In my experience, live streaming is one of the most powerful marketing and social media monetization strategies around, but most people are unsure how to leverage it. Some of you have thought to yourselves, "I have a service or something to share” or “I am ready to make money with my social media, but are not sure how to utilize live streaming to come up in your business life? This article is going to shed light on this subject. Before I share the "5 Ways To Make Money With Your Livestreaming, With No Products," we will cover the basics of how this process works. Then, you can check out the must-haves to get your live streaming popping!
Content Is King:
The first thing we need is valuable content because your content is cash. Content is cash all day long in these social media streets. If you are sowing into people, creating things they want to see, creating what they want to consume, and producing content they want to hear; these are the things that will make them want to hang around. That is considered valuable content. I want to put that out there because I think many people, especially if you all watch live streams, follow podcasters, watch the marketing or expert people, everyone feels like they have to be an educator. You educate to some capacity. You can educate without having to hop online and give an hour-long presentation or detailed instructions.
The way to provide value to your audience is to provide valuable content. So if you make people laugh through skits and comedy, that's valuable content. Suppose you show people how to apply something, how to cook something, how to do something. That's valuable content. When you live stream and have conversations or create forums where people can come and speak their opinion via Skype or on a phone call, whatever it is to sound off about different things that are happening. All these are examples of valuable content.
What is valuable to your audience makes people want to come back and continue to engage with you. No rule says this thing over here is most useful. You create the value.
If you've done an excellent job targeting, they're going to want to participate and engage in your content. So remember that. For instance, if you're a gamer and you play video games and people like to watch you play video games and they like to participate. That is valuable content.
If you love to dance and you want to show people how to dance or jump rope. That is valuable content. Suppose you're a stylist or fashion designer and want to put on different ensembles. In that case, you want to show people the difference between one undergarment and another undergarment and how it shows your clothing looks different. You want to dress it up and say, “put on this accessory or throw this jacket on and this will make it look like an after five outfit” or “this is going to make this look more casual.” That's valuable and content is whatever your audience is into at the time. Don't think that you have to get online and be an educator and that if you're not educating, that is not valuable because a lot of you guys have a lot of helpful content. There are lots of points of view you can share with your audience.
Your community is going to develop based on the content that you're creating. Some people will say, I want to serve this group of people and from there they will go and make a list of issues or problems, desires and things that the community likes. But for most of us, as we put our content, it develops the community around us. The community is the people where your fan funding is going to come from. So if you don't have a community, this is not going to work for you. That's the critical part.This means we will need some excellent content and the bottom line is that content will help us develop a community that will lead us into the next thing we need to be great.
The Key of Consistency:
Be consistent, be consistent, be consistent. Don't just be aggressive but be assertive about your consistency. A lot of you all are losing in these streets because you're not consistent and you're unwilling to set up a schedule. You don't have to live stream as frequently as I do, but I do recommend at least two times a week if you're trying to build real topic of conversation. Now, once you get your audience to a specific size, some people decide to kind of fall back with producing content, and they may say, okay, I'm just going to do once a week now.
It is real out here in these streets and long gone are the days where you could put up content once a month and believe that's going to be sufficient. Even if you look at the percentage of people who participate in live streams, only 1% of us are content creators.
There are still more and more content creators growing every single day and these social media streets are not loyal. So if you're gone too long, people are going to forget about you. It would help if you made it a point to try at least two times per week to be uploading some new content.
Give Clear Instructions:
The fourth thing that we're looking at is rules or instructions. You don't necessarily have to say the rules, but you develop your broadcasts' practices and flow. Next, you need to state a CTA "Call To Action," for example, click the link in my bio. Another example, you can use is to ask people to contribute by saying, “click the link in my bio to sign up.” Other instances you can use this would be to say, “if you use the red button” or “donate a level three, this is going to happen or that's going to happen.” You need to create a system inside of your community. Once you start, whatever it is that you're doing to acknowledge people know how to do that with you.
Fire Up The Chat Box:
Number five is probably something that most people never think about when it comes to this stuff and that is, you're going to need a chatbox area. I know that this is self-explanatory but some of the broadcasts and software you can use are great for broadcasting but they don't have a chat box. Either put in a widget or build yourself a chatbox because you've got to be able to engage with people. Remember that this is part of creating the community.
You may ask, “Can you have more than one thing on different pages or channels” or “Would I have to stick with only one thing?” You definitely can have more than one thing. I always tell people to think about it. It's kind of like a segment or a general interest and if there are other topics inside of there, that gives you the freedom to tie them all in.
