Valuable Lessons From the Fall of Vine
Vine was on fire — back in 2013, that is. Unfortunately, the app failed to recognize a few of the key components that keep businesses from becoming successful in a competitive market.
It’s impossible for any company in a competitive industry to succeed if it refuses to innovate and grow. Old ideas will either get stale or get stolen. One of the biggest reasons why Vine failed, as well as giant companies like Xerox and Kodak, was their reluctance to accept new ideas. No one succeeds from complacency. If you aren’t offering your clients something unique and you don’t constantly build off of that, then be prepared for tough times. Just ask Vine, Xerox, or Kodak. Therefore, being innovative and creating value for your customers should be your top priority at all times. If you can’t find new ways to satisfy the needs of your clients, your competition will happily accept their business. That being said, don’t be afraid to listen to others from time to time. Your employees and clients have a completely different perspective, one that will offer valuable insights which will help you stay up to date on the different trends and ever changing needs of your customer base.
Put Yourself Out There
You should be promoting your business in any way you can, every chance you get. Twitter failed in a sense by not shining enough light on Vine. After the first year when people stopped talking and the platform lost its buzz, the parent company should have continued promoting it to keep its user base from dwindling to the numbers it ended with. It’s obvious that Twitter has its own problems it’s trying to sort out, so there’s a good chance you are actually in a better position. There are many ways to promote your business, and if you find yourself using social media as a main part of your promotional strategy — please please keep in mind that it will take time and effort. Far too often business owners and entrepreneurs feel discouraged when their social media accounts aren’t immediately producing measurable results, when in fact studies show that social media advertising produces less than 2% of online conversion rates. (https://www.shopify.com/blog/12731545-which-social-media-platforms-drive-the-most-sales-infographic). Then why spend so much time on it? Because it is absolutely essential. The often overlooked purpose of social media marketing is to build brand awareness and get your name out there. No one’s going to buy your product if they’ve never seen or heard of you.
Don’t Focus All of Your Time and Energy in One Place
Vine undeniably fostered a group of social media celebrities, but this ultimately ended up contributing to its downfall. When its star users gained millions of followers, the paid sponsorships they secured provided the company with a false sense of security. Therefore, it never sought out to implement new and innovative methods for advertising. Many small businesses rely heavily on social media outlets to promote their stores, products, and services because they see it as an affordable way for them to advertise, which is true. However, non-marketers often fail to realize the time and effort that goes into social media strategies. When they begin social media marketing efforts, they quickly realize how time consuming it is, even when using just one platform. Unfortunately, you’ll never be able to reach your entire target market relying on just one platform. Yesterday’s Vine famous personalities should serve as tangible proof of why you should not put all of your eggs in one basket.
If you’re feeling overwhelmed with your current promotional strategy, or if you aren’t sure where to start, feel free to call your local south florida advertising agency. Whether online or off — our team of designers, strategists, and marketers can help you promote and elevate your brand.