Facebook Ads vs Boosted Posts: Which is Right for Your Business?

COVID-19 has drastically changed consumer behaviour. Here's what you need to know. Australian business owners have shown incredible resilience throughout 2020, and the first half of 2021. Faced with lockdowns, capacity restrictions, and a constant sense of uncertainty, many have had their hands full simply trying to keep out of the red. Yet while it’s clear the 2021-22 financial year will be another year of transition, there is light at the end of the tunnel. A number of business trends have emerged over the past few months, shaped by fast real-time consumer preferences and behaviour. While we cannot know with total certainty what the next financial year holds, you can be prepared to embrace the changes. Understanding how the economic environment has shifted is key to navigating your business through the pandemic, and beyond. In this article, we deep dive into five of the emerging business trends identified by the world’s biggest consulting firms. Each of these trends will have a ripple effect across the small to medium business sector. Keep reading to discover how you can capitalise on these trends and implement practices that will benefit your bottom line. 1. Revenge spending As consumer confidence returns, so too will spending. “Revenge spending” has emerged as a new term for a post-lockdown cash splash. The term, first used to describe the increase in retail spending in China last April , is defined by the Collins Dictionary as: “Spending excessively after a period when one has had limited opportunities to spend.” It makes sense; consumers have spent the last eighteen months saving a disproportionate amount of their income. Now, after more than a year of lockdowns, quarantines, business closures, and restrictions, those same consumers have a pent-up desire to spend. 41% of Australians saved more than usual in 2020. This trend isn’t new — economists have reported an increase in spending after every financial crisis. The difference, however, is that this particular economic downturn particularly affected the services industries. Unlike other periods of financial crisis in history, those involved in the running of a services-based business have been restricted from carrying out their jobs. A service cannot be purchased online, ordered through click-and-collect, or delivered via UberEats. Government restrictions have prevented plumbers, electricians and other trades from entering people’s homes, effectively putting a stop to business. For this reason, it’s likely we’ll see revenge spending across all industries for the first time — as consumers spend big on dining, retail, entertainment, home improvements and more. Tim Finocchiaro, Managing Director of Pavers Plus — one of Victoria’s largest independent paving and landscape suppliers — has already noticed a shift in where Australians are spending their money, and it’s close to home. “Last Spring was pretty tough, with Victoria's lockdowns, and Spring is usually our busiest period. But the Australian life is an outdoor life, and now with programs like The Block people are being exposed to all sorts of new designs. We’re seeing a lot of demand for pool tiles at the moment – people are thinking, ‘If I can’t spend money on an overseas holiday, I’ll spend it on a pool’,” Tim says. "We're expecting to see the economic benefits this financial year, as Australians reinvest in their homes.” How businesses can benefit To cash in on consumers’ willingness to spend big, consider which elements of life your customers have missed most throughout lockdown and how your business can adapt to provide those things. The most obvious example is communal experiences. To meet this need, book stores could invite an author to read in-store. A games retailer could put on a magic show, or host an in-person chess competition. Restaurants and cafes could offer group packages such as high tea, or themed dinners with entertainment. Of course, with group bookings comes the headache of bill-splitting. This is where having the right tools for the job can save a lot of time, and help to provide an exceptional customer experience that leaves a great taste in diners’ mouths. 2. Conscious consumerism Conscious consumerism — sometimes referred to as ethical consumerism, green consumerism, or sustainable consumerism — is a commitment to making purchasing decisions that have positive social, economic, and environmental impact. These terms are no longer buzzwords; conscious consumerism is an effective (and arguably necessary) business strategy. We know with certainty that younger generations are actively spending at businesses that share their own values. The public shunning of fast fashion producers and the growth in demand for farm-to-table hospitality are examples of this shift, albeit from opposite ends of the spectrum. In fact, a recent survey found that nine in ten Australian consumers are more likely to purchase products that are ethically or sustainably produced. And they’re not just settling for “eco-friendly” labels — 87% want to see greater transparency around what makes a business’s products sustainable. But it’s not just a trend we’re seeing on our own home soil — sustainable business is an international phenomenon. A global study by Oxford Economics reported that 82% of SMEs who introduced ethical and sustainable practices saw a 15% increase in financial performance the following year. People spend more with conscious