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Facebook Shares New Insights into the Impacts of COVID-19 on SMBs

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facebook shares new insights into the impacts of covid 19 on smbs

Facebook has released the latest iteration of its State of Small Business Report, which looks at how COVID-19, and the related lockdown measures, are impacting SMBs around the world.

The data, which Facebook has been tracking since July, incorporates responses from more than 30,000 small business owners across 50 countries, and highlights the key concerns and challenges each faces as they seek to maintain operations. The insight here is valuable for virtually every organization, as the flow-on effects from SMBs will relate to spending in all aspects of the economy, and will influence market spend and focus moving forward.

You can download the full, Global State of Small Business report here, but in this post, we’ll look at some of the key data points and charts.

First off, on sales volume and performance – the data shows that all sectors are still seeing lower sales numbers than they were in 2019, with 52% of SMBs also reporting lower sales in the last 30 days compared to last year.

Facebook State of Small Business report

That underlines the ongoing pressure on SMBs, with many struggling to get by, with the hopes of a vaccine roll-out, and a return to relative normalcy, on the horizon. 

Lower sales performance has pushed SMBs to look alternate platforms to meet their customers, with a 60% increase in the share of purchases made by consumers through digital channels in the period.

Facebook State of Small Business Report

As you can see in the first segment, the proportion of businesses making no sales through digital channels fell from 35% to 13%.

That shift has lead to new shopping behaviors, which will likely hold after the pandemic period, which is an important consideration for all brands to keep in mind. If you’re not implementing digital sales tools, you’ll likely miss out on a large section of your audience – even when they can return to regular shopping processes.

The report also highlights ongoing supply issues, with supply chains disrupted by various COVID-19 mitigation measures.

Facebook State of Small Business report

So it’s not just getting people in-store or to your website, it’s also sourcing products that’s hampering SMBs. The numbers underline the broad-reaching scope of the impacts, and the effect on the global economy.

The report also looks at how the pandemic has disproportionately impacted minority communities.

Facebook State of Small Business Report

Indeed, Facebook says that 70% of small businesses in minority communities have reported lower sales, compared to 41% in non-minority communities, while 36% of small businesses in minority communities reported being closed (versus 22%). 

That’s been part of the impetus behind Facebook, and other platforms, providing more support for Black creators and businesses. COVID-19 has hit these communities particularly hard, and it’s important that we all do what we can to support minority groups to help keep them afloat throughout the situation.

Facebook’s report also provides more specific analysis on how the pandemic has impacted business leaders of each gender, with domestic duties having more impact on female workers.

Facebook State of Small Business report

87% of female business leaders have reported domestic responsibilities impacting their work, versus 72% of male business leaders. That’s yet another consideration in the wider, and ongoing impacts of the pandemic – which, hopefully, we’re now getting closer to moving on from.

But it will take time, time many SMBs simply don’t have. As such, it’s important to keep your local businesses in your thoughts, and to consider where you’re shopping, and how you can provide support where possible. 

There’s a heap more info in the full, 50-page report, including in-depth analysis of various impacts and sectors. Essential reading for those looking to understand the ongoing impacts of the pandemic.  

Socialmediatoday.com

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7 tips for creating great digital presence

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7 tips for creating great digital presence

DEAR READERS: Companies of all kinds are finding it imperative to build a digital strategy to compete in a world where almost everyone is shopping and doing business online. How can small companies, including startups and those with just a few employees, get the kind of following on their websites and social media platforms that they’ll need to succeed?






There are several steps to take to build your business online.




It is a problem many companies are trying to get their arms around, according to everyone I reached out to. Here are a few tips to get started on the road to social media success:

Develop clearly defined goals. “Determine your objectives, whether they are enhancing brand awareness, generating leads or driving sales growth, as they will serve as guiding principles for developing your strategy,” suggests Dmitriy Shelepin CEO and head of SEO at Miromind.

Identify your ideal followers. That means going beyond demographics like gender and age, according to brand consultant Faith James, CEO of The Personal Branding Consultancy. “It’s important to go deeper into their psychographics — how they think, what motivates them, what their core desires are,” James says. “By focusing on the psychographics, you focus on the emotional connectors that build a stronger connection which goes beyond just the transactional ‘buy my stuff.’ ”

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Choose and prioritize platforms. Shelepin says it is crucial to choose platforms “that resonate with your desired audience and align with your business objectives,” and suggests focusing on one or two of those platforms “to deliver quality over quantity.”

Provide value. James says value can come in various forms, but stresses that it boils down to “helping your audience get a small win in the areas that are meaningful to them.

“If a hair salon is looking to grow their following, they might offer tips on their website and social media platforms such as ‘How to Have Your Hair Color Last Longer,’ ‘3 Tips on How to Beat the Humidity Frizz,’ or ‘How to Avoid Chlorine Damage While Swimming at the Pool,’ ” James says.

