In this Social Channel Selection for Revenue growth series, we are dissecting each major social channel to help you assess whether it is the best place to position your business to connect with customers and grow your revenue.
Time is at a premium for the average Entrepreneur, you need to be strategic about where you invest your resources whether that be time, money, or staff. Joining every available social channel is counterproductive and leveraging the wrong platform poorly can harm your brand reputation and image. Whether you run an Etsy Store, an e-commerce website, a service business, or all of the above, you need to be strategic about how you select your social channels.
Is Youtube the right social channel for my business?
The prospect of a Youtube channel seems appealing for many business owners as you get to connect with your audience, show off your products, services or expertise, but is it the best channel to help your business drive revenue?
The Stats:
Youtube is the highest-ranking social platforms with 73% of US adults using the platform. 38% of Youtube users visit the platform several times a day. Youtube's success is centred around the exponential growth of video content across social.
Age & Gender
More men use the platform 78% than women 68%
90% of 18–24-year-olds use YouTube
93% of 25–30-year-olds use YouTube
87% of 30–49-year-olds use YouTube
70% of 50–64-year-olds use YouTube
38% of 65+-year-olds use YouTube
Regional breakdown
77% of those living in an urban area use YouTube
74% of those living in a suburban area use YouTube
64% of those living in a rural area use YouTube
Education & Income
64% of those with high school education or less use YouTube
79% of those with some college education use YouTube
80% of those with more than college education use YouTube
68% of those making less than $30k use YouTube
75% of those making $30k–74,999 use YouTube
83% of those making more than $75k use YouTube
Devices & Usage
YouTubers upload 500 hours of video every single minute
The average time each user spends on Youtube is around 11 minutes
Youtube's algorithm dictates 70% of what people watch on the platform
Just 10% of Youtube's most popular videos draw 79% of all views
Over 70% of all views are mobile
Youtube views via connected TV screens has increased by 39%
Relevance to personal interests is key for Youtube users when selecting what to watch 1.6x more important than whether the video has a famous face in it
Watch time for videos centred around product reviews and product purchases doubled in the last 3 years.
Source: (Sprout Social, Hootsuite Pew Research & CNBC.com).
What can Youtube do for my business?
Youtube has a huge base of users and lots of traffic which you can tap into if you produce engaging quality content that addresses your customer's needs and interests.
A high ranking Youtube channel will do wonders for your Google ranking also
A Youtube channel can become an excellent library for all of your content helping customers constantly being able to find the info they need
Youtube has an excellent global reach so if this is a priority it will help you access international audiences.
You can generate income from your videos alongside using your videos to promote your offering and generate sales
Now that you've got some insight into Youtube, you should assess whether this works for your business. Think specifically about your audience and customer. Do the above demographics match up and does it sound like it can help you meet your specific business objectives.
And finally, how do I select an impactful channel?
Narrow down which social channels you chose to be a part of, be selective about what channels serve your business best.
Avoid copying competitors and peers using whatever channels they use.
Play to your strengths and think about what channels you can create the best content for. If you're a great writer and your brand has a strong tone, perhaps you can leverage text-based posts on a word centred platform the best.
Go strictly where your customers are, do proper market research (surveys, reports) to find out the truth around this, then prioritise the channels they are most active on.
Don't simply join the most popular or trendy social channels, or the ones people seem to be talking about the most. Again, prioritise where your audience goes to be entertained, informed, shop, connect and learn.
Unsure about where to go from here?
Here at Superlative we've worked with hundreds of businesses, just like yours. We specialise in helping them to take their business online and generate more revenue than ever before. Speak to us about Consulting and coaching, Web design and Marketing Strategy services or try our Courses and Workbooks to empower you and your staff to generate more revenue than ever before.
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