The team of business experts at The Lloyds Bank British Business Excelence Awards surveyed 2,300 UK entrepreneurs who launched their start-up business over the last two years to find out about their use of social media during the launch of their business. Over one third of those questioned said they used social media to launch their start-up (39%).

Of those that used social media to launch their start-up, the most popular platforms for businesses were found to be:

• Instagram - 33%
• Facebook - 21%
• Twitter - 18%
• TikTok - 9%
• Linkedin - 4%

Research found one in three start-up businesses launched through Instagram over the last two years. Of those who selected Instagram, the most common reasons for doing so included:

• ‘It has a global reach’ - 87%
• ‘More flexibility than other platforms’ - 72%
• ‘Higher engagement rates than other platforms’ - 58%
• ‘Ease of use’ - 44%

With reasons such as global reach, more flexibility and higher engagement attracting start-up business owners to Instagram, it certainly appears to be the best way to launch a start-up business online. Nearly all owners (87%) said that they used the success of launching on Instagram to push their business further onto other social media platforms in the two years since launch, and just under three in four owners (72%) plan to keep using Instagram as their business’ primary platform. Notably, 6% of respondents admitted they are now focusing more on TikTok for promoting their brand.

For those considering launching a business, the team at The Lloyds Bank British Business Excelence Awards have also listed three top tips for launching through Instagram.

Be unique

Every business owner should keep an eye on the competition (small and large) and draw inspiration from successful campaigns, initiatives and strategies when necessary, but outright copying will lead to minimal results. Standing out from the crowd is hugely important in the digital marketplace, where users’ attention needs to be grabbed and held within seconds before swiping onto the next post.

Create interactive content

Unlike other text-based social media platforms, Instagram allows brands to create more interactive content. For instance, polls and quizzes are great tools to use. Last year Instagram revealed* that 57% of users like seeing polls and quizzes from brands on the platform. By creating content that customers can interact with, it helps them become familiar with the brand while boosting the business’ engagement rates on posts.

Build an audience before launch

Networking and outreach are critical for businesses of every size, which means starting to do both as soon as possible is key. Building an audience of followers on Instagram (or any social media platform) before launch has a range of short and long term benefits for businesses. Having a strong online presence boosts the credibility of the brand in the eyes of new customers.

Sarah Austin, Director of The Lloyds Bank British Business Excellence Awards, commented:

“In the increasingly digital marketplace of 2022, more and more businesses are choosing to launch via social media. The survey results found that Instagram has been the most popular platform over the last two years, and reasons such as global reach, more flexibility and higher engagement make it clear why this is the case.

“The growth of the digital marketplace allows businesses to operate faster while reaching wider audiences, all while being creative and innovative. This perfectly aligns with the ethos of the British Business Excellence Awards, and I personally hope to see the trend remain as long as it continues to empower businesses to operate in ways that simply weren’t possible 10, 15, 20 years ago.”