Social Media Wars & What it Means For Your Business in 2023
Episode 765: Show Notes
Is it just us, or have you also noticed the major shake-ups that have been taking place in the social media space recently? From Threads to TikTok Shop to the Twitter rebrand, we’re taking a deep dive into some of the wild stuff that’s been going on in this episode!
We’ve been following things very closely and, from our perspective, more has happened in the month of July 2023 than in the last three years! So, we decided that now is the time to catch you up on all the developments on social and the impact that these changes are likely to have on your small business. We know change can be challenging, but trust us. If you embrace it, it can do wonders for your business!
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The Rise of Threads
ChatGPT took five days to reach a million users. Instagram took two and a half months from the time they launched to reach their first million. Netflix took three years. But 12 hours after the launch of Threads, the platform had over 22 million users, and within five days, it had reached the 100 million mark! However, those numbers fell almost as quickly as they rose.
It’s interesting being part of a brand-new social platform and watching people figure the whole thing out. As users, we have little control over what a platform looks like, its core features, and how it interacts globally, but we do have a lot of control over how people show up on different platforms. With Threads, it seems like users are very intent on keeping the energy positive and upbeat. We also love that it’s less business-like and more friendly and conversational than Instagram has become.
The Impact of Privacy Changes
This news doesn’t seem to have made its way into the public realm yet but, in certain circles, there is a lot of speculation that Meta will be scheduling the death of their conversion pixel. Back in the day, a conversion pixel was essential to a great ROI. However, with all the privacy changes that have taken place in recent years, Facebook was really struggling to recognize whether conversions were taking place or not.
The privacy changes encourage social media platforms to keep users exclusively in their apps for as long as possible (and to spend money while they are there) so that they can acquire as much data as they can. But what does this mean for advertising when it comes to businesses in industries that cannot participate, such as medicine, health, finance, and a whole lot of others?
The Beauty of TikTok Shop
If you run a physical, product-based shop, there are more organic opportunities for exposure on pretty much every platform than there are for any other type of business. Looking at TikTok Shop in particular, we think that this could be the rebirth of organic exposure because they are offering products at a 30% discount while still paying the full amount for the product. Also, if you have a minimum of 5,000 followers, you can become a TikTok Affiliate and their commission structure is 10-20%! For small business owners, that is the definition of sexy!
The Rebranding of Twitter
What was Elon thinking? From the name to the aggressive, masculine, dark-web feel of the X (formerly Twitter) branding, our opinion is that these changes are going to push a lot of people out of the app. To put it bluntly, not only do we think the rebrand was a really bad idea, we are actually ready to see the end of the entire platform. It’s become a toxic, unsafe place for so many people (the complete opposite of Threads), and in our opinion, it longer needs to exist.
Staying Afloat in the Sea of Constant Change
Privacy is important, safety is important, and the success of your small business is important too. The many changes we’ve covered in this episode have all taken place in the past few weeks, and it can feel very intimidating and overwhelming to navigate all of these from a small business-owner standpoint. So, we want you to remember that your community is your lifeline. Pour energy into building your community on platforms that are enjoyable and effective for YOU!
What do you want to do? What is necessary for you to do? What are you excited to try? These are the questions that you need to ask yourself to be able to thrive in today’s social media landscape. There are so many different ways to build a community around your brand and we want to encourage you to be intentional with your choices!
Quote This
If you look across the board at what all social platforms are doing, they’re trying to turn social into a shopping experience of some kind.
Highlights
The Rise of Threads [0:00:59]
The Impact of Privacy Changes [0:11:28]
The Beauty of TikTok Shop [0:16:38]
The Rebranding of Twitter [0:24:30]
Staying Afloat in the Sea of Constant Change [0:30:44]
Today’s Guest:
Abagail Pumphrey & Emylee Williams
The Strategy Hour Podcast
The Strategy Hour Podcast is a twice weekly show hosted by Abagail Pumphrey and Emylee Williams, the founders of Boss Project. Join us for semi-ranty biz conversations for service providers looking to ethically grow their agency businesses. Episodes cover everything from lead generation to leadership mindset to team culture and beyond.
Key Topics:
Social Media, Relationship Building, Evolution, Advertising, Privacy Changes, Organic Exposure, Branding
