Instagram – Is It Right For My Business?

It should be no surprise to any business owner that social media is the latest and greatest tool for connecting with existing and potential customers. Although there are a multitude of platforms, one of the most effective and popular ones is Instagram. Read on to determine whether this social media platform is right for your business.

What is Instagram?

Instagram allows users to share photos and videos along with captions and a link with their followers. This platform has a total of 800 million users around the world, 500 million of which use it every single day.

If you do not utilize Instagram to market your business, you’re in the minority, as 91% of all of the world’s biggest brands utilize this platform for business purposes. These include Nike, Adidas, Michael Kors and Gucci.

Is Instagram Right For Your Business?

While Instagram may be the fastest growing social media platform, it is not the right solution for every single business. Marketing on a platform requires a time and financial commitment, and business owners should pick the platform or platforms that are most suited to their business needs rather than spread themselves thin advertising on a multitude of platforms. Answer these questions to see if Instagram is right for your business needs.

Can You Share Captivating Images or Videos?

Although Instagram is a great marketing tool, it may not be the right solution for all businesses. Instagram users crave creative, original and quality images and videos to capture their attention. It is best suited for businesses that offer food and products that can be captured via images.

Businesses that offer services, such as accounting or cleaning, may not be able to come up with enough images or videos for this visual platform, and, therefore, should focus their marketing efforts on other platforms which are not as image-based.

Is Your Customer Target Base on Instagram?

Depending on your offerings and the demographics of your clientele, Instagram may not be the right solution for you. It is important to truly know your customer base; based on that information, you can determine if marketing on Instagram would be advantageous for you.

Sixty-eight percent of Instagram users are female, with 59% of them being between the ages of 18 and 29 years old and 33% are 30-49 years old. Less than a third of American women and less than a fourth of American men are active Instagram users; 80% of users are located outside the United States.

These demographics allow business owners to determine whether Instagram is the right place to target their customers. This visual platform is a definite must for companies that target younger females, such as hair salons, restaurants, makeup brands and clothing stores. However, businesses that target older males, such as accounting firms or body shops, should consider other platforms for more efficient marketing strategies.

Are Your Competitors on Instagram?

A third question to ask yourself is whether your competitors have an Instagram presence. Search this platform for your competitors by name, as well as hashtags that are relevant to your brand to see what is currently being shared on Instagram.

If you notice a lot of competition,  it may be worth while to build up your own Instagram presence so that your competitors do not grab the entire market share in your industry.

Instagram requires a careful strategy, consistent posting and well-shot, unique images and videos to distinguish your company from the clutter. If you need financial help to hire a professional photographer or videographer, pay for Instagram ads or hire a social media marketing expert, IOU Financial can help you with a small business loan of up to $300,000 in 24-48 hours. Contact us today!

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