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Facebook Publishes New Insights into the Ongoing Impacts of the Pandemic on SMBs

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facebook publishes new insights into the ongoing impacts of the pandemic on smbs

Facebook has published the latest iteration of its State of Small Business report, which measures the ongoing impacts of the pandemic on SMBs, and how the vaccine roll-out is being reflected in sales numbers, employment, and more.

The report incorporates direct responses from over 35,189 small business leaders from across the globe, including 10,262 business leaders from the US, with the most recent survey period covering the 19th of July to the 7th of August.

And given the impacts of SMBs on the broader economy, this is a crucial pulse of where business sentiment is placed, and what you can expect moving forward. You can download the full, 61-page report here, but in this post, we’ll look at some of the key points.

First off, Facebook notes that SMB closure rates have fallen in the latest survey period, which it suggests is an indicator of ongoing recovery, as the vaccine roll-out continues and we look to a post-pandemic resurgence.

Facebook State of Small Business Report

As per Facebook:

“Approximately 18% of SMBs reported that they were not operational or engaging in any revenue-generating activities at the time of the survey. This represents a 12 percentage point decrease since May 2020.”

But then again, that makes sense. The businesses that were forced to shut down for good in previous periods are not closing down again, so at some stage, even if things aren’t looking significantly better, the closure rates themselves will improve, simply due to there being fewer businesses to actually close.

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That’s also reflected in the sales numbers, with the majority of SMBs reporting worse overall sales performance relative to July 2020 – so in general, even those that have been able to stay open are not seeing strong sales just yet.

Then again, around 28% of operational businesses did report higher sales compared to the same period last year, with European and North American businesses, in particular, seeing a resurgence.

Facebook State of Small Business Report

That points to significant recovery in those regions, which comes as a result of broader vaccine take-up, and the re-opening of more regions.

For most nations, the race is now on to reach 80%+ vaccination rates, and reduce the impacts of the virus, as opposed to containing it completely. Overloading the health system with COVID patients has always been the key note of concern, and it seems that more nations are now coming to grips with the fact that the virus is going to exist, and it is going to spread. It then comes down to limiting its impacts, which, at higher vaccination rates, can enable re-opening on a gradually expanding scale.

The report also looks at the ongoing impacts on female and minority-owned businesses specifically, which have been more significantly impacted by the pandemic.

Facebook State of Small Business Report

There’s also the digital marketing perspective, with the research showing that more businesses are now using digital tools, particularly for advertising.

Facebook State of Small Business Report

Which you can expect to see ramp-up even further as we head into the holiday period, and more businesses see opportunity to boost their outreach to enthusiastic, and increasingly free, shoppers. That could also increase competition for social ad slots, and drive up prices in auctions – worth noting in your planning.

Also worth noting:

“Approximately 69% of SMBs reported that use of digital tools has had at least one positive impact on their business operations, such as an increase in sales or customer base.”

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Digital tools are providing more benefit, to more businesses, which will likely spark increased take-up of digital tools as we headed into the recovery period, and see a resurgence in broader economic activity.

There’s a heap more insight in Facebook’s full report, which you can download here, which could provide some valuable insight to help you maximize your marketing efforts.

Socialmediatoday.com

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.

The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.

According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.

Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.

Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.

The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.

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This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.

Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.

As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?

Only time will tell.

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Catering to specific audience boosts your business, says accountant turned coach

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Catering to specific audience boosts your business, says accountant turned coach

While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.

When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.

“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.

Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.

“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.” 

“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.

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“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.

Watch the video for more of Sandra Parker’s biggest lessons.

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Instagram Tests Live-Stream Games to Enhance Engagement

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Instagram Tests Live-Stream Games to Enhance Engagement

Instagram’s testing out some new options to help spice up your live-streams in the app, with some live broadcasters now able to select a game that they can play with viewers in-stream.

As you can see in these example screens, posted by Ahmed Ghanem, some creators now have the option to play either “This or That”, a question and answer prompt that you can share with your viewers, or “Trivia”, to generate more engagement within your IG live-streams.

That could be a simple way to spark more conversation and interaction, which could then lead into further engagement opportunities from your live audience.

Meta’s been exploring more ways to make live-streaming a bigger consideration for IG creators, with a view to live-streams potentially catching on with more users.

That includes the gradual expansion of its “Stars” live-stream donation program, giving more creators in more regions a means to accept donations from live-stream viewers, while back in December, Instagram also added some new options to make it easier to go live using third-party tools via desktop PCs.

Live streaming has been a major shift in China, where shopping live-streams, in particular, have led to massive opportunities for streaming platforms. They haven’t caught on in the same way in Western regions, but as TikTok and YouTube look to push live-stream adoption, there is still a chance that they will become a much bigger element in future.

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Which is why IG is also trying to stay in touch, and add more ways for its creators to engage via streams. Live-stream games is another element within this, which could make this a better community-building, and potentially sales-driving option.

We’ve asked Instagram for more information on this test, and we’ll update this post if/when we hear back.

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