Should I Be on Instagram?
Instagram, much like Facebook before it, has a certain reputation as a social platform for young people. Although the stats behind the business of Instagram may surprise you, many business owners still consider the platform a secondary priority if it is a priority at all. This may be a mistake, especially since the recent introduction of Instagram business profiles and analytics!
Let’s take a look at what Instagram is really doing in the world of business so that you can make an informed decision as to whether your business should be there, thanks to Mario Martinez Jr. and M3JR.com.
400 Million Active Users
An approximate 400 million active users does not necessarily mean that you should jump to attention for Instagram; after all, your target market may not be included in this 400 million. But it might be. Who are they?
- Approximately 28 percent of all adults who are online in the United States uses Instagram.
- An approximate 24 percent of the entire adult population of the US use Instagram.
- Approximately 55 percent of adults from ages 18 to 29 in the US uses Instagram.
- Usage leans slightly towards African-Americans and Hispanics.
- Male/female use is split slightly towards males, 51 percent to 49 percent.
All data above is courtesy of Pew Research.
Commercial use of Instagram seems to go up with income to a certain degree, and college graduates are the biggest users in the United States. Approximately 26 percent of Internet users in the United States making above $75,000 a year uses the platform. The result? If you are looking for a population that is educated slightly more than the norm with expendable income, Instagram is a good place to be.
About 70 percent of Instagram users come from outside of the United States as well.
The audience is there. Is your competition already in line for their business?
The Businesses on Instagram
Instagram has already brought in $595 million in mobile ad revenues in a single year. This number is expected to increase to $2.81 billion by the year 2017, which means that someone is spending some heavy money on the platform. Top brands have already integrated into Instagram at the rate of 85 percent. If you did not hear about all of the features that the platform offered these companies until now, you can be excused: Instagram tested many of its business features on top companies specifically for a few years. However, all of those features have been rolled out to the general business populace currently. You should thank these brands — they have already done the lion’s share of the legwork for you in terms of engagement and conversion potential.
Top brands see a 4.21 percent per-follower engagement rate. This is exponentially higher than virtually any other social network except for Twitter, and Instagram beats Twitter by a country mile (120 times more engagement), which is no easy task. However, the ease of posting pictures is now rivaling the ease of posting text messages, and pictures are more fun.
Over half of professional marketers were planning to use Instagram in 2015, and this number likely only increased in 2016. These marketers come from companies of all sizes and industries, with budgets of different sizes as well. It does not seem to matter if a company is based in social or personality driven marketing or not — the Instagram audience is simply too good to give up. Not only are these marketers increasing their overall priority on Instagram, but they are spending longer amounts of time on it per day. Instagram has also shown itself to pay off the most for those marketers who invest the most time into it. You must be sure to look at this statistic the right way: Of course every platform will pay off with more time put into it. What this statistic and link are saying is that given the same amount of time put into Instagram versus another platform, you will get more out of Instagram as a business.
The Verdict Is Clear
People on Instagram are buying product, and companies in your industry are most likely on the platform. Instagram has definitely grown far away from its roots as a social network for models and aspiring musicians into a full fledged marketing platform for businesses in all industries. Join the revolution!