Tag Archives: economy

Instagram. From the picture-sharing platform to the powerful marketplace.

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It is hard to find a person who has never used or at least heard of Instagram. This social media is growing like wheat and does not give competitors any chance. Instagram is known as a platform where people can upload pictures or videos to share them with the subscribers. Well, to be precise, it used to be like that. Now, Instagram is becoming a social monster that has every feature you can think of. Imagine yourself scrolling your Insta feed and there is an amazing pair of jeans. You dream of getting them. Guess what, now you can do it in one click! 

Instagram marketologists never forget to follow all the trends and see what users actually want. This platform is an outstanding example of market research and customer-orientation. This way instagram is confidently becoming a huge market place.

Even though Instagram does not call itself “a market place”, a lot of users are happily developing their business there. Initially, its users simply shared their photos, but with the growth of the Instagram audience, entrepreneurs began to actively use it to present and promote their products. According to statistics, 48% of small businesses have Instagram accounts, and this number is constantly growing.

Instagram is primarily a visual presentation using photos, so it is best to sell products that can be “presented by the face”: clothing, gadgets, handmade products, children’s products, products for healthy lifestyle and weight loss, cosmetics and the like. However, many people successfully use this network to promote an intangible product – services, consultations, training, marathons and other things. The key disadvantage of Instagram is the inability to accept payments using built-in tools (due to the lack of such tools). But knowing the rapid tendency of developing, no doubts, these tools are going to enter the market soon. 

Two years ago, shopping tags appeared on Instagram. One click on the image allowed users to find out the cost of the product, information about it and instantly go to the site to buy it.

Shopping Tags are special price tags that are displayed on the photo when the user touches the image. On the preview of posts, you will immediately see an image of a white basket – this is how all publications with similar labels are marked.

The new functionality of Instagram opens up previously inaccessible business opportunities: now, in order to buy a favorite thing from a picture, just click on its photo. The click will redirect you to the product description page, and then to the online store to make a purchase.

Tags are available not only in the usual posts, but also in stories. In addition to the key selling function, they can help you get to know your customer even better and get statistics on traffic to your online store.

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The Pareto principle

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20% of products used in food, form 80% fat. 20% of your neighbors provide 80% of the noise. 20% of employees in your office make 80% of all work. The 80/20 rule you’ll find anywhere.

In 1897, Italian economist by the name of Pareto estimated that 20% of British families own 80% of the money. He tested it on a rule green peas in your garden: 20% of pods give 80% of the total harvest. This pattern works under all circumstances and in all cases.

The Pareto principle can be stated as: any situation is always a minority that is more important and useful than others.

On practice:

20-percent

The Pareto principle (20% of efforts provide 80% of the results)
– For business: 20% of customers generate 80% of your income. They require your attention.
– For students: 20% of the pages of the textbook contains 80% of all necessary information. Focus on the 20% – and grasp the new book.
– For all that not all of our daily tasks are equally important. Of the ten cases that you have planned for today, there are two more important than the other eight.

We must learn to identify the 20% to start with them. If you do not focus on the 20%, you have wasted 80% of the time. We will never alter all things, but it can handle 20%. And do not kill for the remaining 80%. Ability to prioritize and not grasp it all at once – one of the most important qualities. At first, priorities can not be entirely accurate apart, but regular exercise this will power the emphasis will shift to the side of the main results, and not sprayed on trifles.

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