Food, clothing, and shelter are believed to be a generalized necessity in every human life. However, 2020, definitely proved this one wrong! It added INTERNET as a pathway to lead Social Media – as a new Subsistence.
From pop – singer Justin Bieber’s new album announcement through his Instagram handle to Rihanna’s tweets on farmer protests, from Indian Cricket Team Captain Virat Kohli campaigning for ONE8 fragrances to Actress Katrina Kaif launching her beauty line. From, credential certified students using LinkedIn to generate network career opportunities to teenagers uploading entertaining videos on TikTok. From, Mystic Yogis reviving people through YouTube videos to Business Media using it to simplify Union Budget understanding and so on. This user–generated and created content is the crux of social media.
So how do Individuals, Communities, Government parties, Celebrities, Fashion Designers attract their content to the viewers? How come the power of content can generate income of Lakhs to Content – Creators? Let’s dive deep!
1. Social gaming
Think back to the time, where we gathered to set up “Monopoly” gameplay as an entertainment tool, but in today’s world where social media and online games pertinent with each other, has unrolled into a cyber community platform of social gaming. It’s a platform where publishers and designers give life to the vision of a game programmer. Social gaming has two broad spectra: hyper-casual games or hardcore MMORGPSs (massively multiplayer online role playing games).
Hyper – casual games
These are like 2-minute Maggie noodles, get load instantly! Simple, spontaneous, self-sustaining, and faster pace in-built mechanics are the distinctive features of these games. Despite, the low–barrier entry and no requirement in-app purchase (criteria of unlocking better contents by paying a certain price) they still dominate the revenue market of the gaming world.
How? Well, the revenues are being generated from Ads., by providing opportunities like live saves, gathering coins, unlock levels, and many more. Moreover, an addictive struck of game mechanics does not bother viewers to hold on for 1-2 minutes. The makers do not even bother in any “updating criteria” because that would forficate their profits. This results in prodigious income retention to the programmers. Additionally, push-notification case (another strategy for maintaining a retention rate on Android or iOS) pops-up periodically in applications suggesting players get back into the game and play. As hyper–casual games are a mobile genre, they are more related to emotions and social activities. A feeling of self – achieved the task, stress-free, blazed by uniqueness, Pass Time are few of the players’ motivations that keen them into downloading hyper-casual games.
Hardcore MMORPGs
Hardcore MMORPGs – The name spells meaning itself! Intense designing, fondly experience, permadeath character building, and mostly better content – signalize its popularity! It buzz started in 2010 after Facebook launched games like UberStrike (a 3d shooter game where people can invite their friends/community) and Farmville (an aesthetic game of valuing time by growing and selling crops) and the Launching of Xbox/ Play Station series game like Dungeon and Dragons Online, DC Universe Online, War Frame and so on. As due to the need for space for these games to run. It was only played on Laptops and Desktops. This symptom of higher consumption space was due to Power Scaling in MMORPGs (games are designed with 100s of stereotypical cameras). Remember the failure of the Xbox one India sale in 2013? The MMORPGs were skyrocket. A unit series of Xbox one would nearly cost you Rs.36000. Despite, the success of Xbox 360, the Revised Taxed imposed was a troublemaker! Also, the maintenance of computer costing gave rise to the paradigm of the MMO business model (free to play). The transition of Angry birds from in-app purchases to free gave the push to browser games and social network games. MMOs model got popular when other companies released Clash of Clans in 2012, Pokemon go, PUBG, Casino games, and many more. The appalling point was, these generated more revenue for the companies because of reaching cross – platforms, free subscriptions, and a higher engaging period by viewers because of its dazzled attributes.
As per the Statista survey of 2020, nearly 1110 minutes a month were spent on online games in India. Mainly was PUBG which made the company a revenue of nearly $2.6 billion, and the lockdown effect was privileged to Ludo – King that led to 251 million downloads from 15 million. Moreover, this indirectly bang up the sales of Premium smartphones companies with better Ram and space for sustaining competition.
