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Tech and social media giants: the platforms for businesses to thrive

Many businesses in the world today, particularly in Nigeria, have been thriving on social media websites and applications. This duo, typically called social media, has birthed businesses as well as increased consumers/clients base across the globe through network, messenger, chat app and voice over Internet Protocol (VoIP).

The likes of Facebook, Instagram, WhatsApp, Snapchat, Pinterest, Telegram, Messenger, and Twitter to mention but few, have saturated the social media space, even in Nigeria.

Technology—an agent of social change leveraged by social media, has enhanced the speed of communication, facilitated mass production and services, reduced dramatically physical labour and has entangled the world into a global market where geographical location is less becoming a barrier.

In Nigeria, social media has affected businesses across sectors and industries: transport, food and beverages, textiles, utilities, real estate, trade, education, business services, health, media, aviation, among others. The development of apps has made the use of social media even more irresistible.

Some giants have taken over the new idol—social media—as more and more people troop in daily.

According to Statcounter, and Social Media Trend report by Hootsuite, in terms of both the market share and number of users in the social media space worldwide in December 2019, Facebook stands out across the globe with 64.22 per cent share of the social media market and having over 2.1 billion users (active users, user accounts,or unique visitors), according to the December 2019 report.

                  

Source: 2018 Q3 Global Digital Statshot. Data correct to: 18 July 2018.

NOTE: We have revised the approach we use to report Facebook’s active user numbers since our previous report. As a result, Facebook figures reported here are not comparable to those in our previous reports, and any change to reported figures may not reflect an actual change in active Facebook user numbers. *These platforms have not published updated user figures in the past 12 months, so figures may be less reliable. ** These platforms do not publish MAU data.

Source: Hootsuite

Twitter is another social media giant with a share of 12.96 percent of the total social media market. However, according to the recently published social media report in December 2019 by Hootsuite, Twitter recorded a low number of users to the tune of 336 million.

Another giant by market share is Pinterest with a market share of 10.97 percent but a very low user base of 200 million. Next to it is Instagram and YouTube with 7.05 per cent and 3.79 per cent share of the market respectively.

YouTube is next to the giant master (Facebook) with 1.9 billion users, while Instagram recorded 1 billion users.

Among social messengers/chat app/Voip only, worldwide, WhatsApp leads the pack with 1.5 billion users. Following closely is Facebook Messenger with 1.3 billion users and QQ with 806 million users; while others have less than 350 million active users in the same period.

In Africa, Facebook dominates by more than half of the total market share at 64.22 per cent. Twitter, Pinterest, Instagram, YouTube and Tumblr followed in terms of the market shares in that order about the same period.

In Nigeria, competitors are unwilling to give in as Facebook leads with 49.8 per cent of the social media market share. Twitter controls 24.38 per cent, Pinterest at 11.82 per cent, Instagram at 11.26 per cent, while YouTube and LinkedIn have a combined market share of less than 3 per cent, according to Statcounter. During the period of our analysis, Twitter overtook Tumblr in Nigeria.

Facebook is a social networking company registered under the name of ‘Facebook, Inc. In the United States and it which allows its users to communicate with other people. Founded by Mark Zuckerberg in 2004 with a vision of designing a media platform for college students; the progress graph of Facebook now sees it in 37 different languages. The social media giant launched three key public features: marketplace, groups and events.

The rise of social media stories has created a creative and engaging shift in visual storytelling. From Instagram to Snapchat stories, Facebook stories and many more, social media has not just become a daily toolkit but it has transcended into an every-minute toolkit worldwide. On the top list is WhatsApp Status with 450 million daily active users

Source: Hootsuite, BRIU

Although Snapchat started the story era with Snapchat stories, within a short space of time, other media platforms have adopted it as a key way of sharing content. A working strategy of Facebook, which bought over WhatsApp and Instagram, is the pivoting from text-based platforms originally designed for desktop use to mobile-only networks that enable users to capture in-the-moment experiences and stories. As a result, 1 out of every 8 minutes online is spent on Facebook, making it overtake Google and Yahoo in total time spent online. The giant is becoming more recognizable as the number of active member increases.

As the top choice for social sign-in, 93 per cent of adult internet users in the US are on Facebook. Discounts and special offers drive users’ participation on Facebook and it is the top reason they “like” the brand. Also, surveys showed that Facebook users “like” a business or non-profit’s Facebook page because they want to show their support.

Businesses trying to achieve successful social media marketing on the giant social media platforms must overcome several common challenges to solidify branding, create quality leads, and drive sales.

Businesses need to adopt some key strategies in order to leverage social media marketing: First, identify your objectives using the SMART strategy. Second, it is very important to identify, research and learn about your audience. Third, you need to select your preferred platform like Facebook, Pinterest, LinkedIn or Instagram among others. Fourth, to attract viewership, craft your social media content carefully. One strategy that should never be misspelled is consistency; be consistent! Video content is the in-thing in today’s world, so add that up too.

As there are no exhaustive lists of all that is needed to have a successful business on social media platforms; take time to surf the internet for information. Remember that, even though Facebook is the main social media giant, it may not be the best platform for your business—you will need to learn the various purposes and appropriateness of each of the social media platforms.

 

 

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