The Instagram economy
EDITOR'S NOTE
It was only about 18 months ago that I got back on Instagram after quitting social media altogether a few years prior. It took me weeks to figure out "Stories." My sister-in-law eventually had to show me how to remove the date from old photos I was posting--a major faux pas.
It wasn't just Instagram; I got back on everything. Twitter, Facebook, LinkedIn...I even signed up for TikTok. "Any year you don't change your mind on something of major importance to you is a wasted year." That's my all-time favorite Charlie Munger line. If you're having a change of heart, don't be shy about it! Change means growth. Dive back in.
Anyhow, Twitter was my first love. I signed up around 2009 and was thrilled to connect with and have an audience of fellow journalists and news gadflies. I remember retweeting a lot about the Iranian green revolution, which made sense back in the early social media days. Now, things are more professionalized.
And less fun. Twitter remains basically a platform for breaking news (and vicious commentary), and Twitter junkies are today's version of cable news junkies--a small, niche subset of the general population. My point being, since I've rejoined, I haven't enjoyed it very much. I deleted the app from my phone for this maternity leave, and far from missing it I've basically forgotten about it altogether.
Where I am spending way too much time these days is on Instagram. And here's my point: so is everyone. You know what Instagram is surprisingly good at? Promoting your business. I've found so many new brands that I love thanks to Instagram--all tiny start-ups who do cool things like making stuffed animal dolls of the saints. And I follow tons of local businesses because that's how I know who closed early and who didn't because of today's snowstorm (and where we can pick up dinner as a result).
And the new hot thing on social media is video content. As it grows in importance on platforms like Instagram, it's also of growing importance to small businesses. It's been fascinating to watch my husband launch his business this year, not least because one of his most prized skills turns out to be his media savvy--even in a field like insurance! Why? Because video is what people--i.e., customers--want to consume right now.
So it's a bull market if you do anything related to video production, which was once the exclusive domain of Hollywood and TV. There are entire companies now dedicated to generating video and related media content for industries like insurance. Want a job? I'm now seeing job postings that specifically request candidates who are "comfortable with video"--for roles that would seemingly have nothing to do with it.
If you can win video, you can win social media, and thus you can win at business. Maybe TikTok is the best platform for some companies, maybe Facebook for others, maybe even Twitter for some, but it's incredible to see how much of my own "news" consumption now comes from Instagram. And it's not just me. When I asked my doctor the other day when I'd be eligible for the Covid vaccine, she said she wasn't sure but that I should make sure I follow the local hospital on Instagram in order to find out.
I think we're still in the early days of this transition. I'll bet as more and more businesses flock to social media to catch customers, they'll also be doing more and more video to stand out. I remember back when the "pivot to video" became a major point of contention and discussion for online media sites. Now, the whole economy is doing it.
Speaking of which, I'll be back "on video" on April 12th. See you then!
Kelly KEY STORIES
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