businesses. How businesses can benefit Consumers are more environmentally and socially conscious than ever before, and expect the brands they buy from or use to take responsibility for their impact. It’s no longer enough to not know where your products come from, or the conditions under which they’re made. Consumers are looking for greener alternatives and transparent supply chains. Now is the time for every business to rethink its operations and environmental impact. First,  read our blog to discover five ways to make your business more sustainable, work out where you can make changes and — if it makes good business sense — implement them publicly. With the significant supply chain disruptions brought about by COVID-19, it’s an ideal time to hit the reset button and make changes to run your business more sustainably. 3. Local love The silver lining of physically restricting consumers to within a few kilometers of their homes is that local businesses have been put in the spotlight. In 2020, consumers saw the effect of the pandemic on their local barbershop, fruit market, gift shop, and more. The shift to remote work kept (and continues to keep) many workers in suburbs and regional areas, providing more opportunity to discover local shops, cafes, restaurants and other businesses. Now, with many shuttered still, consumers say they will be taking action to support homegrown businesses. A recent survey by CouriersPlease found that 4 out of 5 Australian shoppers — an overwhelmingly large proportion — say they would be proactively supporting small and local businesses over big, global brands throughout 2021. It’s clear the “shop local” trend is likely to continue in 2021-22 and beyond. How businesses can benefit This shift presents challenges for larger brands, such as department stores. However, small businesses can capitalise on this by reminding consumers that spending locally doesn’t have to mean more money, or less convenience. It could be something as simple as showing support for other local businesses, or sympathy for those doing it tough. If you’re in a position to, it could be an extended returns policy or offering a payment plan. Depending on the type of business you run, joining forces with other local business owners might be beneficial. For example: A cafe shop could invite the local florist to place a few arrangements for sale by the register, and in exchange the florist might keep some of the cafe’s business cards at the front counter. A local grocer and gift store could team up to create and sell hampers, with an emphasis on local produce and products. A homewares store could invite the local coffee cart to sell coffees at its EOFY sale event. Read our blog , Shop Local: How You Can Benefit From This Growing Trend, for five easy-to-implement tips to attract more local customers to your business. 4. Authenticity on social media These days, it’s not just e-commerce businesses that need to be active online; bricks and mortar businesses need to have a social media presence. However, consumers’ increasing reliance on social media does not necessarily mean that it’s any easier for businesses to connect in a meaningful way. For the last 18 months, social media has been a lifeline for many — providing people with the means to connect with one another, and businesses with a platform to reach their target audience. Yet countless studies show that a growing reliance on technology rather than face to face interaction is causing an overwhelmingly large proportion of people to feel isolated, disconnected and lonely. In fact, the problem is so pervasive that at least one scientist is working on a pill to try and alleviate it. As a result, businesses need to think outside the curated box and utilise social media in a way that makes their audiences feel connected. In 2020-21, a number of brands saw the opportunity to strengthen community ties through an authentic social media presence, purposefully designed to connect with and engage their audience. There were giveaways, collaborations, behind-the-scenes content, live videos and more. This authentic content helps forge a deeper connection with customers, which in turn encourages brand loyalty. As communities continue to be affected by lockdowns, this type of marketing should be an important part of any businesses social media strategy in 2021-22. How businesses can benefit Being authentic means being real and genuine. An authentic brand is one that understands its audience and their values, and aligns itself accordingly. This is especially important for businesses operating in a saturated marketplace; consumers will often choose to spend money with the brand they feel most connected to. One of the most important steps to creating an authentic brand is deciding its values. Decide what your business stands for, then audit your website, social media presence and in-store experience for any discrepancies. When it comes to social media, imperfect content, live content, and user-generated content should be prioritised over overly photoshopped or curated content. One of the most authentic pieces of content you can create is a peek behind the scenes, introducing the people that make your business what it is— whether that’s the chef, the jeweler, the barista, the locals, or even their dogs. Whatever you choose to post, it must reflect the ethos of your business’s brand in an authentic way. 5. Business model innovation Crisis typically spark a wave of innovation, and the COVID-19 pandemic has proved no different. 