5 ways for educational institutions to monetize live streaming in 2021

Live streaming sales have been popular from 2020 to 2021. Through live streaming, merchants can display products intuitively and vividly, interact directly with users, heat up the atmosphere of the live broadcast room, and create a hot scene of explosive orders.

The effect of combining live streaming with education is obviously good. Through low-priced and free live classes, more new students can be easily reached, thereby increasing the conversion to full-priced classes.

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But at the same time, teachers also encountered some difficulties when planning live classes, such as cost issues. A live class, from planning to teaching, requires a lot of manpower and material resources. If the expected benefits are not obtained, it will not be worth it!

Students whose appetites have been spoiled by low-priced courses are also a concern. In the previous summer vacation war, education giants invested a large number of free courses for students to experience, causing some students to feel that courses should be free. If the students attracted by low-priced or free live classes leave after taking advantage of the services and do not convert to full-priced classes, then all your efforts will be in vain.

Is there any way to balance the threshold for live streaming and the paid conversion rate, so that teachers can maintain the "sense of value" of the platform courses while doing low-cost or free live streaming to attract traffic, laying the foundation for later conversions?

For small and medium-sized education and training institutions, they can choose to build public accounts and mini-programs online education platforms through education SaaS service providers such as Maker Artisan, put high-quality content on the platform, use the content as the basis, and conduct traffic and marketing activities based on the WeChat ecosystem, and stimulate the value of students to achieve word-of-mouth marketing.

For example, teachers can broadcast live twice a week, choosing to broadcast for free at 20:00 on Wednesday and Thursday evenings. Generally speaking, most office workers have already arrived home at this time and have more time to watch the live broadcast.

Then, teachers can use some activity settings + online tools to greatly increase the live broadcast attention and conversion rate.

1. Lucky wheel draw to attract traffic

Lottery has always been a tried and tested method for attracting traffic. Teachers can use lottery activities in the live broadcast room. In addition to online/offline courses, online platform VIP weekly cards, physical books, etc., they can also add a grand prize, such as a 5,000 yuan scholarship, or a super lucky prize of a higher amount such as a laptop computer, to attract more traffic.

2. Live broadcast exclusive discounts to increase real-time conversions

Teachers can set up some exclusive discounts for live broadcasts, emphasizing that the discount will end when the live broadcast ends. This can intensify the tense atmosphere, promote real-time conversions, and also increase the completion rate of live broadcasts.

For example, for platform VIPs with limited-time and limited-quantity special offers, the teaching assistant can announce the remaining quantity in the live broadcast room as the rush to buy is going on, thus increasing the atmosphere of the rush to buy. Or you can form a group in the live broadcast room. A group of 3 people can enjoy preferential prices in the live broadcast room, which encourages users to spread the word and promotes paid conversions.

3. Interactive Q&A in class to increase live broadcast attention and interactivity

If the teacher is the only one explaining, some users may feel tired after a certain period of time. The teacher can insert some in-class Q&A and gift-giving activities at appropriate times to enhance the interactive feeling of the live broadcast.

For example, when asking questions in the Q&A area, the three users who answer correctly the fastest can receive a small gift, etc., to maintain the enthusiasm of the users in the live broadcast room.

This method can also be used to recommend products on the platform. For example, if a yoga teacher's platform has opened an online physical mall called Maker Artisan, and sells physical products such as yoga clothes and yoga mats, you can ask questions about the products in the Q&A area to increase everyone's understanding of and interest in the products. The products can be given away for free to the user who answers correctly the fastest, while the 2nd and 3rd place winners will have certain discounts, and the 3rd to 5th place winners will have decreasing discounts, etc., which can also increase sales of the products.

4. Live broadcast group + promoter

In addition to direct conversions in the live broadcast room, you can also quickly expand your influence through the promoter function. The promoter function is that A can generate his own promotional poster with one click and send it to B. After B purchases the course, A can get the corresponding bonus.

After promoting their courses and products through live broadcasts, teachers can guide interested users to join an exclusive group for promoters and provide promoters with special instruction documents, operating instructions and other material support within the community to help promoters do their work better.

In addition, teachers can also mobilize promoters to share the live broadcast to ensure the exposure of the live broadcast.

5. Live playback, making full use of long-tail traffic

The live broadcast is over, but it does not lose its value. The teacher can automatically generate a live broadcast replay, edit and encrypt it, and put it on the online platform for students who did not participate in the live broadcast to watch. Students only need to add the teaching assistant’s WeChat to get the password to watch the replay, and the teacher can also gain a potential user.

You can also add in-class interactive functions to the playback videos, and add physical goods when explaining the products, so that the courses have long-term monetization capabilities. For example, when a calligraphy video class talks about the need for copybook practice, a link to the merchant’s own copybook will pop up, allowing students to purchase it with one click, thus improving their learning experience.

By flexibly combining the above 5 steps, educational institutions can master live streaming and give more monetization capabilities to a live broadcast. Educational institutions and teachers who want to transform online and try out live streaming may wish to take advantage of the live streaming trend to quickly attract traffic and realize cash efficiently.