Valuable Insights Gained from Social Media for Launching an Online Business
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Chapter 1: Understanding the Value of Social Media
The journey through the world of social media can be puzzling, especially when it comes to the concept of trading content for likes. While I may not be new to social media, having joined LinkedIn in 2018, YouTube in 2019, and Twitter in 2020, I have always aimed to connect with others and learn how these platforms function. I take pride in having built a community of over 13,000 followers on LinkedIn, 650 on Twitter, and 150 on YouTube without resorting to manipulation of algorithms. Recently, however, I recognized the immense, often unseen, value that social media can provide when it comes to understanding the nuances of running an online business.
The Bigger Picture: The Internet Business Landscape
It's essential to step back and consider the broader context before criticizing large tech companies for turning us into digital addicts. The reality is that the Internet Business is at the forefront. There are numerous definitions of what constitutes an Internet Business, but one that resonates with me is from Law Insider. It describes it as a service that aggregates information and content across various channels online.
This definition highlights the extensive distribution network that exists, ready to channel our content to interested consumers. This leads us to ponder: why is a robust distribution system vital for Internet Businesses? The answer lies in the principle of volume; more connections mean more opportunities.
Section 1.1: The Volume Game in Social Media
Consider the landscape if you aspire to be a YouTuber or an Instagram influencer. Your metrics speak volumes about your market position and competition. In the realm of content creation, we see a stark divide:
- Professional Creators (~2M+): These individuals produce content full-time. On YouTube, out of 31 million channels, around 1 million have over 10,000 subscribers. On Instagram, approximately 500,000 out of 1 billion accounts boast more than 100,000 followers.
- Amateur Creators (~46.7M): These individuals monetize their content part-time. On YouTube, around 12 million channels fall between 100 to 10,000 subscribers, while about 30 million Instagram accounts have between 50,000 to 100,000 followers.
The sheer scale of potential consumers is staggering, and your competition is immense. Social media reveals the hard truth: an overwhelming amount of content competes for attention online, and understanding this landscape is crucial if you wish to thrive in your selected domain. The best part is that you don’t have to start from scratch; social media offers a wealth of data for you to analyze.
Subsection 1.1.1: Establishing Your Online Business Foundations
Navigating the Online Customer Landscape
To begin, there’s no need to fret about attracting potential customers in the digital realm. You wouldn’t hesitate to create a LinkedIn account, would you? Data shows that over half of the global population (58.4%) engages with social media, totaling approximately 4.62 billion users. In the past year alone, 424 million new users have come online, spending an average of 2 hours and 27 minutes daily on these platforms.
The same trend holds true for the Internet as a whole, which grows at an astounding rate of 3,000% annually. Users are eager for new information, effective how-tos, and insightful content. Instead of fixating on user numbers, concentrate on what you can offer to enrich the lives of your audience.
Section 1.2: The Competition Conundrum
You might be tempted to chase after your competitors, but trying to outdo social media influencers can be an uphill battle. As Peter Thiel noted, the adoption of software (and, by extension, Internet businesses) starts slowly but accelerates exponentially. Influencers with large followings can gain new followers at a rapid pace, leaving smaller accounts struggling to grow.
If competing isn't feasible, focus on learning from others and producing high-quality content. Remember, excellence in your work will always be in style. The key is to look inward and cultivate your unique voice.
Chapter 2: Avoiding Trend Chasing
Why Following Trends is a Losing Game
Chasing the latest trends can lead to frustration, as they may vanish before you can fully capitalize on them. The Internet is in a constant state of flux, influenced by our daily needs and global events. This ever-changing landscape can easily overwhelm you if you're always trying to keep up.
Instead of following trends, focus on building an Internet Business aligned with your long-term goals. If your aspiration is to start a copywriting academy, dedicate yourself to that vision, even if you’re currently a freelance writer.
Conclusion: The True Essence of Social Media's Value
Ultimately, the real worth of social media isn't tied to impression metrics or even the platforms themselves. It transcends likes, comments, and shares. The focus should be on establishing an Internet Business that resonates with your aspirations. The Internet is vast and filled with competitors and customers alike. Obsessing over these external factors can distract you from your true purpose.
I encourage you to focus on delivering your best work and take pride in your unique contributions. Remember, building your own Internet Business is a never-ending journey, filled with opportunities for growth and exploration.
About the Author:
As a contributor, I share my experiences and insights drawn from daily life and business ventures. Our life experiences shape our perspectives, so feel free to connect with me on LinkedIn and Twitter!