18/03/2024
Hi there! If you’re a business, here is how you can turn your social media into a revenue stream.
Let’s talk about the dos and don'ts of making money with social media.
Looking at the social media landscape from 5 years ago is like looking at how a man with a horse looks at a man driving a horse-powered car. It’s just about 100 years ago, but that's how much things have changed in social media. I might be exaggerating, but the fact is, things are changing at a faster pace, so don't be left out.
Today, let’s look at the key things to consider when deciding why you should have your business on social media and how to win market share in your industry or niche market.
The evolution of technology and changing consumer behavior have made social media a crucial channel for businesses. Adapting to algorithm changes and embracing online marketing strategies can provide a competitive advantage. Businesses must recognize the importance of staying informed and adapting to the evolving digital landscape to succeed.
In today's fast-paced digital landscape, businesses must adapt to stay relevant. As Charles Darwin famously said, "It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change." This applies to businesses in the digital age, where those who embrace change and innovation thrive.
1. What has changed?
Before we come to the current state of social media, let's talk about the algorithms and the technology behind it. Let us see how the internet and later on social media have changed marketing and branding for the past 20 to 25 years. Too much has changed, especially with people’s behaviours when it comes to buying, consuming, and paying for services or goods.
The evolution of social media from chronological to algorithm-driven feeds has altered user engagement dynamics. Previously, posts appeared in real-time, allowing for immediate interactions and spontaneous connections. However, algorithmic content prioritization now shapes user experiences, impacting the timeliness and spontaneity of interactions on social platforms.
For instance, if I shared a post about dining at a restaurant, my friend Thulani could engage with it in real-time, potentially influencing his decision to visit the same establishment. However, with the introduction of algorithmic feeds, the chronological timeline has been replaced by personalized content prioritization, based on user engagement patterns and platform algorithms.
Now "social media" is just media. The social aspect I just described is pretty much gone. If I were to post that I'm going to a restaurant, Thulani might not see that post for days, if ever.
Consequently, posts may not reach all followers simultaneously, impacting the immediacy and spontaneity of interactions on social media platforms.
What's happening is that social media platforms "think" that Thulani would rather see the post later, because he might've not engaged with my last 2 posts.
This is why you can have 100,000 followers, and yet only 3 of your followers actually see your post.
And that’s when we come in as eboxweb to help you fix this with our tailored strategies that help brands, businesses, and all kinds of companies achieve social media omnipresence, ensuring your presence is felt whenever someone searches for relevant topics in your industry. We specialise in optimising our social media presence to ensure consistent visibility and engagement across platforms, enhancing brand exposure and audience reach.
2 Influencer competition and marketing
Previously, there were only a few hundred massive influencers, but with the emergence of platforms like TikTok and Reels, the number has skyrocketed. Today, there are hundreds of thousands of big influencers, tens of thousands with over 500k followers, and thousands with over 1 million followers. This doesn't even include the mega influencers with over 100 million followers..
So, if you want your business to stand out it's crucial to connect with the right influencers who can effectively market your business and brand to their large and growing follower base. While having a huge following is important, what truly matters is engagement and trust, which influencers bring with them. However, this requires a solid strategy.
So posting lifestyle, business, or brand pictures is no longer sufficient. To monetize your social media presence, you need to implement specific frameworks and strategies tailored to your audience and goals.