Value also can come by educating and informing your audience with things like educational blog posts that establish industry expertise, Shelepin adds.

Invite engagement. This is an essential step, James stresses. “In all instances, the business would invite the audience to share their own hair drama stories, share their own tricks they are using to make their hair color last longer, and invite the audience to submit their own questions about hair care,” James explains.

Build relationships. “Use social media to connect with customers, respond promptly, and share relevant content,” Shelepin says.

Don’t forget about email. It is a great way to maintain customer relationships and to deliver exclusive content and special offers like discounts, Shelepin explains.

Shelepin acknowledges that businesses won’t realize success in the digital realm overnight, but stresses that success is possible to achieve.

“It’s important to maintain consistency, in creating content and engaging on media platforms, as building an online presence takes time,” Shelepin concludes. “By adhering to these strategies, small businesses can cultivate a strong digital presence, enabling them to thrive in today’s competitive landscape.”

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LinkedIn Expands ID Verification to More Regions

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LinkedIn Expands ID Verification to More Regions

LinkedIn continues to expand its own identity verification offering, via a new partnership with Persona which will enable users in more regions to confirm their ID in the app.

As you can see in this sequence, with LinkedIn’s new ID verification process, users in certain regions now able to confirm their ID documents with Persona, in order get a verification badge added to your LinkedIn profile, which confirms that you’ve uploaded and verified your government ID with one of LinkedIn’s partner providers.

LinkedIn Persona ID confirmation

You can see the verified icon next to my profile name in the second image, which adds another level of assurance that I am, in fact, a real human being, with a government ID linked to my identity.

LinkedIn initially launched ID verification for users in the U.S. back in April, via a partnership with identity platform CLEAR, which is best known for providing faster check-in at airports. LinkedIn then expanded its CLEAR partnership to enable users in Canada and Mexico to also confirm their documents, with this new partnership providing the ID confirmation option to a lot more users.

As per LinkedIn:

In Argentina, Australia, Bangladesh, Brazil, Chile, Colombia, Indonesia, Kenya, Malaysia, Morocco, Nigeria, Peru, Philippines, Saudi Arabia, and the United Arab Emirates, the identity verification is performed by Persona, a third-party identity verification service. It’s available in each country for those with a valid NFC-enable passport.”

(Note: It may not be available to all users in all of these regions as yet)

So, the requirement is that you need a government-issued passport, with an NFC chip, and a means to scan that chip in as part of the process, though Persona notes that “if you’ve ever used your phone to tap for payment, then it is NFC-enabled”.

So now, a lot more LinkedIn users will be able to confirm their identity, and add an extra layer of assurance to their profile, helping to let people know that they are dealing with an actual person, and that your information is more likely to be legit.

And given the latest advances in generative AI, and LinkedIn’s rising push to add generative AI tools into every aspect of its platform, it does seem like this could become an essential step, as more bot profiles and personas get added to social apps.

That’s been part of the justification for X’s broader push on ID verification, which has now stretched to charging new users in some regions a small fee to interact in the app.

X owner Elon Musk has repeatedly noted the rising risk of AI-enabled bots taking over social apps, with user payments, in his view, being the only way to stop them. But LinkedIn’s trying another approach, and it does seem like providing free ID confirmation will be more widely adopted, which could make it more effective in this respect.

And by outsourcing the actual verification element to a third party, it’s also less labor intensive, though it does also mean that another group is involved, which can make some feel a little uneasy about sharing their documentation and selfies.

Still, it’s a pretty simple process, and it’s free, and if LinkedIn starts putting more emphasis on verified accounts, by say, ranking them higher in search results, that could get a lot more people taking it up, and adding a gray tick.

The other question then is what do CLEAR and Persona get out of this deal?

In both cases these ID platforms get more data, with users also required to open a CLEAR account when confirming their info via its system. Persona will also take in some user data, which will expand its database, though you can opt out of letting either company keep your info in perpetuity.

Persona also notes that it will generate “facial geometries for both the image obtained from your government ID and the user submitted selfie”, which it will then use in its analysis with your ID to confirm your info, though Persona won’t keep your geometric data on file.

Essentially, you’re going to have to trust your ID data with another company, which not everyone will be comfortable with. But if you’re okay with it, again, the process is easy, and it could add some extra assurance to your LinkedIn presence.

You can learn more about LinkedIn’s ID confirmation options here.

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Ad Spend Wasted On Invalid Traffic Could Reach $72B In 2024 11/28/2023

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Ad Spend Wasted On Invalid Traffic Could Reach $72B In 2024 11/28/2023

The latest analysis of the effects of
invalid traffic/IVT estimates that the problem will result in $72.37 billion in wasted ad spend in 2024 — up 33% from an estimated $54.63 billion wasted in 2022.

The report, from marketing efficiency platform Lunio, was based on an analysis of 2.6 …



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