Episode 96: How Entrepreneurs can Generate More Revenue with Live Streaming

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By the end of 2021, the live streaming market is expected to hit 11 BILLION dollars.

So, are you planning to live stream more or less in 2022?

If your answer is more, you're in the right place.

In this episode of Lights Camera Live, I'm joined by the live stream queen herself, Luria Petrucci.

Luria is a live video strategist and the creator of Expand Your Reach Live, a brand new event I can't wait to tell you more about. She has created over 5,000 videos in the last 14 years and has over a billion views using video and live streaming.

Luria has appeared on shows on CNN, Fox, NBC, MSNBC, and has worked on live video for top brands like AT&T, Samsung, GoDaddy, and more. Friends, she knows her stuff.

We will unveil how live streaming can help build your brand and your bottom line, and how entrepreneurs can generate more revenue with live streaming.

What makes live streaming so enticing?

Live streaming is enticing because it's the best way to connect on a human level. While we've always known this to be true, the pandemic and the last couple of years has definitely highlighted that about going live.

Luria has been live streaming since 2005 and has seen the ups and downs of the industry. Over the last two years, people have finally taken it seriously because they discovered how much they needed human connection.

When we didn't have it, we realized how important it was. And online, live streaming is the best thing you can do face-to-face to have a conversation and connection.

“Live streaming allows us to have a human connection. We can have a face-to-face conversation online and connect with others in our community on a deeper level.”

When it comes to making money online, the intention is not necessarily the same. You don't want to connect because you want to make more money. However, when you connect on a human level and create an engaged community and viewership, you can make more money.

How can live streaming help entrepreneurs 10x their income?

Luria first points out that if you aren't live streaming yet… Start now!

One of Luria's students wanted to start live streaming but waited a year. When she finally began, her business grew by 30%. During that year, she only used her cell phone to live stream. Building a community and growing your business can be done, no matter what tech you use.

There are so many different ways you can increase your income by live streaming, especially if you own products or services.

Anything can be sold through live video, whether you have a course, physical products, sell consulting services, or something else knowledge-based. With practice, you can turn a first-time viewer into a customer while going live.

“The old adage of needing seven touchpoints to turn a lead into a customer doesn’t exist anymore because live video is so engaging, as long as you treat it as such.”

It's so easy to produce live video and create knowledge and expertise while building your brand and selling stuff on the backend because it's a natural fit for the audience you're making. And that viewer is thrilled to be a customer, having just met you.

Another way to use live streaming to increase your income is to leverage different platforms. For example: Amazon Live. Live shopping is blowing up right now, and 2022 will be the year for live shopping.

So many businesses are turning to live shopping, and Amazon Live is leading the platforms regarding knowledge. Think QVC online, but you are the host, not someone who has gone through multiple casting calls.

If Amazon Live isn't something you are interested in, you can still hop on camera and showcase the products or services that you sell. Go live on your profiles and platforms and enlist the help of others in the community. Ask friends if you can go live with them or in their Facebook group to reach a wider audience.

Even if you aren't a live streamer yet, you can still learn great tips from Luria and other live streamers about how to pitch yourself. Showing up on other people's platforms, podcasts, and live videos is an excellent way to get your name out there, even if you don't have your own audience. Over time, it does help with revenue growth.

YouTube and Facebook are currently working on live shopping capabilities that will be integrated into their platforms. As those features start to roll out in the future, you can incorporate your products, services, and merchandise into those platforms. We may see these features in 2022, but it may be 2023.

With that said, now is the time to start building your audience. Start trying new things when it comes to live streaming. You'll be able to sell easier in the future if you already have an engaging community instead of sending people to a different site.

Many businesses go into live streaming with the intention of selling. Let's face it; as entrepreneurs, we need to make money and grow our businesses. But when you approach it from a mindset of community and engagement and just talk to people, that's where you're going to see success in terms of sales.

“Come into live streaming with a heart-centered approach. You can be yourself and still be massively successful.”

