Lecture on Social Media and Business

Introduction

• Importance of social media for personal and business use.
• Audience participation exercise to gauge social media usage.
• Purpose: Discuss digital environment changes and strategies to maximize social media potential for businesses.

Key Points Discussed

Current State of Social Media

• Over 2 billion Facebook users and 800 million Instagram users globally.
• Social media is a vast marketing opportunity but highly competitive.
• Massive content creation every minute on platforms like Facebook.
• Need to stand out to capture users' attention, which is usually very short.

Influence of Social Media on Choices

• Social media inspires travelers; half admit being influenced in travel decisions by it.
• Opportunity for businesses to convert engagement into action (e.g., bookings).

Understanding Millennials

• Millennial generation is a key demographic: digital, global, barrier-free, consumerist.
• Importance of speaking their "language" to connect with them.

Importance of Video Content

• Video is critical on social media, with major platforms like Facebook predicting 90% video content.
• Video content receives higher organic reach compared to images or text links.

Changes in Social Media Algorithms

• Organic reach has reduced dramatically, necessitating strategic content creation.
• Businesses need to consider paid promotion as organic reach declines.

Emerging Content Formats and Platforms

• Stories are a new trend, available on multiple platforms (Facebook, Instagram, YouTube).
• Early adopters of new formats often benefit from favorable algorithms.

Audience and Platform Diversification

• Different demographics prefer different platforms (e.g., Snap for younger audiences).
• Businesses should tailor their strategy to the platforms their audience uses.

10 Strategies for Improving Social Media Presence

Be Authentic

• Example: Lori, a food forager, gains followers through authenticity and real stories.

Provide Value

• Content should offer real value to the audience, beyond promoting the brand.

Timing of Content

• Best engagement times: post-lunch and late evening.

Encourage Engagement

• Create shareable, conversation-starting content.

Leverage User-Generated Content

• At least 50% of content should come from users (partners, clients, etc.).

Utilize Micro-Influencers

• Engage people with smaller, yet dedicated followings for authentic promotion.

Invest in Quality Content

• Better to create high-quality content than to spend on promoting mediocre content.

Plan and Consistency

• Develop a monthly social media plan focused on regularity and engagement.

Monitor and Improve

• Regular evaluation of social media metrics to inform strategy adjustments.

Diversify Marketing Channels

• Beyond major platforms, explore PR, blogs, podcasts, etc., for a broader reach.

Conclusion

• Constant change in technology and user behavior necessitates evolving marketing strategies.
• Adaptation and innovation are key to leveraging social media for business growth.