Important social media trends, supported by relevant statistics
Social media marketing is an essential strategy for businesses, requiring more than just creating social media accounts and hoping to attract your target audience. It is crucial to stay updated on the latest social media trends. From the ever-growing impact of social commerce to the latest cutting-edge social media marketing strategies, we will explore the ten social media trends every marketer should be aware of in 2024. This valuable knowledge will undoubtedly give your business the necessary boost.
Are you prepared? Let’s delve into it!
Social Media Trend History
Before we dive into the future trends of social media marketing, it is essential to understand where it all began. The first recognizable social media platform was Six Degrees in 1997, followed by Friendster in 2002 and MySpace in 2003. These platforms laid the foundation for what would soon become a global phenomenon.
In recent years, social media has evolved at a rapid pace, with new platforms emerging, and existing ones evolving their features. The rise of smartphones and the increased availability of high-speed internet has also contributed significantly to the growth of social media.
Now, let’s take a look at the future trends that will shape social media marketing in 2024
Social Commerce
Social commerce is the use of social media platforms to promote and sell products or services directly to consumers. With more people turning to online shopping, social commerce has become increasingly popular and is expected to continue its growth in the coming years. According to Statista, global social commerce revenue is projected to reach $2.7 trillion by 2024, a significant increase from $1.2 trillion in 2019.
To stay on top of this trend, marketers should focus on creating visually appealing content and implementing social commerce features such as shoppable posts and in-app purchases on popular platforms like Instagram, Facebook, and Pinterest.
Influencer Marketing
Influencer marketing is a powerful tool for brands to connect with their target audience. As traditional advertising methods become less effective, influencer marketing provides a more authentic and relatable way to engage consumers. According to Mediakix, the global spend on influencer marketing is projected to reach $15.8 billion in 2023. Looking ahead to 2024, we can anticipate an increase in micro-influencers (influencers with smaller, niche audiences) and the utilization of AI technology to identify and collaborate with influencers.
Video Content
The popularity of video content on social media has experienced a consistent upward trajectory over the years, and this upward trend is projected to persist until 2024. With the emergence of platforms such as TikTok, Instagram Reels, and YouTube Shorts, short-form video content has gained significant prominence. According to a report by Cisco, video is anticipated to account for 82% of internet traffic in 2023. To keep pace with this trend until 2024, brands must prioritize the creation of engaging and interactive video content that resonates with their target audience. Moreover, leveraging live streaming capabilities on popular platforms can enable brands to establish real-time connections with their followers.
User-Generated Content
User-generated content (UGC) refers to any type of content created by consumers, rather than the brand itself. This can include reviews, social media posts, and online discussions about a product or service. Incorporating UGC into marketing strategies has become increasingly popular as it adds credibility and authenticity to a brand’s messaging. According to a study by Crowdtap, UGC is 35% more memorable than other types of media.
To encourage UGC, brands can create campaigns or challenges that incentivize users to share their experiences with the brand and its products. This not only helps spread awareness but also fosters a sense of community among consumers.
How to keep up with social media trends?
To keep up with social media trends, brands must stay informed and adaptable. This includes monitoring popular platforms, following industry leaders and influencers, and keeping an eye on emerging technologies. Brands should also experiment with new features and formats on social media to gain a competitive advantage and engage their audience. Collaborating with influencers can help keep a brand relevant by tapping into their followers’ interests. Analyzing social media metrics provides valuable insights for creating engaging content. Overall, staying up-to-date on social media trends and adapting can help brands connect with consumers and drive business success. Prioritizing social media strategies and seeking professional help can navigate new trends and create successful campaigns. By staying informed, adaptable, and creative, brands can thrive in the competitive world of social media marketing.
Social Media Trends Examples
Some recent social media trends that brands have successfully utilized include the rise of video content, influencer marketing, and user-generated content. Video content, particularly short-form videos like TikTok, has become increasingly popular among consumers and is a great way for brands to grab attention and showcase their products or services in a visually engaging way.
Influencer marketing has also gained traction as influencers have become a trusted source of recommendations for consumers. Brands can collaborate with influencers to promote their products or services to a targeted and engaged audience. User-generated content, where brands feature content created by their followers, not only helps spread awareness but also fosters a sense of community among consumers.
How To Find Trends On Social Media
To stay ahead of the curve and identify potential trends to incorporate into your social media strategy, there are a few key ways to find them. One way is to closely follow and monitor industry leaders and experts in your field on social media. They often share insights and predictions about upcoming trends.
Another way is to keep an eye on trending hashtags and topics on various social media platforms
Why Are Social Media Trends Important For Brands
Social media trends are important for brands because they allow them to connect with their audience and stay relevant. By incorporating popular trends into their social media strategy, brands can increase engagement, reach new audiences, and ultimately drive sales.
Additionally, following trends helps brands stay competitive and stand out from the crowd. In such a fast-paced environment, it’s crucial for brands to continually adapt and evolve to keep up with consumer preferences and behaviors.
Tips for Incorporating Trends Into Your Social Media Strategy
Now let’s look at examples of current trends on which your strategy can be based
The Increasing Presence of Memes on Social Media
The initial social media trend that you should be aware of is not entirely new, and it doesn’t require social media expertise to have heard of it. However, it has gained significant popularity in recent times, and at a rapid pace. We are referring to the emergence of memes. The usage and mentions of memes increased from 19.8 million in August 2019 to 24.9 million in July 2020, marking a 26% rise in just one year (Talkwalker, 2020). Interestingly, the usage of memes peaked in April, reaching 28 million. This coincided with the imposition of lockdowns and the increased reliance of internet users on social media for social interaction.
