What’s the easiest way to make money online? Millions of businesses hope to make it in today’s economy, so it’s not surprising to see each company scramble to have its online presence stand out from the crowd. In a newly released study by the Survey
Research Institute, more than two-thirds of businesses in the United States report that their online presence is considered more important than their physical presence. Over 50% of those businesses have cited cost-cutting, as well as providing a customer service experience, as the key to success in today’s competitive landscape.
At the start of this year, a study found that a majority of businesses were reporting an increase in spending on their digital presence in 2020 compared to the previous year, a trend we may see continue in the coming year. But some studies suggest that businesses in addition to a physical presence should also spend money on something called ‘customer service’–a term that gives the idea of internet applications a touch of hokey superheroism. With this notion, I believe, small businesses will turn to new social media applications as tools in finding new ways to make money in this constantly changing environment.
The giant card, however, has not given up completely. In fact, some big tech companies are stepping up in the social media world, slowly but surely. Facebook just announced their own social media application that they refer to as Quibi. The app gives content creators the ability to post and share videos, which will be played on multiple platforms including Facebook. Unlike Facebook, Quibi will focus on video–and only video, period. According to the company, their client base will “radically change” to users who are “geek-chic and into iconic content.” The current app was only given the green light by Facebook because Instagram’s new-found video policy means the platform will allow users to post more than 15 seconds of video content, as long as it is classed as ‘Original and Official Content.’
What about Instagram though? A social media platform that boasts over one billion users and is home to some of the most popular Instagram content on the internet? Well, Instagram has had its own footage feature of some type for some time, but the company is reportedly planning on changing their rules. A new report claims that the platform plans to expand the video uploading capability and allow brands to follow content creators’ content uploads more closely.
The evolution of social media platforms is very real. An example is House, the new construction of Home Depot. The platform, which gives people the opportunity to create and share branded home videos in a vibrant, educational, and creative way, is currently in development.
The inclusion of price-cutting tools in the fight for digital dominance shows that the power is now in the hands of small businesses–as opposed to big tech companies. In an increasingly competitive business landscape, now is the perfect time for startups to use new social media applications as an effective tool for building a new following.