By Boost Social Media Managing Director
In today’s global marketing scenario, businesses cannot ignore the importance and impact of social media in their marketing strategy. There has been a tremendous increase in usage of social media platforms over the decade and Australia is no different from the rest of the world. Some 18 million Australians now use social media, i.e. 72% of the entire population with a 5.9% increase over the year 2019. The trend in 2019 has also proved that the small businesses in Australia “need” to have optimized social media channels in their niche market, not only to sell their products online but also to exponentially grow the visibility of the brand.
As we come to the end of the decade, what was merely a channel of communication with friends and family, has now become an integral part of every business. So, how should businesses, brands and even the average user anticipate the future for social platforms in 2020 and years to come? Here’s a breakdown of a few things you, as a business owner, need to know.
1. High Ad costs mean burning cash
Facebook, Instagram and Linkedin advertising is going to be more costly in 2020. That means you’ll have to pay more to get less while businesses with higher capital will always win, despite lower margins. The increased competition on the platforms results in higher CPAs. Therefore, businesses should now also consider the lifetime value of the customer, cost per lead, etc., and optimize the campaign accordingly.
2. Video content is the king
Producing high-quality videos with quality content is more important than ever. Today, every user-generation prefer video over text. Businesses are making investments in producing videos that are super-useful to their customers. We’ll see an increased use of Youtube, IGTV and Facebook videos in social marketing.
3. Stories are in the centre of visibility
People watch stories more than they scroll the feed. This has been the trend across Facebook, Messenger, and Instagram. And it’s quite feasible that both Facebook and Instagram may start rolling out more robust tests of its blended feed and Stories format. Creating organic content with polls, questions, etc., and also advertising material specifically for stories is a great way to engage with your customers. There are already 3 million advertising across Facebook, Instagram, and Messenger Stories, and the number is growing every minute.
4. Personalized customer experience is no longer optional
With more brands and businesses including personalization into their communication channels, customers are now getting used to the trend. They now expect you to create a more personalized experience across all social platforms. Social media tools like Messenger subscriptions, appointment setting, Facebook purchases, Instagram Shop, Messenger bots, and convenience-based integrations are being heavily adopted by businesses.
5. Influencer marketing goes micro
While there will still be a huge market for big influencers, the shift towards smaller influencers isn’t too far. The micro (or even nano) influencers are very specific to a small niche and have higher engagement with their audiences thereby producing more conversions at a lower cost. Customers can now have direct interaction and have personalized conversations with such influencers.
6. Authentic content is the key
The increase in uncertainty of information on social media is a huge problem for businesses. A large part of the strategy to tackle this problem is to stay authentic. Customers no longer blindly believe an advertisement or the sales guy at the store. For instance, user-generated content (think customer reviews) provide some proof the product may be worthy of trying. Businesses should now look at channels through which they can showcase their authenticity.
7. Social commerce to make a new push
There has been a tremendous shift in the shopping habits of consumers over the decade. From not believing in online payments to simply ordering a product on Instagram, the change was drastic and is now set to take a new path. Businesses should now make sure that your social video and social commerce strategy are working in lock-step. Mobile-first shoppers look for fun, short-form product videos and are not hesitant to buy immediately.
8. Social media is a place to nurture trust
Businesses will use social media not only as an advertising platform but also a place to build trust with their audience. Having complete transparency will build confidence with audiences which is crucial in long-run for any business. You cannot simply rely on Ad networks alone. Businesses which have an open communication channel with its customers to nurture a meaningful relationship will always stay ahead of the game.
Along with developing marketing strategies, designing campaigns and understanding the audiences, it’s also important to keep up with the trends. With the increase in complexity and changing landscape, we understand that it’s very difficult for businesses to manage their social media without external help. Focus on your business and leave this to experts like us.