Table of Contents
The State of Social Media in 2023
Social media marketing takes the lion’s share of the marketing budget of businesses today. It has become essential for brands to meet their sales targets and increase their reach. Regardless of the industry of size, social media allows brands to engage with their audience, improve the conversion rate and reach their business goals.
As the penetration of social media is progressing considerably every year, the market for social media is expanding and opens up great opportunities for brand marketers.
According to the latest reports, the global social media market is growing at a compound annual growth rate (CAGR) of 19.4%. From $193.52 billion in 2022, the market size is growing to hit $231.1 billion this year.
Video Marketing Will Continue to Outperform
It is a no-brainer that video consumption on social media is growing by leaps and bounds in the last few years. Videos have become the best tool for marketers to showcase their products and convey brand messages effectively. It can increase engagement rate significantly and helps to establish a strong connection with the customers. If you haven’t started actively using videos on social media, it is high time you should focus on it. From edutainment videos to user-generated content, there are multiple ways of video marketing that brands can include in their content strategy.
Social Media Advertising Growth
Social media advertising is an effective tool in the digital marketer’s arsenal. The ad spending on social media has already crossed $173 billion in 2022. In the coming year, brands are expected to focus more on social media ads. As per research reports, one in two businesses is planning to increase the social media budget this year. Though Instagram is at the top among platforms for social media ads, Facebook, YouTube, and LinkedIn are also effective social media platforms for placing advertisements.
Brand Authenticity & Social Engagement
One of the biggest news in the social media world in 2022 was the launch of the BeReal app and its immense popularity. The success of the application is largely attributed to their feature that encourages genuine social interactions. Unlike popular social media platforms, BeReal considers authenticity as its core principle. That explains brands should focus more on creating genuine interactions with their target group. People are no longer interested in polished and curated content anymore. Customers find it more authentic and relatable when the brand showcases unfiltered images and authentic content.
Growth in Edutainment
If you think edutainment content is for kids, you’re mistaken. The social media trends from the last couple of years show us people like to watch content that is a blend of information and entertainment. The rise of short-form videos has further boosted the acceptance of edutainment content. This year, more brands will focus on creating edutainment content where they can convey the message in exciting and creative ways. If you are upgrading your video content strategy, make sure you don’t forget to add some edutainment videos too.
Brand Monitoring & Social Listening
Social listening is becoming a crucial part of social media management now. It opens up an opportunity to understand the expectations and concerns of the users. It is an essential part of community management as well. Given the multiple benefits of social media monitoring, more than half of the brands use listening tools as part of their marketing activities.
There are numerous social media monitoring platforms available these days that help brands to follow mentions about their brand on social media. It is a cost-effective tool for small and medium businesses to understand the brand reputation, know what their competitors are doing, and analyze the industry trends.
A Maturing Influencer Economy
The influencer economy is another name for the creator economy. It is comprised of independent content creators, curators, community builders, social media influencers, bloggers, videographers, etc., and the tools and technologies for supporting their job. Though it originated in the last decade only, more than 50 million people claim to be part of the creator economy.
Content created by influencers is growing in popularity. As per the latest reports, people watched 13.2 times more than other media and brand content in 2022. Their viewership is expected to reach 10 trillion views per month in 2023.
Partnering with content creators or influencers has become much more common for businesses these days. It offers a plethora of benefits such as reaching a wider audience, community building, increasing engagement rate, promoting brand values, and more.
The Impacts of Artificial Intelligence on Social Media
The role of artificial intelligence in social media marketing is expected to become more evident and frequent in the coming year. AI technology is a key component in all major social media platforms already.
As per estimates, the market for AI in social media is expected to grow by $2.1 billion by 2023. AI-powered technologies help brands to make smarter, more intelligent, and data-backed decisions in marketing. It helps to optimize the marketing ROI considerably by learning from data. It can help you cut down the expenses of social media activities significantly through the automation of various processes involved.
Customer Support Through Social Media
Gone are the days when social media strategy included promotional and marketing activities. Customer support has already started to grab the attention of brands, and it is all set to grow further this year. Because they can get a quick response to their concerns, more people are using social media platforms to resolve issues regarding products or services. When brands respond to their feeds or messages, it provides a delightful experience for the customers.
Get in Touch With Our Team Today!
If you are ready to gear up your social media marketing efforts according to the latest trends, let our team of experts assist you. At FCS, we develop and execute result-oriented social media marketing strategies. Call us today for a quick consultation!