Social networks are increasingly a fundamental tool with which companies and entrepreneurs must work to publicize their businesses. This is how Javier Munarriz and Jorge Fernández, co-founders of La Tienda de las Gorras, a business in the center of Madrid, which has 132,000 followers on Instagram, recognize that social networks have given them a boost in a business that was already established: “the location is super key for what the physical store is and it was something that we kind of took into account a lot, but of course The topic of social networks lately has also helped us a lot“, highlight the co-founders.
Social networks have become a commercial showcase, and in 2023, the Annual Social Networks Study prepared by Elogia, reported that 48% of social media users acknowledge following or being fans of a brand. Although the importance of being present on social networks is extrapolated to other issues such as trust in business, since for 37% of the profiles surveyed, the fact that a business has a presence on the Internet gives them greater peace of mind when it comes to to acquire one of its services or products.
45% have networks to follow brands
The report reflects that the following of brands on social networks is in decline, with 43%, compared to the 48% obtained in 2022. Despite this, the intensity on the part of users grew, until obtaining 45% of the profiles that follow firms use the networks solely for that reason. The change in recent years is quite noticeable: “In recent years we have noticed that the public is more receptive to the content we create from brands and businesses than previously, but I think it has also been thanks to the fact that the content is becoming more and more attractive.” and informative and not so focused on sales, Munarriz acknowledges.
The social network par excellence to publicize business is Instagram. Which, in addition, is one of the most transversal, being used at almost the same level by Generation Z (born between 1995 and 2009) as by Millennials (1989-1994). “I think that this social media user profile has changed quite a bit. Maybe it was understood that way a while ago, but really all types of audiences come to us that have seen us on social media, from that generation Z to the parents of that generation Z,” highlights Munarriz.
Change in the use of networks by brands
In the year 2023, the use of social networks by companies had a change and The main use they made of them was to generate branding (53%)sell their products (40%), use it as customer service support (36%) or attract leads (31%). The strategies carried out on social networks can bear fruit with perseverance and work on the content, since it has taken Munarriz and Fernández 12 years to become visible. We worked on social networks from the beginning, Fernández acknowledges. “Yes, we opened in 2012, and Instagram was not very established either, but we did start working on it from the beginning. In fact, I think we had the store’s social networks before our own. And that, and we have always had them. used. What happens is that it has been like this second wave, so to speak, of the video format, the one that we have noticed the most about two years ago, maybe a year and a half.
Yet, Social networks are a free tool that can be used by smaller companies to advertise and not need large financing to become known. The example of The Cap Store is one of the infinite ones that exist on social networks that, due to the loyal audience that they have managed to bring closer to their products, their turnover has multiplied and even doubled in the last two years, say the co-founders of La Tienda de las Gorras.
Both Javier Munarriz and Jorge Fernández have been able to rethink expanding their physical storelocated in the Malasaña neighborhood in Madrid, due to the influence that social networks have given them on their business, and which has been essential for both of them to make the decision to opt for a venue with a larger capacity.
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