2023 was monumental for the world of social media. Huge platforms like TikTok and Instagram became the advertising hub for users’ daily lives. Because of this, marketing strategies needed to adapt to keep up with the changes.
This past year, short-form content took the reins on social media for many industries – consumers began to advocate for their privacy, and influencer marketing was still all the rage. As we anticipate the new year, we should expect more changes in the social media and digital marketing space.
Here are some of the top predictions for 2024:
Social media platforms to become the next Google: Search engines like Google have always been the go-to for all types of information, but experts expect a shift in 2024. In fact, TikTok, Facebook, and Instagram are starting to integrate Google search into their own in-app results. Implementing this allows information and insights to be more prominent within the app. A Hootsuite study found that 48% of users consume information from traditional search engines, but social media is only slightly trailing behind at 44%…bring it on Google!
User-generated content will rise to the top: User-generated content (UGC) is a popular way to engage with consumers and create brand awareness. It also allows potential consumers to interact with authentic product or service experiences. While brand content showcases products and services in a professional way, consumers are 2.5 times more likely to trust real users.
First party data alleviates privacy concerns: If you ever visited a website and felt like it was specifically catered to you, chances are that it is…or it was. Truth is, that website picked up all sorts of data on your device, figured out what you needed, and gave you that information. We call those little bits of data ‘cookies’ and companies use them for consumer tracking.
However, increasing privacy concerns are forcing companies to use first party data instead to learn more about their consumers. First party data includes subscription services, email newsletters, purchase history, etc. This data is only accessible by the specific website you visit.
More diverse revenue streams coming from retail media: Retail media is the convergence of retailing and advertising. Ultimately, this type of media utilizes consumer data to create more personalized advertising that benefits both brands and retailers. Big retailers like Target, Walmart, and Kroger are using this type of media to open up more diverse revenue streams. E-commerce is continuing to thrive, and retail media is set to become a new norm in the world of digital advertising.
Short form advertising will be the star of marketing: Short form video advertisements (e.g. Youtube shorts, Instagram reels, and TikTok) have been rapidly gaining popularity over the years. Companies are finding that the short, concise messaging and overall visual appeal aligns more with consumer preferences. This type of advertisement will likely continue to gain traction in 2024. They are especially effective for storytelling, product launches, and customer testimonials.
Obviously, 2024 will continue to bring a lot of changes to the marketing space. We can expect more authenticity from users and a greater emphasis on the use of social media for optimal branding and advertising.
As 2023 comes to a close, what other predictions do you think will emerge in the new year? Let us know!