You have to be very careful with how you position yourself, right? So if you set yourself to say, I only talk about this thing then that's what people will expect from you. On the other hand, suppose you position yourself as an expert or a resource, lifestyle for all things concerning a certain topic etc. Whatever that is, it will give you more flexibility and freedom but there are still a few things we have to look for.
For example, I have a fabulous client and she is an Accountant, but she also sells adult toys. Those are two highly different audiences and two very different things which is not something that you can merge. You're not going to combine Accounting and Adult Toys. That said, there are some things we could incorporate all into one channel to make it make sense and there's some stuff you just can't.
If the accountant came online and said something like, “Today, I'm going to talk about Accounting, Financial Literacy, and Bookkeeping and all those types of things.”Instead, she said, I want you guys to come along on the journey with me as a small business owner or as an entrepreneur. You know, I'm a mom, and I have several different businesses, or I have two companies on other avenues. Just share, share the journey with me. If you're positioning yourself to have people come along for the journey, you may say, "Come with me and watch how I balance work and my life. Well, then, suddenly, she's created a platform for herself where she can talk about accounting and her adult toys.
Because those are the two different businesses, and she's giving people a heads up. Does that make sense? So everything depends on how you position yourself. That's what's going to provide you with and how people view you. That's what will determine if you need to segment or create different channels, different usernames, different pages, all of that good stuff.
Celebrate and Acknowledge:
Finally, you need some form of celebration or acknowledgment when people contribute. In fan funding, we have to have some way to include them or acknowledge that they have contributed. So you can do this through several different things. You can dance, you can blow a bullhorn. You can set up your badges or features on Instagram or Facebook if you have that feature on your social media platforms. You can shout the person out and say, "Thank you, Jay, for your contribution." or something like Jay, we will put you in the question queue to get your questions answered first. Something that acknowledges them and their contribution.
Okay, I know that was a lot, but these are the basic things you need to get your Livestreaming activities going. So now, let's get down to the
5 Things You Need To Make Money LiveStreaming, Even With No Product: **The Art of Fan Funding:**
- Set Up A Tip Jar for your community to give to through any of the following:
- Youtube Super chat
I know that this may be hard to believe but this works and that is being consistent with content. I've also told you guys how to set up a broadcast so that it's very inclusive where people want to participate with you. People hit me up all the time saying things like, “I want to sow into what you're doing.” or they may say something like, “You gave me all of this information for free when I just paid somebody X amount of dollars and they didn't teach me any of this!” or “I learned more from you in a week than I have in six months” and so on. Those people who want to participate will say, “I like what you're doing and I want to be able to fund this so you can continue.” From there they will go and hit that tip jar and give you donations.
Now, let's talk about other examples, for instance, if you're a musical artist, because a lot of the musical artists are always saying, "I don't know how to get people interested?” or “How do I get people to buy my music?” The key is that you have to show what you can do.
If you don't open up your mouth and sing, play, rap, sing or even if you participate in other arts you won't get paid. Show people your craft or your work! If you are a photographer, turn on your camera and make sure you capture in good light! If you are a painter, start the process of painting and designing things so people can see your art. If you sell stuff, and people can see what you're selling, it gets people excited. They may not be able to commission a piece from you, but they'll say, “You know what? I like what you're doing, let me give you $10 or let me give you $20.
People like watching performance art in the same way as they do watching performance art in the streets. For example, if they have a tipping bucket out you can throw money in it. The same dang thing happens on live streams and I know some of you have never thought about this before, but I am telling you it works.
Keep in mind, when you build a solid community, they want to support you. People are not crazy and they know it takes time and money. They also know that if you're editing, using software or they see the work going into it they want to help support you. That makes them a part of your journey. They're a part of the creation.
One of the easiest ways you can start to make money is to pick the tip jar of your choice and allow people to send you tips. You can also remind audience members or have moderators to remind them about the tip jar. The easiest way is if you have moderators or promoters in the group because they are going to type in the chat for you. They'll say, “Click the link in the bio to send a tip or click the link in the bio to donate” or whatever's going on. This way, you don't have to be interrupted with what you're doing and you can continue building. So, again build up your community and remember you have to be consistent, and your content has to be valuable.
- Create Content Integration and Participation:
What does this mean? Think about it this way; people like to feel like they belong to a community. They also want to help you build it. Finally, they like to participate and be engaged so you can create cool integrations inside of your live streams so that people can join with you. Let's go back to the previous example, those people who donate a badge or make a donation through Paypal get to go live with me or get their questions answered first. I make sure I acknowledge their tips or contributions to my platform. So whatever it is that you're doing, we can create different ways that they can participate. Perhaps you're painting a picture or something, and you're going to allow them to choose the colors, whatever color you're using next, maybe you're going to have them throw out topics. For example, you're going to say, “this topic is what we're going to talk about tonight.” Maybe if you have a story, as they contribute, you're going to let them vote or pick the next item that you're going to feature or the next dress that's going to be in your photoshoot. People find all kinds of different ways to monetize and people will pay for it.
