Social media plays an integral part in our lives, especially in post-Covid times. It is estimated that 4.62 billion people use social media in the world. It is a whopping 58.4% of the total population. On average, people spend 2 hours and 27 minutes on social media in a day. Should we say more about why social media marketing garners much attention these days?
Social media has become one of the major aspects of digital marketing now. From discovering a brand to customer service, everything happens on social media. It offers amazing opportunities for brands for boosting customer engagement. It helps brands improve brand reach, increase conversion rates, build customer loyalty, create a unique brand impression, and more.
Staying informed on the trends and taking proactive action helps brands to reap the best benefits of social media marketing. As we bid farewell to the first half of 2022, it is time to prepare for the trends that may influence the social media marketing space in the coming year. Here’s a list of social media trends for 2023.
TikTok for Gen Z
The popularity of TikTok is growing day by day. It is the most downloaded app in 2020 and 2021 when iOS and Android downloads are combined. A statistical study points out that around 167 million hours of videos are watched by TikTok users in a sample minute. And it is the social network of choice for Gen Z.
As per a prediction by eMarketer, 44% of TikTok users will be aged under 25 by 2023. It is estimated that one-fifth of the Gen Z population spends around five hours on TikTok a day. It gives a huge opportunity for brands targeting the Gen Z population. The marketing budget for TikTok is expected to surge significantly in the next year. If predictions become true, TikTok will become one of the most effective social media platforms for marketing by 2023.
Social Commerce To Expand
In the post-pandemic world, shopping has become more virtual. Social media is booming as a virtual shopping space for today’s consumers, especially the Millennials and Gen Z shoppers. The number of social media shoppers in the US has reached 80 million in the last year. According to market predictions, it will cross 100 million by 2023.
Facebook and Instagram will continue to be the favorite platforms for social commerce. Also, around 70% of consumers check the Instagram page of the business before buying the product. In the coming years, social media platforms will most likely adapt features to make shopping easier for users.
Videos To Dominate
As per the statistics of CISCO, eighty-two percent of global consumer internet traffic is driven by videos. However, long videos are not a popular choice anymore. Short-length videos are ruling the market now and will continue in the next year too. The advent of TikTok has more or less changed the way we consume video. Apart from TikTok, Facebook Reels, Instagram Reels, and YouTube Shorts have contributed to the popularity of short videos.
Moreover, live streams have become much more popular in the post-pandemic world. Businesses are increasingly taking advantage of live streaming for event promotion, product demonstration, consumer engagement initiatives, and more. Market studies show video content is far more beneficial than static photos on social media platforms.
Augmented Reality At The Forefront
Augmented Reality (AR) and Virtual Reality (VR) are expected to hit the mainstream in the coming years. It has been a while since social media started using AR technologies. Instagram has been using AR for its photo filters for almost half a decade now.
By 2023, AR technologies are expected to gain momentum. The market for AR is projected to generate $70-$75 billion annually by 2023. Social media platforms are all gearing up to add more AR-based features for better user engagement. Using social media, users will soon be able to try products virtually before making a buying decision.
Growth of User-Generated Content
Authenticity is a key trait that consumers search for in a brand. In a market survey, around 90% of consumers have revealed that authenticity is deciding factor when choosing a particular brand. That explains why user-generated content is becoming popular. Consumers will more likely trust a brand with user-generated content than any other marketing content.
Moreover, UGC is a far cheaper option for businesses when compared with traditional advertisements. Not only does it help to improve authenticity, but also promotes user engagement. No doubt that we will see more user-generated content on social media platforms in the coming year.
Increase in Social Media Ads
For many leading businesses, the lion’s share of the marketing budget goes to social media marketing these days. As per one of the surveys, around 50% of marketers agree that they use half of their marketing budget on social media advertisements. It is expected to increase further in 2023 and beyond.
As per predictions, social media ads will hit the $177 billion mark in 2022. The total expenditure on digital advertisements for 2023 is projected to reach $681.39 billion and a major share of it will go into social media advertising.
Social media ads are reported to have better ROI when compared with traditional advertisements. The survey by SurveyMonkey says that nearly half of social media users will buy a product after seeing social media ads. Out of the social media platforms, Facebook and Instagram give marketers the highest ROI.
Influencer Marketing To Trend
Influencer marketing involves partnering with influencers for content creation or promoting the brand. Marketers consider influence marketing as an effective form for improving conversion rates as well as increasing brand reach. Moreover, influencer marketing helps in creating authenticity and improving customer engagement.
Though it is not a new trend, influencer marketing is expected to flourish in the coming year too. The spending on influencer marketing is projected to hit $16 billion by 2023. Social media platforms are improving their algorithms to bring more sponsored content to the top. In other words, the reach through organic marketing will be minimal. To achieve results, brands will take on other marketing initiatives like influencer marketing.
Social Media For Customer Service
Though social media was initially a medium for marketing, it has turned out to be much more now. Slowly it is evolving as a customer service platform as well. It enables customers to reach the company representatives quickly and get instant responses. They can ask queries, share concerns, post complaints, etc. and get them resolved quickly. Not to mention, today’s customers are looking for personal attention from the brand and they are impatient to wait long for answers.
On the other hand, companies that provide instant responses to the queries and concerns of customers on social media are more likely to be trusted by customers. It gives the message that the brand is actively listening to its customers. Brands are taking efforts to decrease the response time on social media and meet customer expectations.
Social Listening For Business Insights
One of the major benefits of using social media for business is that it generates a huge amount of relevant customer data in real-time. It can be advantageous for the business for making smart decisions.
In the coming year, businesses are expected to use social listening as a tool to gain business insights. It enables brands to monitor conversations on social media platforms and understand about needs and wants of the customers. Also, brands will actively monitor their social channels to foresee any potential crisis so that they can take proactive steps to resolve it.
Authenticity is The Key
Brand authenticity is all about how far a brand stays true to itself and the customers. As mentioned above, it is a key trait that users search for in a brand now. They can hardly connect to brands that just forward promotional content. People want to have an emotional connection with the brand and understand the brand’s values.
Today’s consumers will more likely choose a brand that is trustworthy and authentic. To meet customer expectations, brands are increasingly focusing on content creation that establishes the brand’s authenticity.
Social Audio To Boom
Audio content on social media is emerging as a new trend now. It allows users to listen to interesting topics or people on the go. Social media platforms have already geared up to capitalize on the increasing popularity of audio. Facebook is working on an audio creation tool that enables users to create Soundbites. Twitter has Twitter Spaces to its credit. In the coming months, we are expected to witness a boom in social audio with live audio rooms, meetings, live event broadcasting, voice messages, and more.
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