If there was a stock market strictly for social media, it’s daily report would be just as interesting as looking at Wall Street. It seems like trends are always changing for social media, and keeping up with them can be a hassle. However, doing so can pay off in the long run. Analyzing and understanding what trends can be used by your business’ social media accounts can attract new consumers. In reality though, it can be hard to determine which platforms are best for your business. 

While we all have our personal opinions on social platforms, don’t let those get in the way of deciding how to move forward for your business. Even if you don’t like getting on Facebook anymore because your timeline is flooded by two year old memes shared by family members, it doesn’t mean your business won’t benefit from paid Facebook ads. However, it is best to do your research before creating accounts on as many platforms as you can think of.

Just about any business, regardless of how big or small, should at least consider having a Facebook business page. Advertisements can be strategically targeted to a specific audience based on geographic or demographic information. This can save money and create a more efficient way of advertising. Moreover, Facebook equips business pages with analytics tools so you can keep an eye on how your audience is engaging with an advertisement or post. This can help businesses know what is and isn’t working with their marketing efforts.

Other platforms, like Instagram and Twitter, have various benefits, but not all businesses need to have these accounts. Instagram will best assist companies who can offer visually pleasing graphics and photos, while Twitter is best aimed towards younger audiences. It can also be harder to create an Instagram business page without first linking it to your Facebook business page. Because Facebook bought Instagram, they encourage users to first have a Facebook business page before creating one through Instagram. However, once they are linked, Instagram will offer their insights tool to measure post and advertisement engagement, much like Facebook’s analytics tool.

One platform that has been on the rise for business-to-business relationships is LinkedIn. For homebuilders who want to connect more with their realtors, this is a great option. While it isn’t an ideal platform for consumer relationships like the platforms mentioned previously, it can create trusted connections between these two industries. It can also allow companies to create content that may interest other businesses but consumers wouldn’t typically care about or even understand.

These different types of platforms can cater to various segments of your target audience. Knowing how to best utilize these platforms and understanding that content that works for one platform may not work for another can save your company time and money. Doing diligent research before investing in a new platform can pay off even though it might not be the most interesting part of your marketing plan. Keeping all of this in mind will make for a safer investment in your social media stock market.