Facebook and YouTube are top players for driving business growth of MSMEs
FOR Indian micro, small and medium enterprises (MSMEs), the platforms of choice seem to be Facebook and YouTube, which account for a reported 80 percent of their total social media traffic.
According to Instamojo, a Bengaluru-based solutions provider, Facebook drives the highest traffic at 60 percent, followed by YouTube at 20 percent. Following these platforms are Instagram and Blogger at 7 percent and 5 percent, respectively, and Q&A platform Quora at 3 percent.
“Social media channels have allowed merchants to tap into a wider audience, and digital payment platforms have eased the process of collecting payments,” Sampad Swain, CEO and co-founder of Instamojo, said in a statement.
According to the solutions provider, which has worked with more than 300,000 MSMEs, there was a 100 percent growth in social media traffic compared with the previous year.
Driving growth through Facebook
Facebook is a popular platform for many businesses wanting to build and grow. The social media giant is always introducing new tools which allow its users to grow and find new customers on a global scale.
For instance, the platform’s ‘dynamic language optimization’ allows businesses to place multiple languages within an ad, with Facebook matching the right language to the right user.
There is also Facebook’s ‘Ads Manager App’, where businesses can manage ads and get insights in just a few clicks.
While the social media giant provides many useful tools for businesses to utilize, the company has recently announced a major change in its news feed algorithm. In response to user complaints of the overcrowding of advertised content, users should now expect to see a feed that prioritizes “meaningful social interactions” from family and friends.
For businesses, this means it will be much harder to grow organic traffic and sales through the platform. But have no fear, at Tech Wire Asia we have suggested ways in which your business can work around the issue, here.
YouTube a growth driver
YouTube was found to be the second most successful social media platform at driving business growth.
It’s not hard to see why when we look at the power of video content in brand marketing. According to statistics, after watching a video, 64 percent of users are more likely to buy a product online, with 90 percent of users saying that product videos are helpful in the decision-making process.
According to Instamojo, MSMEs in the education sector leverage the video sharing platform by uploading tutorials and monetizing through this content on the platform.
So if you are not getting behind the camera, it is time to start now.