What Is YOUR Idea And How Can You Make Money?
Businesses are increasingly utilizing social media to brand themselves and connect with millennials and Generation Z buyers since 90 percent of them use some form of social media. For years, Facebook and Twitter dominated social media marketing, but in the past five years the demographics of social media platforms have started to shift as visually focused platforms began to emerge.
Snapchat and Instagram are two of the most popular social media platforms, coming in just behind Facebook. Both are visually-focused platforms and the majority of their users are between the ages of 12-24. Although, 63% of Snapchat users are between the ages of 18-34. Recent studies have shown Snapchat is the third most popular form of social media with 100 million active users.
Now, all of us have an idea we want to develop. Here are 3 pointers in order to make that startup idea succeed.
1. Launch your business as an app, not as an online platform for people’s desktop
As of 2016, 53 percent of people use apps on their phone as opposed to the 47 percent of people who are still desktop users. Mobile technology has overtaken fixed Internet access as the primary way Internet users access online content. Instagram and Snapchat were both conceived as mobile apps – which give them a huge advantage.
2. Make it fun
Part of the appeal to Snapchat is the app’s impermanent nature. Increasingly, millennials and Gen Z kids are growing tired of scrolling through lengthy status updates and are leaving text-focused apps like Facebook and Twitter. Snapchat uses photos and videos called “snaps” that can be shared with a select network of friends. The images are available up to 10 seconds and then cannot be viewed again. Although Instagram has curated content, the app’s purpose is light-hearted.
3. Have an idea of how you will monetize. The rest will come organically.
Both Snapchat and Instagram have various forms of monetization including:
Snapchat: Branded geo-filters and geo-targeting businesses, purchase of sponsored filters, through its “Discover” functionality – which allows publishers like CNN post news videos, etc.
Instagram: brand advertising. Ads can be of 3 Types: Image Ads, Video Ads and Carousel Ads
For millennials and Gen Z kids, image-based platforms give a sense of community that allows them to feel connected to their friends. If you are looking to create a winning app and business, be sure you have entertainment and clear monetization goals in mind.
What is your startup and how do you plan on monetizing?
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