A business grows and changes as people do, so doesn’t it make sense to build a social media platform for it? As social media continues to grow, so does the opportunity for Market Invention. By creating a social media profile for your business, your brand is now capable of creating a space for your customers to view and access your portfolio of services. This allows for the opportunity to create something completely unique and personal to keep your audience engaged. The way information is shared has changed and businesses need to recognize this and adapt.
Instagram: The Next Billboard?
Born in 2010, Instagram has taken the world by storm. This single social media site has more than 800 million monthly active users. Of these 800 million users, 25 million of them are business accounts. If you think of Instagram as a highway packed full of cars, the main road is made up of personal content, with billboards marketed towards them popping up along the way. The difference between social media marketing and basic marketing is that social media actively integrates with a person’s personal feed. A person would engage with a business post as they would a friend, making the customer experience more personal.
One tool that people are often unaware of is Instagram Insights. When a business Instagram account is created, it gives them access to analytics, or activity, that happens within a profile. This consists of the interactions, discovery, and audience insights. It then goes more in-depth and breaks down interactions per piece of content. For example, if you post three photos, Instagram Insights can show how the posts compare to each other via interactions. This helps to understand the types of content your audience engages with most. Another tool Instagram offers is the Audience Tool. This provides certain demographics such as average age, sexual orientation, and location of the people who interact with your posts. Having these insights available within the app makes it easy to have a finger on the pulse of how your profile is performing.
A great example of a brand who has seen success on social media would be the cosmetics company MAC. They have created multiple social media campaigns geared towards engaging their core audience as well as new customers. For Halloween, senior makeup artists, John Stapleton, and Regan Rabanal posted a makeup look to Instagram with the hashtag #SeniorArtistsSlayHalloween. This encouraged people to share their own Halloween looks across social media and to promote the use of MAC products. As a result, people began to share their art using the hashtag which created an organically grown marketing campaign. Once started, people created all the content and all MAC had to do was to interact and repost some of the best work. Campaigns such as MAC’s #SeniorArtistsSlayHalloween creates a community of people who all interact with the brand as well as a more personal connection to the company.
Twitter: The New Radio and Newspaper?
In 2006, a platform called Twitter was created. Currently made up of approximately 261 million users, this platform has changed the way people interact with the news. Radio and newspaper started as a way to share ideas, news, and music. Today, Twitter updates in real time with media related to news, sports, fun, entertainment, in a personalized feed per user. This has allowed users to absorb news specific to their own interests. While Twitter does not play music, it shares people’s opinions on topics, is comical, and informs the public of what is going on in the world.
Twitter has also expanded the way news is shared. Every person who has an account now has the possibility to share moments instantly with the world to join in the conversation. An example of this would be the China earthquake in 2008. This earthquake took more than 69,000 lives, injured 374,176, and 18,222 people were listed as missing. Blogger Robert Scoble tweeted about the earthquake, retweeted reports, and created awareness before the Geological Survey had the opportunity to comment. People in China were communicating about the effects in real time and people around the world were informed almost instantly. China may not be an example of Twitter’s marketing impact but it does represent the power of regular people having an impact on the news world.
From a business perspective, Dell has taken advantage of Twitter and created a new marketing platform. Dell earns approximately $100,000 per Tweet. With 1.6 million followers, they tweet special offers and promotions. A few years ago, this would compare to a free ad in the newspaper that turns over extensive profit.
Instagram and Twitter have changed the way people communicate with each other and how they are influenced. News, media, and products are worked into social media posts – marketed directly to people who are actually interested in the product and produce organic discovery.
The new way to market is on social media. On average, the typical American adult will spend 11 hours looking at a screen every day. That is 660 minutes of opportunity to influence or educate a customer. Businesses need to change the way they think about their audiences and interact with them. The new way of communicating media and news has changed, so shouldn’t your market strategy?
COGNITIVELY COVID: The CEO Guide to Fear
Invention can save us all, but fear is invention’s nemesis. Fear hits you in the survival gut when you’re white-knuckling through rapidly changing, uncontrollable circumstances (like now) and you’re paralyzed by the next minute.
COGNITIVELY COVID: The CEO Guide to Denial
Now, in the time of COVID-19, as we all feel the need to move fast, CEOs might want to be especially mindful of biases, especially the biases that support denial and impede invention during crisis.
COGNITIVELY COVID: The CEO Guide to Acting Fast
You’ve likely heard the term “first movers” in the context of new sector growth. Moving first to take advantage of opportunistic pathways thanks to COVID-19 is almost a new sector unto itself.
The 10 Truths of the COVID-19 CEO
At this point, many of us have been on lockdown for at least eight weeks—and during that time, COVID-19 has left its mark on nearly every sector. In the midst of loosening lockdowns and tightening restrictions, dropping infection rates and second waves, CEOs must adjust to new truths in changed industries. During many conversations with my peers, a few of those truths have surfaced time and again.