Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.
This week we — Natasha and Danny and Alex and Grace — had more than a little to noodle over, but not so much that we blocked out a second episode. We try to stick to our current format, but, may do more shows in the future. Have a thought about that? firstname.lastname@example.org is your friend and we are listening.
Now! We took a broad approach this week, so there is a little of something for everything down below. Enjoy!
- Hims is going to SPAC itself onto the public markets, which should prove interesting for other D2C startups eyeing the same move.
- The final quarter of 2020 and the full year brought an ocean of capital to bear on U.S. startups, something that we delighted in chewing on. Fintech is also hot as all heck.
- Plaid is building a fintech accelerator, which we thought was cool.
- An edtech startup based in Nigeria raised a $ 7.5 million Series A on the back of a really neat distribution model. The march of live, tech-powered tutoring lives on!
- TripActions raised a pallet of new capital despite having had a somewhat rough 2020 due to the pandemic. It’s a fascinating wager, and one that we will track as it earns out.
- There was lots of news in the movement space, including Microsoft helping put $ 2 billion into self-driving startup Cruise, electric vehicle startup Rivian raising $ 2.65 billion from Amazon and others, and Bolt Mobility expanding to new markets.
- Danny’s GPS story.
- Wattpad exits for $ 600 million, leading to Alex detailing his love of science fiction.
- a16z is doubling-down on its in-house media project, and Forbes is building out a paid newsletter service that we think is very neat.
Like we said, it’s a lot, but all of it worth getting into before the weekend. Hugs from the team, we are back early Monday.
The only take about the future of media is that media is the future Yahoo Lifestyle Australia
“nigeria startups when:7d” – Google News
Are you running a small business or offering freelance services? One thing you’ve probably heard by now is to establish a strong social media presence and start marketing yourself online.
It’s true, many entrepreneurs have been able to make a name for themselves and grow their customers and client list by effectively utilizing social media. Social media is free, but it can also cost you quite a bit in terms of your time. Social media was designed to help people connect online, but its algorithms today are often geared toward keeping people scrolling mindlessly all day long. So how much time should small business owners spend on social media truly?
Are you spending too much or not enough time on social platforms or do you even need social media at all? Here’s how to consider the right amount of social media for you.
Setting Social Media Goals
If you’re going to get on social media for your small business, it’s important to set clear goals that you’d like to achieve as a result. For example, most people just go online to see what they can find or gain some new followers. However, you’ll need to get more specific than that if you want to make the most of your time.
Do you want to post 5 promotions per month for your products or services? Do you want to gain 500 followers organically during the first 90 days? Is your goal to build yourself up as an authority figure and lead people back to your website to do business with you?
Narrow down what your true goals for social media are and how they contribute to the success of your business. Having a clear focus can help you eliminate time wasted browsing on social media or getting stumped on what to share.
Decide Which Platform You’ll Start On
I’m a firm believer that you shouldn’t try to be on every social media platform if it doesn’t serve a purpose for your business. If you’re selling clothes, you may not find a ton of value on Twitter but find that Instagram helps you communicate with your target audience.
Look at the type of business you have and the services you offer. See how certain social media platforms might fit in with your offering and goals is key. If you’re wondering how much time small business owners already spend on social media, a Vertical Response survey indicated that 43% spend 6 hours per week on social media marketing.
If this fits in with your schedule then great, if not or you find you’re spending a ton of hours on social media, try to limit the numbers of platforms you’re on to only the ones that serve you best.
Allow Extra Time to Implement a Launch Plan
Realize that actually getting established on social media may take up more time than maintaining your profile and scheduling posts. Allow extra room in your schedule to complete and optimize your social media profile(s) and create some cohesive branding.
For Facebook, you may want to create an offer or make sure your phone number and address are added to your page details. For Instagram, you may want to create a bio link that leads to some of your top content, advice, or service pages on your website. With Pinterest, you’ll have to set aside time to create images for your content and write all your board descriptions.
That said, small business owners may spend much more time on social media in the beginning stages until an effective strategy is determined.
Spend Less Time With a Social Media Strategy
So now you know the good is that you don’t have to spend more than 1 hour per day on social media if you don’t want to. Yet, you can still get some great results from having a social presence. Small business owners don’t even have to get on social media each day if it’s not the main driver of profit for the business.
Instead, develop a proven strategy based on your goals and what works. Find out who your ideal follower or customer is and what they’d like to see on your social profile. Track analytics to see how much traffic or business you’re already getting from social media, then make tweaks and test out new strategies.
One thing I enjoy doing to save time is scheduling out my posts on social media in advance. This helps me stay active on the platform and continue to provide value to others without spending too much unnecessary time on social media.
Allocate Time Fairly Among Other Marketing Efforts
Small business owners and social media can be a great mix but realize that social media is often just one aspect of a marketing plan. Sure, adding social media to your marketing tasks may help you save money, but you should always diversify your marketing and test out other strategies.
If you’re marketing in several places, you won’t be limiting yourself to certain clients or customers who will find your business another way. Take email marketing for example. Some people are actually more responsive to emails than they are on social media. In fact, email marketing converts better for some business genres and unlike social media, you actually own your list and can’t get kicked off the platform.
Summary: Small Business and Social Media
In summary, I wouldn’t spend too much time on social media unless it’s returning sizeable profits for your business. Even 5 hours per week is 260 hours per year. If you calculate the value social media has added to your business, you’ll have to determine if that time is worth it to you. I would ramp up social media efforts as business leads and profits grow as a result, but get clear on your goals and narrow down a specific strategy first.
Find ways to work smart while establishing your social presence and don’t neglect other forms of marketing as well.
Small Business Owners and Social Media: How Much Time to Spend Online was originally published on Calendar by Choncé Maddox.
The post Small Business Owners and Social Media: How Much Time to Spend Online appeared first on KillerStartups.