Is it Possible to Build a Business on Social Media Only?

Is it possible to build a business on social media only? Yes. The global adoption of social media platforms has reinvented the way of doing business. The number of social media users is currently over 3.6 billion people and still increasing by the day. These figures have huge business potential – and most renowned businesses such as Crello are very much aware of this.

Today, businesses are actively engaging with their prospects across different social media platforms to build leads. Even more interesting, some of these businesses were born on social media. Companies such as Courtyard La started in 2018 on Instagram; Glossier, the brainchild of Emily Weiss, wouldn’t have been what they are today if social media didn’t exist.

That said, there is a lot that goes into building a successful business on social media. Your choices of platform, marketing strategies are important components that you cannot overlook. Read on for insight on how to navigate social media for business purposes.

 

The Best Social Media Platforms for Your Business

We’ll look into the best three social media platforms, which hold the highest returns potential for your business. This is based on the number of their monthly active users.

 

1. Facebook

Facebook tops the list with the highest number of active monthly users. It currently attracts 2.7 billion users every month. So, if you are considering building your business on socials but are in a dilemma on where to establish your brand, Facebook would be a perfect starting point.

 

2. Instagram

Instagram comes in second with a total of 1.16 Billion monthly users. Instagram continues to woe business-minded people with an array of ever-growing business-specific features. There is no better time to jump on this bandwagon to build your business on Insta than now.

The beauty of this platform is that it is welcoming to just about any type of business. So whichever your dream business is, be it photography, fashion, or event planning, go for it. There are ready prospects on this platform waiting for you.

 

3. Tiktok

Have you always used TikTok as a chill spot where you go to replenish after a long day? Well, you could do more on the platform. This platform has the third-highest number of monthly active users – over 689 million users.
For a business personality, this could mean a huge income-generating potential. Tiktok has a huge business potential if you choose to tap into it.

 

How to Build Your Business on Social Media

To succeed in building your business on social media, there are some essential factors that you must set right.

1. Target Market

Target audience is a very crucial part of any new business. There are so many diverse people across the socials, and truth be told, not all of them would want to use your product. Therefore, targeting all of them or the wrong people would be a waste of your precious time and resources. Venture out there knowing exactly who you want to sell to.

 

2. Know Where to Find Them

You must do your homework well and find out exactly where you can find a majority of your target market. Know where this audience hangs out on the social media platforms; is it on specific chat rooms? Make sure you are there to engage them in their play and convert them into customers.

 

3. Branding

Branding takes your social media business a notch higher. It helps you set your business apart from the rest in the crowded market of social media. See to it that when someone sees your brand, they can identify and connect it with you.

Besides creating a captivating logo animation that best defines your business, a lot should go into how you engage with your audience on socials – this is part of your brand.

 

Tips to Grow Your Business on Social Media

Growing your business is a long journey that begins with understanding your audience, knowing what appeals to them, and delivering exactly what they want. Here are a few useful tips for this journey.

  • Have an interesting inspiration or origin story.
  • Actively and regularly engage your audience on social media
  • Experiment with different content types. Do videos, GIFs among others
  • Share useful content on your social media
  • Familiarise with the moves of your competitors

 

Bottom Line

There is no specific social media platform that guarantees you success. The success of your business is largely dependent on you and your social media moves. One bonus tip is to always sell in a non-salesy way, as most people hate being pushed into buying a product.

Is it Possible to Build a Business on Social Media Only?

You can hack this by applying the 80/20 rule – you share helpful content 80% of the time and only promote your business 20% of the time. Now go on and build your business on social media.

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