Instagram ranks third after Facebook and YouTube in terms of popularity among social media platforms. With more than a billion users monthly, no business person should ignore Instagram’s potential. With the high number of users worldwide, Instagram has become critical in the creation of digital marketing strategies. But is Instagram the social media service for business in 2020? How exactly will it perform to boost the number of Instagram followers?
Compared to Facebook, Instagram has more appeal to millennials. Data from SproutSocial shows that 18-29-year-olds are the primary users of Instagram, accounting for 64% of the total population. Out of three millennials, two of them are using Instagram. More so, the annual ad revenue for Facebook is attributed to Instagram.
Users of the platform have acquired reasonable amounts of income. It is estimated that 31% of Instagram users make over $35,000 a year while up to 32% make between $50,000 and $74,000 a year. With these statistics, it is clear that young people have adopted the service to supplement their income. There are others that rely entirely on this platform for sustainability.
Dropping the Likes
In 2019, Instagram made a bold move to ditch the “likes” feature. This step was aimed at improving the competitiveness of the company. It erased the non-judgmental atmosphere for the users, thus encouraging them to make more posts to the site. The idea was borrowed from Snapchat, which also has a considerable following. Thus, Instagram will be on a better position to capture Snapchat users.
Business on Instagram
Instagram is a unique social platform when compared with other channels since it also provides a resourceful avenue for businesses. For all accounts that have been created, about 80% subscribe to a brand or business. On a daily basis, an average of 200 million users visits business profiles. 60% of users explore new products, while 70% of them visit the platform to search for a brand.
Currently, the United States, which is the world’s largest digital economy, credits its success to Instagram. There are approximately 112.5 million users in the country. Other countries with significant global statistics include Brazil, India and Russia with 70 million, 69 million and 40 million users respectively. Apparently, males are more enthusiastic about Instagram, and they account for 51% of all users.
2020 has seen an upgrade to some of the Instagram features. Among them is the updated Explore Tab which gives users a more personalized experience. For instance, a person with an Instagram account can use the icon to view stories and images according to their preferences. Today, marketers can showcase their products using Insta Stories and align them with the interests of the users. This promotional strategy is ideal because many clients have adopted social media as a suitable platform to sample goods.
Social Media Influencers
This is another incredible 2020 business trend, where Instagram is used to build online communities that help in word-of-mouth marketing. Marketers are using communities to engage with social media influencers to compel the latter to share their experience with the products and services offered. Given that Instagram is rapidly growing, the influencers give a media value to the business brands.
As the world continues to encounter digital transitions, in 2020, the most relevant tool for business is Instagram. Marketers have identified online space as a rich potential for sourcing customers. More social media platforms exist, but they are not as effective as Instagram. Millenials add up as the most significant number of subscribers. Hence, any aspiring marketer should design their products to suit the preferences of this generation.