Finally, entrepreneurs can increase their income through affiliate marketing and brand partnerships. It's not just for content creators. Many entrepreneurs get hung up on being a business and having their own products to sell. They completely ignore low-hanging fruit that can help them increase their revenue.

As long as you approach affiliate marketing with the right intention and brain space, you can kill it. It's also a massive benefit to you, your audience, and the company you're representing.

If you have a favorite piece of gear in your studio that you talk about all the time, use Amazon affiliate links. You can even pitch a partnership to brands that you use. For example, if you love Descript and use it every day in your business, reach out to their affiliate program. When you promote products that matter to your audience and that you care about and can talk about organically, it's a win-win for everybody.

“Entrepreneur diversification is the name of the game. Revenue streams will ebb and flow, so it’s important to not rely on one thread of business.”

The more you diversify your income with different threads, the more stable your business. You'll have the knowledge and security to grow your business in the future. You'll feel comfortable hiring team members because you know that even if something dips, something else will cover it.

Brand sponsorships and partnerships are an excellent way to add new sources of income to your business as an entrepreneur. Just like with affiliate marketing, you need to have the right perspective. If you don't approach a partnership with the right mentality, you'll lose trust with your viewers.

Your viewers, or customers, are the lifeline of your business. Always have their back and make sure a specific sponsorship or partnership is in the best interest of your audience.

Luria's other tips for entrepreneurs

As an entrepreneur, it's easy to get stuck in "imposter syndrome." There are so many live streamers and entrepreneurs out there, and many who may be in your niche.

Luria explains that you need to take a step back and stop comparing yourself. When you can really get behind that, your mindset and actions are free. You're not trying to be anybody else; you're trying to be you.

Get out of your comfort zone, take action, set the goals you want to accomplish, and start working toward them. When you compare yourself to others, you're holding yourself back from reaching those goals and growing your business.

If you're not out there sharing your knowledge or passion with the world, then others aren't getting your magic. They may not be doing the things they need to do because you aren't sharing it with them!

When it comes to content, be intentional with your content strategy. Map out what types of content you want to share, on what platforms, when to share the content and how often, and who you want to reach with that content.

Luria's team shares 1–2 recorded videos on YouTube every week for entertainment educational purposes. They also share a "pattern interrupt," which they do in recorded videos to help with audience attention rate and finding a new audience. This strategy has helped Luria and her team increase the AVP (audience view percentage of how long they watched a video) by 3100% in 2021.

Then, Luria has two different live shows: a live education show and a community-based live show.

The community-based live show isn't intended to grow her channel at all. Something like Luria's hour-long community-based live show isn't going to find a brand new audience. It's just a fun place for her existing community to hang out. They do super chats, answer questions, goof off, and have a good time.

The education stream is built for the replay. Luria doesn't do a 40–minute or hour-long live stream full of knowledge. She condenses the show into a core content piece of the live stream where she engages with the audience and answers questions.

Within the show is the core piece of content that Luria plans in advance. The replay is five to 12 minutes long, and that works incredibly well for gaining new audience members and subscribers who come to the channel after the live stream is over.

Sign up for Expand Your Reach to learn more

Luria has an upcoming interactive event called Expand Your Reach, designed to help you grow your audience and revenue in 2022 with video content—live streaming, recorded videos, YouTube videos, TikToks, Instagram Reels, and more.

Expand Your Reach takes place on January 12–14, 2022. From short-form to long-form content, this event has you covered. An amazing list of speakers will share their tips and make sure you have the tools you need to succeed with video content in 2022.

During Expand Your Reach, you will explore different techniques and learn different perspectives of what's working and what's not. This event is about strategy and gathering the top minds across the digital space to give you information. Luria will always encourage you to learn and then add your own magic on top of it—what fits you, your unique personality, and your needs?

Many virtual events have a firehose of information, and viewers are left wondering what to do next. With Expand Your Reach, Luria's intention and promise are to help you weed through the information and create an action plan personalized to you. Then, you can run with that plan in 2022 with a focus and drive to see results with your video content.

Grab your ticket today and secure your spot!