Are you thinking of taking your business online? Have you considered the power of Instagram?
Stay with us and you will want to bring your business on Instagram asap and let’s get dive into some facts about Instagram that one need to know to grow on this platform.
Instagram is not just a photo-sharing app anymore! It has come forward a long way. The immense growth of Instagram in the past few years is admirable, and it keeps expanding even further. New features are launched, new deals are signed, making Instagram one of the most popular social media platforms in the world. It has become home to renowned brands, advertisers, and all kinds of influencers.
It is safe to assume that your target audience is on Instagram, not to forget your potential competitors too. Their isn’t any cakewalk to stay on top of Instagram. Did we mention earlier that the algorithm keeps changing? Well, here begins the struggle of improving your social media reach which will also improve your business extensively. Just have faith in us, we will guide you in the right direction. (don’t forget to follow us on Instagram for more)
Instagram for Business
There are many customers interested in your business who are scrolling down the Instagram feed. It is important to get out there and tap the market. Knowing what, why, and how businesses can make their space in this digital market is essential. It needs proper strategic planning and knowledge.
Here are some statistics of Instagram for 2020 that will shed some light on the importance of Instagram for the growth of your business.
1 billion monthly active users:
Instagram crossed the mark of 1 billion monthly active users in June 2018. The growth in the past 5 years is approximately 10 times. It is the only social media platform with a high user base after Facebook and YouTube. Up to 200 million+ Instagram users visit at least one business profile daily. This platform is famous among young people and teens. It is a great source to attract young entrepreneurs and start-up businesses.
The power of hashtags:
According to sources, adding hashtags in Instagram posts can boost up your reach to 12.6%. Yes! It’s that easy. You just need to find suitable hashtags for your post and you are good to go. For your reference, #love is the most popular hashtag on Instagram. There are many free source and premium apps for hashtag suggestions. Engagement on Instagram is seen More on Weekdays specifically on Tuesdays and Thursdays. This information can help businesses to plan important announcements and content posting time accordingly. More than 60% of the active Instagram users operate their accounts daily.
Facebook bought Instagram:
Facebook paid $1 billion for Instagram when it was just two years old. The company had only 13 members and 30 million users at the time. Mark Zuckerberg probably saw the wide opportunity and future worth of this network. This was a sharp strategic business deal he made to ensure Facebook is not outcast by any other network, and if it does it will be one of his own. Currently, Instagram has more than 2 Million Monthly Advertisers among which 25 Million are Business Profiles.
Do you think Instagram for business is just for creating a strong network? A smart businessman will only invest his time and money for some expected return value. Instagram is an amazing platform for revenue generation. If your content is reaching appropriate engagement and target audience, Voila! You can become famous and rich in a matter of time. Instagram was able to score a revenue generation of $20 million in 2020 from ads. The estimated increase in Instagram’s revenue is 14 billion dollars.
It doesn’t matter if your business is not about selling products. A creator account initiated by Instagram will support you. Content creators find this feature extremely worth their time. 500,000 active influencers are on Instagram such as nano-influencers(500-5k followers) and Power users(30k-500k followers). The nano- influencers produce an average of $114 per video post on Instagram whereas power users make an average of $775 for an Instagram video. The revenue on image posts is lower than video $100 and $507 respectively. Even the Instagram story generates revenue of $43 and $210. Now spending time on Instagram sounds worth it, doesn’t it? You can read more at the website The Small Business Blog.
Product launch and retail:
Looking for a perfect platform to launch your new product? Has the thought of a digital launch crossed your mind? If not, what are you waiting for? Instagram is one of the leading platforms for tracing shopping products. Instagram has special partnership features. Some links lead directly to the product location. Shopping enthusiasts using Instagram for product discovery amount to 70%.
High Conversion Rates:
A high conversion rate describes the demand for your content among the public. It is a direct measure of your content likeability and engagement. Instagram provides a high conversion rate. The statistics estimate a 4.5% Higher Conversion Rate for user-generated content on Instagram. This feature is very important in leading a business to desired heights.
It is a requirement for certain products to be advertised vigorously by the company. This creates public enlightenment for the product. But why should one invest in Instagram advertising? The answer is simple. Instagram advertising is cheaper than any other platform, with a high output. 849.3 million users are reached via Instagram advertising. It’s an extremely huge network. Instagram stories are used for sponsored content by 55.4% of Influencers.
A large population on Instagram is from the US and other countries. It is easier to create a business in the local market but expanding overseas converts a business into a brand. This can be done using the simple features of Instagram. Assumably, 75.3% of US businesses will be live on Instagram in 2020. The average search for Instagram on Google is 16 million per month. Most US businesses are planning to spend 69% of their influencer budget on Instagram. Instagram stories have 1/3 amount of business stories.
Instagram is not just about photos anymore. In the past few years, Instagram has launched an IGTV video and a separate app for it. IGTV app has 7 million installs worldwide. It is getting monetized worldwide. Instagram reels were launched in 2020. It is said that Instagram will test shopping on reels by the end of this year. Some additional features include boomerang, layout, exclusive fonts, and beautiful filters.
Instagram is blooming the future of business networking. The digital way for collaboration and mergers. The benefits of Instagram are numerous, making it an essential part of business and marketing. The world is moving towards digitalization, businesses can’t lag. Start expanding. Take your business to Instagram.
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