A business strategy is a company’s plan for operating, dealing with issues that arise, and ultimately planning how to generate profit and continued growth. Strategies include many aspects and vary depending on the type of business. However, in today’s world of technology, social media is a must for most companies to see their greatest potential. It’s essential to include social media in your business plan and understand how social media platform changes can help your business pivot its strategy.
The Essentials of a Business Strategy
As mentioned, a business strategy is essential for company growth, production, and profits. A good strategy will help a business see future threats and competition and create a quick action plan. It’s also the best way to understand your valuable resources and how and when to use them. Having a strategy means the company isn’t simply taking it a day at a time; they’re prepared for today and the future. The following are the essentials of an excellent business strategy:
1. The company’s vision and mission
2. Long-term goals
3. Financial objectives
4. Operations
5. Marketing
6. Actionable steps
Marketing is the step that puts the other steps into action. Without proper marketing, the company may see a standstill, and other variables won’t see growth. When it comes to marketing, avoiding social media is a grave mistake for a business. According to Search Engine Journal, nearly five billion people worldwide are on social media, and 82% of consumers say they have bought a product they saw on social media (via BusinessofApps).
What Is Social Media?
Social media is a digital technology that allows people to interact, network, share, and engage through different platforms. Twitter, Facebook, Instagram, X, and TikTok are the most common social media platforms.
As users scroll through these platforms, ads pop up according to viewers’ interests. One of the most beneficial parts for businesses is that the algorithms of social media platforms know your audience before you do. Ads are placed in front of those who may have an interest in what you are selling.
Recent Social Media Changes
There have been some changes to social media lately, and more changes to come. Recent improvements have marketers taking notice, and as a business owner, you should as well. Let’s take a look at the most recent changes to be aware of when adjusting a business strategy:
TikTok Shop
TikTok’s shop isn’t new; however, it’s relatively new to the United States. The social media platform’s shop for businesses was already quite popular in the Britain and some Asian countries long before it became mainstream in the U.S. You must sign up for a business account to use the TikTok shop. It uses live streams and the already familiar video format to allow sellers to promote their products and add an easy link for customers to click on to lead them to their shop. You can even connect your established Shopify store to your TikTok account.
X / Twitter
It may take a while to get used to saying “X” instead of Twitter, but the new name is a significant change for the social media platform. The name change stems from the need to change from a news-only site to what Twitter (X) now is: a site for longer videos, opinions, news, marketing, and socializing.
Instagram will soon have the option for creators to add a quick poll for viewers to answer, which will be a great form of marketing and gathering information. Instagram is also testing out ten-minute reels that creators can use to make videos that are longer than the current 90-second max.
Pivoting Your Business Strategy as Social Media Changes
When there are changes in social media, it’s essential to understand what those changes are and use them to your advantage in your business strategy. Sometimes, a change means nothing for business; however, the change can benefit your quest for more customers and sales.
Shifts in social media often mean new trends or competitive companies trying a new form of engaging customers on social media. Let’s look at when to pivot a strategy to accompany social media platform changes.
The Audience Comes First
Throughout the life of a business, understanding the target audience is essential. Does the change in a social media platform suit your audience? Does it affect them positively or negatively? Will it be helpful to use the change, or will it be a hindrance? For example, does your target audience enjoy videos? If so, Instagram’s new feature for ten-minute reels will be helpful; however, it may not be a necessary shift if they aren’t avid video watchers. If you know your audience well, you’ll find the answers to their needs. Pivot the social media marketing plan in your business strategy if it benefits the audience.
Take Your Time
Whenever there’s a necessary shift in the business plan, it’s essential to take it slow and test the waters. Don’t assume that a new form of marketing working for one business will work for yours as well.
Applying Platform Changes to Your Business Strategy
You’ve decided it makes sense to pivot the strategy, so how do you apply the changes to your business? Let’s look at each specific recent social media change and how a business can effectively use it to benefit its marketing.
Instagram Reels
According to radar studies, reels receive 22% more views than regular video content. It’s wise for companies to consider reels to promote their business to increase brand awareness and sales. Even if reels are part of a business strategy, consider increasing the length once Instagram fully approves ten-minute reels. Ten minutes is sufficient time to tell the company’s story, which is an effective method to create loyal clients and customers.
TikTok Shop
When a new platform takes off quickly, getting in on the action before it becomes commonplace is wise. Currently, TikTok Shop is new and hot, meaning not every business knows the shop’s potential. Insider Intelligence predicts that four out of 10 TikTok users will use TikTok Shop to purchase items they see on the platform, and that soon, we’ll see TikTok Shop outperforming Facebook and Instagram in sales. That number is likely to increase as more consumers become aware of TikTok Shop, and more companies promote their products on it.
Include TikTok Shop in your business strategy by going live with product tips and promotions and see how it does. You can also create TikTok business ads as you usually would on TikTok’s platform and add a TikTok shop link for viewers to see.
X (Twitter)
Now that Twitter is called X and allows for longer videos and wordier content, take advantage of it in the same way you would with longer Instagram reels. X is a great way to get opinions from others, since Twitter is regarded as a platform where you can voice your beliefs.
Facebook hasn’t seen a lot of changes as of yet (except the name: Meta); however, keep an eye out. Changes are likely eminent as newer platforms are greatly benefiting businesses. It’s safe to continue using Facebook in your business strategy if you continue to monitor the target audience. An audience may shift to another platform as they age or as other platforms become more appealing.
In conclusion, don’t stay stuck in a business strategy that isn’t evolving with time and technology. You don’t have to love social media; however, in order to thrive, it's crucial to take advantage of its deep involvement in marketing.
