Instagram Stories was launched into the social media jungle this week, allowing grammers to snap photos or videos for their profiles that disappear after 24 hours. Sound familiar?
There’s no doubt that this new Instagram feature is moving unashamedly into Snapchat’s territory. The instant uploads, options to add text or drawings and even being called Stories! The similarities are endless. But although this move might seem like pure imitation, there is method in Instagram’s madness and there are a few life lessons that we can all take away from this bold move.
Learn From Your Competitors
Snapchat is one of the fastest growing social media networks, now boasting more users than Twitter. So they must be doing something right. Instagram cleverly realised what social media users loved so much about Snapchat and instead of resisting change, decided to integrate those features into their already successful platform to give the people what they want.
This shows that noticing what your competitors are doing right is just as important as picking out where they’re falling short. It can help you better understand your customers and you might even find that you have the resources to better service their needs than the competitor that thought of the solution first.
Play to Your Strengths
There are countless people and businesses who have built an impressive following with healthy engagement on Instagram. It’s much more convenient for them to utilise the profiles they’ve already built rather than starting from scratch on a new platform like Snapchat. Instagram recognised that it was much more beneficial for them and their followers to stay on Instagram rather than split their attention, so they found a way to make that possible.
Knowing how to leverage your strengths is vital in the world of business. Whether it’s an experienced team, great location or loyal following, you can use what you have to create an even better experience for customers. If you can service their needs better than anyone else, they’ll have no reason to turn to your competitors for help.
Take Educated Risks
Instagram made a risky, and arguably dodgy, move, but it was also very well thought out. By integrating a feature that they knew people already used and loved, they could almost guarantee that people would welcome it with open arms. The proof is in the pudding and our Instagram feeds have been full of stories since it launched, so it seems they were right.
It’s true that you have to risk it to get the biscuit, but that doesn’t mean you have to dive into the deep end blind. Putting in the time to research and test is vital to ensuring that you’ve looked at your idea from every possible angle before you launch. That way, you can iron out any creases and give yourself the best chance of success.
What’s Next For Snapchat?
It’s been a big week in the world of social media, but we expect Snapchat will be able to hold onto their popularity because they still target a slightly different demographic to Instagram. But nonetheless, they’ll need to put their thinking caps on to come up with a plan to tackle this unexpected threat.
Your move, Snapchat.