It was 2013 and I was sitting in a southern Ohio living room, for a photography workshop. We were discussing business and how to thrive in this market that was becoming over saturated. Over saturated. I remember thinking, “if this was over saturated, how much worse would it get?”
Today being an entrepreneur is the new, hip thing to do. As time has carried on, businesses have started up what seems like left and right. With each new business that develops in your market you re-evaluate your business to confirm to yourself, “you’ve got this.”
But got what?
I bring up the topic of an over saturated market because of the newest changes happening in social media. Like a late summer wildfire, news of Instagram’s new algorithm changes began trending over all media outlets. Fears of Instagram becoming the “new Facebook” has business owners shaken to their core.
Since sitting in that Ohio living room in 2013, I have listened to business owners alike complain about the market and how new businesses are ruining their chances at success. So shouldn’t a change to Instagram, and other social media platforms, be a welcoming one?
I am sure I have you slightly confused right now but let me explain why these changes are good, no great, for your business.
1. WEEDING OUT THE MARKET
Remember those businesses I said that were popping up left and right? Odds are they won’t all weather the storm. Business is hard. Like really hard. To me it is similar to the idea of going to buying new jeans – the idea sounds fantastic but once you are there you wonder why you ever had this thought to begin with. Not everyone is cut out for business and that’s ok! But changes like these are great to help keep business owners pushed to their best.
2. UP YOUR GAME
Which brings me to my next point. UP YOUR GAME. We ultimately need to quit complaining and make changes. Hopefully if you are running your social media effectively, these changes won’t be anything but a bump in the road. Think about your love for Anthropologie. Do they have to remind you to come back and check their posts? Or do you go looking for them because you love their content. In the end if you are producing content that is useful to your audience, no social media changes are going to hurt your business.
3. MORE MEANINGFUL AUDIENCE
This is one point where people lose focus. Social media followers and likes have pushed in front of the importance of an engaging audience. From the get go, most of these platform changes wouldn’t effect your business as hard if you had content worth interacting with. Can we agree with that? I am also going to go a step further and say that I am ok with only half of my audience being reached. Yes half. And I am going to tell you a little secret, you don’t need all of your fan base to buy from you. Let that sink in. You do not need every fan to buy from you. And actually if this is how you are approaching your business model, you need to take a step back and re-evaluate. I know for my business to make the earnings for goals I have set in place, I need just under 3000 sales. Which is roughly 250 sales per month, or 8 sales per day, if you want to break it down further. Completely obtainable.
So what does this all mean for you business? In a nut shell, it means it is great. If you are in this business thing for the long haul these types of changes will teach you just how resilient you are and leave your business stronger than before. Do you have plans in place for changes on social media? I would love to hear about them!