2020 was a year of business model innovation. This financial year, the focus will be on refinement. In the face of lockdowns and restrictions, many businesses were forced to adapt their strategy in order to stay afloat. Hospitality and events-based businesses were especially affected. The businesses that thrived were those that were able to react quickly to the changed environment. For example, restaurants that pivoted to enable finish-at-home experiences through the likes of Providoor, or in-person events that shifted to online. Bill Spathis, co-owner of Melbourne-based Decoy Cafe Coffee Roasters, was quick to adapt when the city came out of lockdown. With fewer office workers dropping by for their morning brew, Decoy Cafe's menu shifted to align with its new clientele. “We usually operate à la carte, but we’ve had to change our business model because our customer base is different now. People aren’t coming back to the city for work just yet —  but they’re building a hotel across the road, so there are lots of tradies,” Bill said. “We’ve installed a bain marie for dim sims, fries and the like — and that’s what’s saved us. Without the tradies, we’d be closed.” Although businesses have always had to think about how the market is changing and what that means for their product or service, business model innovation will be more important in 2021-22 than ever before. The key to success this financial year will be refining the strategies that allow your business to continue generating revenue even when consumers cannot physically visit your business, or engage your services. How businesses can benefit Every business should have a crisis plan by now. In fact, it should be a part of every business plan ; no one can say, with complete certainty, what this financial year or the next holds. Businesses need to plan in advance how they will adapt in the face of a lockdown. Retailers should know how a lockdown will affect their returns policy, and trades businesses ought to have a communications strategy in place to reschedule appointments, for example. Every business should invest in an EFTPOS terminal that allows them to accept payment, even when customers cannot come to the store. This will help ensure business can continue as normal, as much as possible. However, the businesses that continue to grow in these times are those that innovate their business model. Gift cards, online tutorials and take-home packs are all examples of monitisable, COVID-safe strategies. If these changed business models make sense – customers enjoy the changed offering, and it’s a profitable direction for the business – there’s no reason to go back to the way things were. Business owners should always look for opportunities to drive revenue and generate new opportunities as the economy recovers. Embrace the opportunity The COVID-19 pandemic has changed the business landscape, however life beyond the pandemic holds promise. Overall, the 2021-22 financial year looks like it will be a year of optimism, recovery and opportunity for business owners. As the months roll on, additional trends will emerge that further shape the business landscape. It’s up to business owners to decide how to adjust their tactics in response. 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Instagram offers a huge opportunity for businesses to capture customers' attention and increase foot traffic. With more than one billion users on the platform and roughly 200 million people visiting at least one Instagram business profile per day, Instagram is a great way for businesses to expand their reach and increase customer engagement, and loyalty. On the flipside, not paying enough attention to your business’s social media presence could be detrimental. For example, a recent study found that 30 per cent of millennials are likely to avoid restaurants with a weak Instagram presence. (This is the demographic that spends an average of five days per year browsing food pictures on Instagram, after all.) When you also consider the fact that millennials visit restaurants more frequently than any other generation, the financial benefits of maintaining an Instagram profile are clear. However, it’s not just restaurant owners that could grow their profits through Instagram. No matter which industry you operate in, your customers are looking you up on social media. With so many people on Instagram each day following and engaging with their favourite brands, learning how to build your business and brand on the platform is vital to your business’s success. Read on for our beginner’s guide to Instagram to learn how to set up your business account, and post quality content that reaches your intended audience. How to set up your business account on Instagram When you’re starting out on Instagram for the purpose of promoting your business and your brand, you’ll want to curate an attractive page with frequently updated posts that draw your target audience in — so they become engaged followers and excited fans. Instagram provides a quick and easy way to get your brand noticed by the right type of people. If you’re looking to fire up your social media presence, but aren’t sure where to start, here are the answers to your important questions. Is the business account free on Instagram? Yes, a business account is completely free of charge on Instagram. You can easily transform your personal profile into a business profile, or start up a new