2. Social commerce
A flashback into 12th grade Economics, where a company’s scale of operation and profit maximization through minimal costing was a principle and modern merchants relying on gamification process of the sale was the ethics. But today all seems bookish and Grandpa’s business ethics of “Customer hi Bhagwan hai” lead us to the best business victory! Even that isn’t enough, is it? You know the answer if you own a residence near a Beauty shop (for 10 years) and have the Nykaa app installed on your smartphone! E-commerce is the new brand creating a place with the support of its subset family – Social commerce. A place where people through social interactions can reach the masses by building networks to buy and sell their products and services. Simplifying, rather than going into an app store we can easily surf the online products through our social media handle. Facebook and Instagram are the most admired social websites in the world for social commerce. They combined nearly 20% of online sales and have daily active users of more than 500 million.
What difference does social commerce make in Products than a company’s online sites?
Time is money here! Social commerce creates a direct network with you and a company’s product line. Thanks to social media handle necessary required mail ids, personal details, and chat boxes. This abandons confusion and regulates better usage of technology. Presence of search feed feature, Easy creation of business pages and community, Ads free cost also helps in building a network.
But why do companies choose social networks?
The popularity of brand creation! Let’s take Starbucks for example, a company with nearly 49 years of existence changed its way of product launching news from Press Releases to uploading it on Instagram (followers of 262k). The companies are expected to expend billions in social network advertising simply for reaching over target audience, less anonymity fear of outcomes and strategic implementations, and regularly modernizing consumer preferences.
Influencer marketing is one of the famous and strongest social network campaigning strategies. It is a revolutionary form of Advertisement where an Individual’s popularity is based on his Social Followers and is taken into consideration for the promotion of the product. Individuals could be celebrities, bloggers, YouTubers, Singers, Popstars, and Athletes. They gain followers because of the stand-out feeds or distinctive looks. These people are expected to dominate the power of purchasing decisions on viewers. The marketing of any product with an Influencer embeds sales revenue. They are presumed to be expertise in the field and uploads the best pictures, videos to build trust. A lot of people make influencer marketing their full-time employment by tying endorsements with various brands. They even make lucrative amounts through both social media handles and endorsements.
Well – known beauty blogger Aashna Shroff, revealed her monthly income is in lakhs alone from Instagram. She has beauty and fashion endorsements with L’OREAL PARIS, Dior, Estee Lauder.
3. Digital natives
Digital natives are the generations that are born in the era of digital technology. They are been observed as better adapting generations with handling technologies. They are commonly addressed as Millennials. There are companies too, which are Digitally native in nature i.e. sales are achieved online. These B2C companies focus on product quality at an affordable price. These business benefits by avoiding fixed costs, manufacturing processes and warehouse rentals. They generate business by selling small merchant products (digital immigrants) to the digital natives mainly known as Dropshipping.
Meesho.com is one of the online B2C e-commerce websites in India that collectively allow small companies to sell their products online comparably at a cheaper rate considering a required margin and shipment charges. It’s proven a successful platform by educators of social networks. They advertise products through Facebook and WhatsApp. The revenue of Meesho was recorded as 341.6 crores in FY2020.
4. Business networks
It is an era of Interface, where communicating is vital for a successful business run. Business networking is a higher-yielding gain generated by exchanging like-minded ideas with people to expand and fuel funds in an organization. Business networking incorporates building horizontal relationships with suppliers, borrowers, and competitors, helping in better understanding consumer needs, achieving minimum risk variance, and morale efficacy in the business. Just like Tesla supplying electronic car inputs to Daimler AG in exchange of funds pulled into the company.
There are many ways a business Network can be built but in this time constraint competitive world communicating person to person is unfeasible. Online/ Social Media Networks are built with a perspective of creating social image and credibility with people for better connections and followers. Every business idea needs a rigorous amount of dedication and acceptance to criticism. A strong marketing network is created by connecting with the right people or communicating on platforms that suggest strong referrals like LINKEDIN. A strong referral gives entrepreneurs a better chance of getting noticed.
Conclusion
Social media is a buzzword in today’s world. Highly addictive yet inescapable. Despite, of being a clear rear glass in digital world. A viewer may not cope – up with the psychological thoughts and trends.
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I genuinely loved how deeply blog is written. The examples are so much relatable. Shoutout to Hinal Shah!!