‘Threads', the new social media app by Instagram's parent company ‘Meta', was recently released and managed to surpass the 10 million user mark in just seven hours.

By comparison, it took Instagram 355 days to reach 10 million registered users, and it took Twitter 780 days to get to same amount.

Jon Morgan, CEO and Editor-in-Chief of Venture Smarter, has shared five ways he believes small businesses should be utilising Threads in order to maintain a competitive edge.

Brand Awareness

Threads is yet another opportunity for small businesses to increase visibility for their brand - with updates on products and services, and company news. This is important as companies with a good level of brand visibility and awareness have an edge over competitors, as it helps to influence customer's decisions.

Now is a good opportunity for small businesses to start posting while there remains a lot of hype around the platform; the algorithm may promote their posts to a wider audience than when bigger brands get on board. At the time of writing, some globally recognised brands have either not made an account yet or have registered an account but are yet to make their first post.

Customer Engagement

Customers love to be heard, and building rapport with them on their chosen social media platform can build brand loyalty, whilst also being an opportunity to provide the customer with support for the product or service.

Market Research

By looking at what people are talking about on Threads and also monitoring what their competitors are doing, small businesses can gain valuable insights that might have been overlooked previously. This information can highlight consumer pain points, improve products or services, and identify new market opportunities.

Networking and Partnerships

Threads offers an opportunity for businesses to connect and collaborate with other companies, industry influencers, and potential partners. By following and engaging with relevant accounts within or outside their business niche, companies can tap into each other's follower base and identify which users would be the right fit for promoting their product or service.

Recruitment

Threads could potentially be a social media platform that is also great for recruitment, as small businesses can share job openings with people that already have a vested interest in the company. It can also prove to be a faster and more cost-effective method than using a recruitment agency.