one whenever you need. Once your account is set up, you can choose to create ads and promote posts (which you pay for, depending on the ad budget you set). How to change your Instagram profile to a business profile If you’re switching your existing Instagram profile to a business account, firstly, ensure your profile is set to Public visibility. Private accounts cannot be changed to business profiles. Then, head to the menu icon at the top right of your page and select Settings. Next, tap Accounts, then choose Switch to Professional Account. It’s as simple as that. How to get your business location on Instagram Instagram location tags, or geotags, are precise location coordinates you can add to a Story or post. Geotags put your business on the Instagram map. To create a geotag, you will first need a Facebook business page that’s linked to your Instagram account. Follow the below steps to get set up. Sign in on the Facebook mobile app Enable Location Services Tap Check In within your status update box Type in your business name and add your location Choose a category Select a physical geolocation Add any additional details, then tap Create Claim your location When you add your location tag to Facebook, it will also appear on Instagram. How to link your Facebook business page to Instagram You can link your Facebook page to Instagram from within the Facebook app or the Instagram app. From Instagram, go to your profile page and tap Edit Profile. In Public Business Information select Page. Then you can choose from the list which page you want to link to, and select Done to complete the process. How to promote your Instagram business page Instagram can be a crowded place, however there are a few things you can do to attract more eyes to your business’s Instagram page. Here are some ideas. Ramp up the number of times you post to Instagram every week. Increasing your post frequency gives you a better chance of appearing in your followers’ feeds, and helps to attract new followers. Cross-promote your Instagram posts across other social media networks. Sharing an Instagram post to Facebook or Twitter is a simple way to get even more ROI out of one piece of content. Share user-generated content on your Instagram story. This means finding an Instagram post or story created by one of your customers, and resharing it to your own business’s profile. What to post on my business Instagram One third of the most-viewed Instagram stories come from businesses. Given its potential to reach a wide pool of potential customers, there’s little wonder why savvy business owners turn to Instagram as the lead player in their content marketing strategy. But how do you make an impact? It can be confusing trying to figure out what to post on your feed, what strategies you need to employ, and the best practices to optimise your engagement. Variety is key. You will need to post pictures of your products or services, of course, but you’re not limited to this type of content. If you run a coffee shop, you might feature your customers’ dogs. If you own a restaurant, you could share recipes. If you run a trades and services business, you could turn customer reviews into Instagram posts. What you choose to post depends not only on the type of business you run, but also on your brand as well as the demographic of customer you are hoping to attract. What is the best time to post on Instagram? Knowing when to post and how to navigate the tricky Instagram algorithms will help achieve the best ROI for your efforts. It’s widely considered that posting at lunchtime between 11am and 1pm and in the evenings between 7pm and 9pm will get your posts the most traction. However, it will always depend on your target audience and their location — so it may take a little time to find the sweet spot for your business. Ultimately, it’s a good idea to use the time zone that most of your followers are in when posting the bulk of your content. When your post receives a lot of engagement soon after posting, Instagram will likely show it to more people. Using a tool like Hootsuite to plan and schedule your social media in advance makes it much easier to keep on top of what you're posting, when. The best time of day to post may be your busiest hours of the work day — scheduling your Instagram posts in advance means you still get the benefit of prime time engagement. Which hashtags should I use? Leveraging hashtags is one of the best ways to get your Instagram content in front of more potential customers. Posts with at least one hashtag typically average 12.6% more engagement than posts without; it’s an easy way to grow your reach, and get more comments and likes on your Instagram content. Here are some tips for using hashtags on Instagram. Experiment with the number of hashtags you use. You can use up to 30 hashtags per Instagram post, but sometimes less is more. Use trial and error to see how the number of hashtags used affects your reach. Don’t just stick to the popular hashtags. Use a variety of hashtags so your content doesn’t get lost in the crowd — from trending hashtags, to niche or location-centred hashtags. Use a tool like All Hashtag . Hashtag tools help you create and analyse the top relevant hashtags for your content, and you can easily store your hashtags for when you need them. Once your business is up and running on Instagram, it's time to start building your online community . For more ideas on how to grow your business, sign up to our Business Blog.

