Since the internet has become the fabric of society, determined women have found success in business using social media platforms like Facebook and Instagram. The path to becoming a female entrepreneur can be hard, but the unique role social media plays in their business strategy is a key factor for success. Here’s what women-owned entrepreneurs need to know about how to leverage social media to reach and grow their businesses in key markets, during these unprecedented times we’re all navigating.
The Breakdown You Need To Know: Even though the novel coronavirus has slowed down brick and mortar businesses, the “click and mortar” industry is still alive and well, thanks to businesses built on social media. CultureBanx found that savvy business women know that social media can serve many purposes simultaneously like marketing, branding and even customer service. One of the largest social media giants is stepping up to support small businesses that will be impacted by the COVID-19 pandemic. Facebook COO Sheryl Sandberg noted that the company is investing over $100 million in grants to help 30,000 small businesses around the world. For women in business, this is especially good news, as they often confront difficulties in securing capital.
Women of color actually make up the biggest portion of female led businesses that generate revenue of $1.9 trillion. Additionally, 65% of minority women are more likely to have a side hustle than other women, social media has presented this demographic with an unprecedented opportunity to create the future. Social tools help people to connect across cultural, social, and other barriers to interaction.
This is exactly what Instagram Product Marketing Manager Brooke DeVard Ozaydinli does with her side hustle the “Naked Beauty” podcast, that was purely built on social media. “I think we’re witnessing the democratization of media… You don’t need gatekeepers or a pitch tank to qualify you anymore” DeVard Ozaydinli said. Through building her business and brand she found that “social media is making it possible for anyone with an idea or passion, to make a living from it.”
Click & Mortar Generation: For women, social media presents an abundance of opportunities that will lead and effect change, along with innovating and with building relationships across sectors. In 2019, women started an average of more than 1,800 new businesses per day in the U.S. These companies now represent 42% of nearly 13 million businesses overall, and social media plays a major role in helping women launch new companies. For example, wiith platforms like Facebook and Instagram women can organically reach their target audience and find new clients or customers without paying for expensive ad campaigns.
Scaling Up On Social: Female entrepreneurs know how to build trust and customer loyalty using social networking sites. Women who use social media in their businesses know that they have to be consistent. As a modern-day business owner, many entrepreneurs question the value of having a social media presence to build up their brand and customers. However, Ronne Brown, CEO of women-first community “Girl CEO” believes it’s extremely valuable to any company’s success. “Social media allows you to create your own tribe… It has created a space of authenticity where you can get paid to be yourself, said Brown.”
Women have continued to demonstrate thought leadership in the world of social media, which is why last year 163 million women became entrepreneurs and started businesses globally. Platforms like Facebook and Instagram are helping move the needle for women on their quest to build the best companies the world has ever seen.