- Provide Exclusive or Direct Access:
Now, this one is a moneymaker. Depending on what you're doing, you can charge anywhere from $5 to $500 for this. And you do not have to meet people physically, and you can do this in 15 minutes sessions and 20-minute sessions. You can do this inside a group session but create a space. So it's one-on-one—exclusive or direct access. If somebody wants to talk to you about whatever they want to speak to you, you can create a fee and say you want to have an after
stream. Let's say in your after sharing, you have a cheat list or a specific code, or you have some top secret tips or maybe not even that, perhaps you're just going to say “I got a one-on-one for all of you guys. If you want me to review your Instagram accounts tonight, you want me to read Instagram accounts tonight, click the link in my bio, pay $47.00. For all of you guys that deliver the $47, we're going to open up a private stream. I will send you a personal link to my zoom room, and we're going to get in there and see what's going on and we're going to do the account reviews and share some tips. I'm going to show you all these secret steps.” It just needs to be exclusive, something that someone else can not get. For example, you could say, “We got a private party and you only get to come to this party if this is what's going on.” So exclusive access or direct access, whether it's in small group format or one-on-one, is an effortless way that you can start the process of making. Because again, if you've created a community, you're going to have people that want to pay the money to get the exclusive experience. I know a lot of you would pay $47 to get an account audit because it would be like striking gold. That's why I said the community is where it is at. If people like you, they want to hang out with you and they may not be able to fly and hang out with you physically but they will pay to have access to you.
- Take People On The Journey With You:
Don't forget to take people with you because again, remember people like to build and be a part of the things you are doing. They want to co-create with you and so whenever you're winning it is not only a celebration for you, but it's a celebration for your community and something that you guys all did together. Think about this as a form of crowdsourcing. Instead of sending somebody to a go-fund-me page, if you can show people that you're working, show people the progress you're making and say, “I've completed this step now to get to the next step, this is how much it will cost. So go ahead, guys, help me out.” or “If you feel compelled to help me out so I can get to the next step, donate.” Then when you go into your content, people really will relate and sow into you.
This is one of my favorite strategies to make money with live streaming. Subscriptions are the easiest way to develop your live streams, and you don't have to have a big following. However, the thing about subscriptions is that you are going to need to create something where people can access information that the general public does not get.
That's how it works with subscriptions. Your subscription prices can range anywhere from $1.99 a month to $99 a month. I've even seen some people subscribing to things that are $199 a month. For example, if it's a price point of $199 a month, it has something to do with saving people's money, making people money, or educating people in some capacity. The secret to getting people to join your subscription plan is to create a commonality that is obvious to your community.
So this is the thing your commonality is to figure out what your audience needs. Your job is to figure out what is required and what the commonality is right now. So ask yourself, how can I create a space where my community can get that type of content because that's not going to be something people are going to get on my live stream. You would let them know what it is, what they will get, and how to join or set up their subscription.
Another thing is, you must create a termination policy or process for your subscribers. So if, for some reason, somebody wants to exit, what we typically do is send them over to a landing page or a specific page. Also, you can utilize a Facebook group and give people access to that Facebook group. If you're going to do a Facebook group, there's an extra step. I would recommend that you create a landing page and link to your landing page or a forum. In the termination policy, we tell them to put the words "Termination" or "Cancel Subscription" in your email's subject line and submit your termination. I will not badger people. I'm not going to ask you a lot of questions. If you want to terminate, I am going to let you terminate your subscription.
Once you submit your termination, we turn off the subscription and email them to let them know we got the message and you shouldn't receive any more charges. So that's generally about all it takes for the subscription. Then you want to have a place where people can meet and greet. You can do that through a private app, a private portal on your website or a landing page. Inside of there, you need to get a first name, last name, and Facebook username because many people have different Facebook user names that are entirely different from what their government names are. So that way, whenever you get requests, you can go over and check and say, “oh, okay, this is that person or that user.” Once they fill out the first name, last name, and user name, I would redirect them over to that group where they can submit an invitation.
That is usually an excellent way to create a shield. This way, if somebody is six months in, you're not going to remember correlations. So six months later, if they're inside of there, and they say, “Hey, I need to cancel my service.” Now, you can stop the subscription by going to look and say, “Oh, this person, this is their Facebook name” This way, you can choose the correct account and subscription. That is 5 Ways to Make Money Live Streaming. I hope this article has been helpful. Please keep in mind how powerful and lucrative Live Streaming can be in your business.
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