Growing an active, engaged online community is a tried and tested way to drive customer loyalty and increase revenue. To say that Instagram has the potential to drive business revenue would be an understatement. While it’s true that an engaged online community typically translates to dollars in the real world, the benefits go far beyond that. As restrictions and social distancing measures continue to pervade many aspects of our daily lives, the ability to reach your business’s intended audience online — while facilitating meaningful exchanges — is critical to achieving growth and forging deeper connections that bring customers back to your business again and again, and attract referral business. Read on to discover 5 tips to build a strong Instagram community. 1. Ask followers for their opinion as consumers Growing a strong community isn’t just about sharing your business’s story. Creating opportunities for your audience to speak up is equally as important. You can do this by using polls or directly asking questions on your stories, Instagram Lives, or posts. For example, if an apparel retailer decided to release a new colourway of their best-selling jumper, they could ask their Instagram community what colour they would buy. Tapping into your Instagram followers in this way gives you a snapshot for what your wider customer pool wants to see in-store. Plus, by deferring to your followers about what they want or like, they will be more invested in your brand and develop a deeper sense of loyalty and trust. Make sure to reply to your followers' comments and messages as much as possible, even during busy periods. Your interaction with them will make them more likely to engage with you regularly and become active members of your Instagram community. 2. Host an Instagram Live Hosting a Live on Instagram is a great way to show an authentic side to your brand and connect with your community in real-time. During the first of the COVID-19 lockdowns, Instagram Live views spiked , doubling in reach and proving the value of building an online community and forging meaningful connections. Pique your audience’s interest with content that is helpful in nature, rather than purely promotional. Content should be complementary to your products or services, without appearing like a sales pitch. For example: a plant nursery could teach followers how often to water common types of houseplants a restaurant might host a live cooking demonstration of a simple recipe viewers can make at home a bar owner could share how to make a seasonal cocktail an apparel retailer could explore different ways to build a capsule wardrobe a gift shop might walk through the steps to wrap presents at Christmastime Consider collaborating with like-minded brands on Instagram Live broadcasts, as this can increase your reach and strengthen your community too. 3. Make your brand values known Incorporating your brand values into your social media strategy is a surefire way to reach a demographic that aligns with your brand mission. For example, if your business sells locally-made or environmentally-friendly products, you might champion these lifestyle choices on Instagram to draw more eco-conscious consumers into your community. You might do this by sharing tips to become more environmentally conscious, such as upcycling clothing. Alternatively, you could promote a social cause you believe in and reach people who also hold the cause close to their hearts. As a retailer, that cause might be a clothing drive to help people experience hardship to get back into the workforce — such as Fitted For Work or Ready Set . 4. Develop a user-generated content strategy User-generated content or UGC is content created by consumers, not brands. This Instagram strategy can help businesses grow an engaged and lively community rapidly; it’s essentially free publicity to your followers’ own network. When users share a positive story about your brand’s products and services with their audience, it creates an authentic connection and acts as a soft introduction. The content may be a photo, a video or even a review and can include a brand-generated hashtag. You can then share this content on your business’s platform to boost credibility with your audience. One technique to get your members creating more user-generated content regarding your brand is to host a regular contest with giveaways and a specific hashtag attached to it. Asking your Instagram followers to tag their friends in these posts is another effective way to drive follower growth quickly. 5. Give back to your community Rewarding your community with giveaways, loyalty programs and discounts is a way you can thank your followers for their loyalty and engagement. For example, a hair salon could offer customers who mention their Instagram campaign a 15% discount on a haircut and colour. Another way to give back is by donating a certain percentage of your sales to a social cause. This gives your customers a sense of contributing to something larger than themselves and helping others, which can be very rewarding. Ready to get started? As you begin to build your Instagram community, you will figure out what strategies work best for your brand, what your followers enjoy seeing and how they like to interact with your business. The key to a community-minded approach is to be present and regularly post fresh content. A local business doesn’t need to have a huge following to reap the benefits. If followers are loyal and engaged — business profits will show it. Don’t forget to remain authentic each step of the way, so you continue to attract the people who align with your business. Sign up to our Business Blog for more tips to improve your online presence and drive more foot traffic to your business.