Building network and wealth through social media platforms.
This is the second part of a three part series, it is advised that you read through the contents of the first part prior to reading this, for proper understanding
What does it entail in Building a Social Media Business?
The business of social media is a simple yet complicated system since it adds a whole lot of dynamism to the game play. It becomes expedient that you get acquainted with the rules that govern running your business on social media.
The first question for most social media business newbies is;
- Do I start a brand new business
- Do I aim to remodel my business to for the new social media demands
If you don’t have an existing business then of course you should start a fresh business on social media, this is of course a no-brainer.
This is usually an intriguing question if you already have a business that you run locally. The truth of the matter is the answer is always in two-folds;
- In case you already have a local business then it is recommended that you aim to remodel your business to meet social media demands as it is often better to move from the known to uncharted territories and most likely you won’t want to have to fight on two new fronts.
- In case your local business is failing and you have seen that it has no real potential to be resuscitated or the business was meant for the analog era and may not do well in the digital age then of course you should move to a potentially more suitable business that can move and drive traction in the digital era especially on social media
With this out of the way, another come question that rapidly comes to mind is what does it take to run my business on social media?
The answer to this is quite simple, unlike in traditional businesses that require a physical location, banners and billboards, one-on-one advertisement and marketing; the requirements for running a business on social media are quite less stringent when compared to those of the traditional business. At the very core of it the baseline requirements are;
- A smartphone or PC with a stable internet connection (Smartphones are ubiquitous nowadays, I believe for you to read this article you have one or the other)
- A will to learn how these social media platforms work ( There is a great chance you already use this for your personal communication with your friends )
- A great deal of creativity to intrigue your audience.
Identify and validate your choice of a Niche
There are key strategy for starting a social media business if you haven’t had a previously existing business is thorough research of the niche you intend to build a business.
This is perhaps one of the most tedious phases of building a social media business. But this does not need to be overly difficult as can be. To simplify this process you can;
1. Learn from other successful businesses in similar or your proposed niche
The joy of social media business is that there is always someone that has successfully done a similar business to what you intend to build hence you can learn a lot from them by viewing their pages and observing the things they do with a view of noting how you can improve on their years of marketing experience and strength.
2. Know your market
It is important that you know what happens in which ever market domain you wish to target. This can easily be done by observing the lifestyle trends of your prospective customer there and then on the social media. By observing these trends you would understand their spending culture, the interests, their habits, their best locations and a whole lot more. These information is valuable and can further simplify the process of identifying and validating your choice of a niche.
Your chances at been a social media business success story originates from a good choice of a niche. A good niche choice may make your business whereas a bad niche may mar your business and bring it to a quick halt.
The end goal is to identify a niche wherein its users are willing to pay and where the competition isn’t rife. An in-demand monopoly in a niche were customers are willing and have the capability to pay is every social media businessman’s dream.
3. Get Creative
Another key strategy for building a successful social media business is creativity. Driving user engagement is key to the success of a social media business, it therefore is important that you get creative when providing insights and information about your product or service to your prospective customer.
Delivering high quality creative content is key to the success of your business hence it should be treated with utmost importance.
Here are quick tips to make your social media content stand out;
- Make use of exciting color choices that fascinate users
- Make sure you create scheduled contents that way your customer get accustomed to when to expect your content
- Make sure you post content regularly
- Be sure to give giveaways and promotions as at when due
- Respond to customer feedback and inquiries from prospective customers in real time
- Make sure you create meaningful posts that can drive engagements with your customers
In the final part of these series of articles, we would identify what it takes to successfully get your first paying customer in your social media business and how to keep managing your business.