Last week’s most trending story how Snap shares crashed massively just after one critical tweet of celebrity influencer and TV star Kylie Jenner has left me shocked. Honestly, I guess I’m a late-comer to the social media scene as new technology has always scared me. But more than that, I always seem to be too busy to be bothered as it takes some effort and time to be ‘on top’ of your social media game.
Over the last few years, social media platforms have grown exponentially and we have seen these sites change lives in ways we can only gasp at! The companies themselves are seeing gains beyond belief in their growth and profits.
However, as amazing as these platforms can be for entrepreneurs, there are some down sides to them as well. Social media can badly damage businesses – however small or established— overnight. Who would have thought that one disparaging comment by Kylie on social media could almost single-handedly wipe out $1.3bn from the company’s market value. This was not it. The damage snowballed, with followers and other influencers adding to her comment and tweeting similar replies, citing negative recent user engagement trends since the platform’s redesign.
So, what is this redesign?
Well, algorithms drive all that is done on the social media platforms, from Facebook to Instagram. Facebook, for example is changing its algorithm that runs the news feed. No longer will it prioritise “helping you find relevant content”, says founder Mark Zuckerberg, adding that the new goal is to help you “have more meaningful interactions”.
This has a huge impact on brands and organisations, using Facebook to interact with users, as the balance is changing. This type of change was seen across the social media world too.
So what can we see in 2018?
Well, without doubt, social media will continue to grow and evolve. Already we are seeing the social media landscape moving towards copycat marketing such as Instagram ‘stories’, almost replicating the Snapchat model. Competition is now critical with apps and social media websites vying for our custom and usage. Being able to interact with us so dynamically, creates more demand and hugely increases advertising revenue.
Take Instagram for example, the latest trend enables us to shop on the app, creating instant purchases. This is massive for those companies advertising or ‘promoting’ their products or services. I had a comparative look on Amazon to see if I could purchase these advertised items and 90% of the time, I could, at a lesser price. It was the same with E-bay. This means that advertisers on Instagram, are capturing consumers in a split second, creating interaction and gaining an instant sale. Many of the companies increase sales revenue and so see additional profits in a market place that is very easy to reach and hugely targeted for very little expenditure.
So, let’s keep watching this phenomenon, and if, like me, you are late to the party, just join in. It can be fun, re-warding and profitable and not only for us, but for the brands too, as this relationship has never been closer.
If you are still worried about getting involved, get some help – a social media expert will change your business and your world.