installs, and more than 80% of adults would rather watch a brand’s live video than read its blog or social media posts. Simply put, the future of live-streaming for marketing is only growing. IWA 41 2023—Guidelines For Live Streaming Marketing Service is applicable to the parties involved in live streaming marketing services.

Live-Streaming for Marketing

Live streaming involves sending video over the internet without recording it first; hence, it is the real-time streaming of video or audio. It is not to be confused with streamed media, like YouTube videos, vlogs, and video-on-demand, because of its real-time nature. 

IWA 41: 2023 specifies that live-streaming marketing is an “activity or mode of marketing products, including goods and services, to reach consumers or businesses by using live streaming as a kind of digital channel.” Essentially live-stream marketing is a digital advertising method that involves broadcasting interactive video content over the internet in real-time, enabling brands to foster a sense of community and authenticity that pre-recorded videos can rarely match. It can be used to promote a brand (e.g., unveil new product lines and discuss/demonstrate current products), engage with an audience (e.g., answer fan questions), and ultimately drive conversions. 

Live-streaming across the world varies in terms of which products have the largest reach to drive conversions. A McKinsey study found that groceries comprise the most-purchased shopping category for livestream shopping in China, and US consumers, along with Europe and Latin America, most often purchase clothing at live shopping events. Further, 43% of livestream purchases fall into the clothing category for US consumers, followed by skin care at 32%, accessories at 31%, and body care at 31%.

What Is IWA 41?

IWA 41: 2023 provides guidelines for the service process and operations management of live streaming host, live streaming marketing platform, live streaming marketer, and multi-channel network agency (MCN agency) in the process of carrying out live streaming marketing services. It specifies five general principles in order to provide an efficient live streaming marketing service:

1. Credibility: The service process of live streaming marketing should be real and credible.
2. Compliance: All activities involved in live streaming marketing should consider the applicable legislation and laws.
3. Integration: The whole service process should be integrated to ensure quality.
4. Capability: Live streaming marketing platforms should have the capability to provide smoothly conducted services.
5. Customization: Services for live streaming marketing should be customized and tailored to the given audience.

Benefits of Live-Streaming for Marketers

There are many benefits to using video live streaming services to broadcast an event, service, or product:

• Increasing brand awareness
• Drive conversions and leads through the sales cycle more quickly
• Increase your product reach
• Provide more authentic and meaningful opportunities for engagement
• Connect with global audiences
• Promote interactive engagement
• Give customers a behind-the-scenes look at your company
• Compared to traditional marketing methods, such as ads, live streaming requires relatively low production costs
• Get real-time feedback (live-chat) from your audience

 IWA 41 2023—Guidelines For Live Streaming Marketing Service is available on the ANSI Webstore.