‘Threads’, the new social media app by Instagram’s parent company ‘Meta’, was recently released and managed to surpass the 10 million user mark in just seven hours. This is despite the application only being available in limited markets.
By comparison, in terms of the rapidity of the growth, it took Instagram 355 days to reach 10 million registered users. Furthermore, it took Twitter 780 days to get to the same level of users. In terms of its offering and available features, Threads continues to evolve.
Jon Morgan, CEO and Editor-in-Chief of Venture Smarter, explains five ways he believes small businesses should be utilising Threads in order to maintain a competitive edge. He has outlined these to Digital Journal.
According to Morgan, being there maters: “Threads is yet another opportunity for small businesses to increase visibility for their brand – with updates on products and services, and company news. This is important as companies with a good level of brand visibility and awareness have an edge over competitors, as it helps to influence customer’s decisions.”
In terms of planning, he adds: “Now is a good opportunity for small businesses to start posting while there remains a lot of hype around the platform; the algorithm may promote their posts to a wider audience than when bigger brands get on board. At the time of writing, some globally recognised brands have either not made an account yet or have registered an account but are yet to make their first post.”
Looking at users, Morgan finds: “Customers love to be heard, and building rapport with them on their chosen social media platform can build brand loyalty, whilst also being an opportunity to provide the customer with support for the product or service.”
In terms of assessing the buzz factor, Morgan advises: “By looking at what people are talking about on Threads and also monitoring what their competitors are doing, small businesses can gain valuable insights that might have been overlooked previously. This information can highlight consumer pain points, improve products or services, and identify new market opportunities.”
Networking and Partnerships
For expanding the firm, Morgan considers: “Threads offers an opportunity for businesses to connect and collaborate with other companies, industry influencers, and potential partners. By following and engaging with relevant accounts within or outside their business niche, companies can tap into each other’s follower base and identify which users would be the right fit for promoting their product or service.”
Morgan concludes his assessment by looking at employment factors: “Threads could potentially be a social media platform that is also great for recruitment, as small businesses can share job openings with people that already have a vested interest in the company. It can also prove to be a faster and more cost-effective method than using a recruitment agency.”