Three things the sale of Instagram can teach us about business…
1. Less is more
I could write you a list (but I wont) of the number of photo sharing applications, tools, add-ons and features the internet has to offer, that didn’t just sell for $1 billion dollars to Mark Zuckerberg. So what made Instagram so desirable?
To answer that question, we must look at what it actually does:
- Instagram is a free photo sharing program that allows users to take a photo, apply a digital filter to it, and then share it online.
That’s it? Yep, that’s it! Whilst many developers often try to create something so innovative, exciting and unheard of, that it is often unnecessary. It’s popularity proves that all people really want to do is upload cool looking pictures to the internet and have people “ooh” and “aah” at them.
2. The company you keep speaks volumes about you
It’s true. It’s been true since you were old enough to know what street-cred meant and cheeky enough to be selective about what shoes your parents bought you for school because the popular kids were wearing them.
Once Instagram attached itself to the iPhone, it was the inception of something brilliant. In business, you are not trying to reach everyone on the planet because that is impossible. Greatness is often born out of a niche. That is exactly why Tesco and Waitrose can exist in harmony – each business appeals to the pockets of a particular consumer and does that really well. That’s all you really need; to please your niche consistently.
3. Make changes before completely giving up
Kevin Systrom created Instagram only 2 years ago in 2010. However before you call him an upstart that got lucky, consider his earlier attempts with Photobox in 2004 that allowed you to send large images to a friend online, followed by Burbn, a useful HTML project allowing you to update people on your location and then Instagram. Each idea was a good one, but Instagram, was and is a great one! Kudos Kevin! :-)