Social Media Marketing isn’t for the Faint-hearted. Today, we are confronted with constant shifts in user habits. This 2024 Social Media Trends report serves as a compass to tackle challenges and hurdles in optimizing Social Media strategies.
1. Short-form Video Trends on Social Media
TikTok, a pioneer in short-form content, boasts nearly 1.7 billion global users in 2023, averaging 1.1 billion monthly active users.
TikTok users favor engaging and entertaining content. Marketers need to adjust content strategies to align with business goals and provide more value.
Wyzowl’s 2023 video marketing statistics:
- 91% of businesses utilized Video Marketing in 2023.
- 96% agree that Video Marketing enhances understanding of products/services.
- 91% reported increased website traffic.
- 89% of viewers feel videos persuade them to purchase products/services, with 79% being software and apps.
In the US, the average user spends 45.8 minutes daily on TikTok, totaling 17.6 million hours of video views/day. Another interesting find: vertical videos have higher full-content viewing rates compared to horizontal formats.
Crafting short video strategies:
- Viewer value is the cornerstone of high-quality content.
- Say “NO” to message-less content. Encourage action to convert viewers into customers.
2. Robust Growth of YouTube Content
Despite the dominance of short content, YouTube remains competitive. With the highest average session duration (00:20:04), YouTube boasts one of the lowest bounce rates (21.65%).
Demographically:
- TikTok content targets young, tech-savvy users. YouTube attracts all demographics, with a third being Baby Boomers.
Benefits of using YouTube:
- Aligns with long-term content strategies.
- Enhances website traffic with Google Search.
- Content reusability: break down videos for sharing on other social platforms like IGTV, embed links on blogs, etc.
- To ensure valuable content and drive traffic, utilize thumbnails to highlight keyword-rich titles.
3. Social Commerce Continues to Surge
Social Commerce has long been a significant Social Media trend. Brands and platforms are striving to convert social networks into distribution channels.
Pre-COVID-19 consumer habits were significantly influenced by Social Media:
- In 2018, 30% of consumers made purchases through Pinterest, Instagram, Twitter, or Snapchat. With this figure soaring during the pandemic, consumer expectations are shifting due to inflation.
Before delving into the 2024 Social Media trends’ impacts, let’s examine post trends:
3.1. Factors Directly Impacting Consumer Habits
PWC’s June 2023 consumer survey found:
- Half of respondents intend to increase online shopping spending in the next 6 months.
- Cross-platform transitioning to meet search needs, allowing brands to market across multiple platforms.
- Search engines (55%) and retail websites (34%) are primary reference sources before purchasing. However, the influence of social media on Gen Z should not be underestimated.
3.2. Record-Breaking Smartphone Transactions
E-commerce sales are projected to reach $620.97 billion in 2024. This means almost half (42.9%) of e-commerce transactions are made via smartphones.
Increased app usage leverages sales growth:
- Particularly, Gen Y and Gen Z consumers exhibit significant spending. Tech-savvy user files will increase due to smartphone operation opportunities. This is why most social media platforms now have a “Buy Now” button.
3.3. Social Media Display Correlates with Sales Effectiveness
Businesses understand the importance of appearing on consumers’ social media. Stores using at least one social media platform have over 32% higher sales than those that do not.
3.4. Ideal for Reviews Content
It’s no surprise that 71% of consumers prefer online shopping. However, before adding products to their carts, 84% of online US consumers access social media.
Hence, businesses need to upgrade processes to receive and share customer reviews on Social Media.
3.5. Gen Z Uses Instagram to Discover New Brands
Gen Z prioritizes smartphone use. Instagram caters to this need, with reports from Compose showing:
- 60% of Gen Z consumers in the US use the platform to discover new brands and products.
- Of these, 73% want brands and sellers to connect with them through Instagram.
3.6. Online Business Trends
According to Statista:
- In 2023, US online consumers increased by 30% compared to 2019, reaching 80 million people. Experts believe this index will continue to grow in the future. Total spending reached $27 billion despite economic downturns.
Social Commerce’s projected 2028 revenue is $145.2 billion.
Significance:
Online shopping is becoming ubiquitous. Consumers use social media to buy or review products. Therefore, brands need strategies to attract customers on suitable platforms, thereby improving ROI and customer experience.
4. Content Creation Power Shifts to Content Creators
87% of consumers trust family and friends’ recommendations.
71% choose bloggers, vloggers, and social media influencers who have experienced and used products.
Customer feedback is 12 times more reliable than direct marketing. Two-thirds of users trust customer opinions before posting.
User-generated content (UGC) has 9.8 times the impact of influencer content when making purchasing decisions.
86% of women use social media for shopping advice. It’s challenging to overlook the potential of collaborating with influencers to create UGC campaigns.
Starting UGC content plans:
- Survey existing UGC: images, branded posts, etc., on customers’ social media.
- Survey and select highly satisfied customers. Then coordinate to share their experiences on social media.
- Research influential figures with high followers in the same field. A large following is the key to future community building. Ensure reasonable resource investment for promotion.
5. Strong Community Development on Social Media
One of the recurring activities on social media is community building. 66% of brands believe that communities positively impact customer retention.
According to GlobalWebIndex:
- 76% of all social media users participate in at least one community on each platform. These communities harbor the most loyal brand customer groups.
It’s not surprising that platforms like TikTok and Instagram are promoting feedback and comment features with video formats, offering more value to viewers. Community managers become essential in the Marketing team.
Tips for building online communities:
- Respond to comments.
- Encourage brand tagging in posted content.
- Address negative feedback.
- Establish relationships with influential content creators by showing empathy to viewers.
6. Paid Social Media Advertising Narrows Targeting Scope
According to PWC, consumer purchasing decisions are influenced by advertising:
- Attracting the attention of 31% of respondents, with 43% belonging to Gen Z.
- 37% prefer directly linked advertising with offers and promotions from favorite brands or products.
- About one-third (34%) are attracted to sponsored ads on platforms.
The most crucial factor for successful advertising campaigns is identifying specific target audiences.
- 54% of customers are annoyed when they encounter ads for products they’ve already purchased.
- Although broad-reaching is effective in enhancing brand awareness, businesses need to be more cautious as the market saturates. Social media advertising is highly competitive, as it contributes significantly to online business activities.
84% of consumers have made a purchase after watching video ads. Additionally, online touchpoints need to match customers’ expectations.
Platforms need to adjust and diversify. For instance, TikTok has introduced TikTok Shopping, allowing users to purchase products without leaving the app.
7. Conclusion
2024 is poised to be another transformative year for Social Media Marketing. Marketers must keep pace with evolving trends and consumer behaviors to stay competitive.
The key takeaways are clear:
- Embrace short-form video content.
- Leverage YouTube’s robust growth.
- Harness the power of social commerce.
- Collaborate with content creators.
- Prioritize community development.
- Optimize paid social media advertising.
With these insights, brands can navigate the ever-changing social media landscape and drive meaningful engagement and growth.
Cre: cleverads
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