Social media is like the strip in Las Vegas. Each casino has multiple games you can play (blackjack, craps, slots, poker, roulette, etc.) Instagram is ONE of many casinos on the strip. Once inside Instagram, you can play Stories, Instagram Feed, IGTV, Shop or Search.
Anyone can enter the casino from the street. Anyone can play any game. Some games are more popular than others and the casino keeps introducing new games to keep you coming back.
All games are free forever! Businesses are allowed to play for free too! Businesses are also allowed to sponsor, boost, partner and advertise for a fee.
The best way for business executives to play social media is to use the “increasing odds” strategy. First and foremost ALWAYS know your odds. All casino games (Stories, Feeds, Streams, Channels, Shops, Search) publish their odds. Just kidding. Unlike a real casino, social media does NOT publish the odds of its games. However, if you’ve been coming to the “strip” for a decade or so, you’ve noticed two things:
- A lot more people in the casinos
- The ante has gone up (for businesses) to play the tables.
In 2019, MOST businesses are more likely to win the lottery than winning at the social media tables. This is NOT because you suck. This is NOT because your business model or products are outdated. This is simply because of the amount of HIGH QUALITY CONTENT available at each and every table regardless of casino or game. Just a few years ago, anyone with an iPhone could compete effectively for attention in the casino. Not so anymore.
INCREASING ODDS STRATEGY
- Know your odds! Write them down! Stare at them! They’re eye-opening. They’re humbling. With that humility, you are now ready to begin INCREASING YOUR ODDS!
- Don’t play the field to win! (but you can play social media for fun). Have fun with your field bets (regular ads) BUT don’t make that your strategy. Field bets are 47% odds. Sometimes you win. Sometimes you lose. No big deal. However, if this is your social media strategy, 53% of your marketing budget will be lost to the house (Facebook, Inc.).
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