In fact, during the coronavirus pandemic, nearly nine out of ten (88.1%) social media users in the US reported spending at least an additional half an hour on social media each day (Statista, 2020). Memes will probably continue to be a prominent trend on social media in 2023. As a business owner, it is certainly something worth considering to incorporate into your social media strategy, if you haven’t already done so.
Start maximizing your revenue with your social media videos
Videos were already popular before the pandemic, but their popularity has skyrocketed during and after the lockdown. As a result, numerous platforms are now offering enhanced video features for businesses. One particular aspect that has witnessed a surge in demand is video streaming. With a staggering market value of $42.9 billion in 2019, the industry is projected to grow at a rate of 20.4% between 2020 and 2027 (Grand View Research, 2020).
Recent consumer behavior strongly supports this forecast. The trend of live video shopping has taken China by storm, with consumers flocking to online shopping sessions during the lockdown. In Q1 2020 alone, over four million live shopping sessions were conducted (TechCrunch, 2020). This is not merely a passing trend. Chinese e-commerce giant Alibaba plans to recruit and train video influencers to boost sales through AliExpress, indicating that live video shopping is here to stay. Instagram is also enhancing its video capabilities, as evidenced by the surge in views of its live videos. To incentivize video creation, Instagram now permits ads to be shown before long-form videos on its IGTV service, with 55% of the revenue going to creators (SCMP, 2020).
Social Media Trends: Rapidly Expanding Platforms
With nearly 3 billion users, Facebook continues to dominate as the leading social media platform. When executed effectively, Facebook ads can yield substantial marketing results. However, it is important to note the emerging trends in social media that highlight the significance of smaller platforms deserving additional attention. One such platform is BeReal, a recently launched social media app in 2020. Its total downloads surged to 14.7 million by September 2022, from under a million at the beginning of the year. In 2023, BeReal is acknowledged as the fastest-growing social media platform (HubSpot, 2023).
Twitch, despite its decade-long existence, is gaining popularity as a niche platform. While it may not be perceived as a crucial marketing channel compared to Facebook and Instagram, recent social media trends indicate a 29% increase in Twitch usage in 2023. Furthermore, LinkedIn, a professional networking site, is experiencing a significant boost in usage this year with a 20% increase. TikTok and Snapchat complete the list of the five fastest-growing social media platforms in 2023.
Social media stories are here to stay and continue to play a significant role in our online presence.
If you are considering incorporating stories as part of your marketing strategy, whether on Facebook, WhatsApp, or Instagram Stories, it is important to take note of this emerging trend in social media marketing. The stories feature on these platforms, all of which are under the Facebook umbrella, allows users to share time-limited updates that disappear after 24 hours. In recent years, stories have gained immense popularity among users, and their impressive growth numbers indicate that they are here to stay.
Statistics reveal that approximately half a billion people are using Instagram Stories daily. From a marketing perspective, a significant 96% of brands report regularly utilizing Instagram Stories to promote their businesses (Tribe Dynamics, 2021). Moreover, a majority of these brands (59%) have significantly increased their usage of this feature over the past year.
Stories have become a vital component of the overall social media marketing strategy. As such, businesses and marketers must understand how to effectively utilize this feature to connect with their audience and drive engagement. One key aspect of leveraging stories is understanding the different types of content that work best for each platform. For instance, Instagram Stories allow for more visual and creative content,
Digital Disinformation on the Rise
Social media can be a double-edged sword. While an increasing number of people rely on it as a news source, it is precisely this potential that makes it perilous. Recent research indicates that digital misinformation on social media has been on the rise since February 2020 (Talkwalker, 2020). This surge was triggered by the COVID-19 pandemic, as individuals turned to social media for information and updates. Consequently, opportunities to spread fake news emerged, in addition to a significant increase in fabricated conspiracy theories. Certain social media platforms have implemented measures to counter the spread of misinformation. For example, Twitter has introduced warning labels for tweets containing “synthetic and manipulated” content (source: Twitter Blog).
Despite these efforts, effectively managing digital disinformation on social media has always proven challenging and is likely to continue into 2024.
Social Commerce Is the Future
If the previous social media trends haven’t already convinced you of the power of social commerce, consider this: 55.2% of all Gen Z internet users in the US say their recent fashion purchases were influenced by social media content (Source: eMarketer). Given that this demographic conducts half of their fashion shopping online, this translates to a significant revenue opportunity.
The millennial generation is also highly influenced, with 50.6% reporting online fashion purchases after browsing social media. Overall, it’s evident that more than half of internet users between the ages of 14 and 34 have recently made online fashion purchases due to social media. Considering these prevailing social media trends, your business mustn’t miss out on the benefits of social commerce. It’s worth noting that nearly three out of every ten businesses have already implemented or are planning to implement a social commerce strategy (source: Hootsuite, 2019). Stay ahead of the competition and leverage the potential of social commerce for your business.
Authenticity plays a crucial role in Social Media Marketing.
To further reiterate the previous point on user-generated content, here’s a statistic that highlights the importance of authenticity on social media. An increasing number of consumers view authenticity as an essential factor in determining which brands they like and support. Statistics show that 88% of consumers prioritize authenticity in brands
But not all content is made equal. As the study shows, there are certain types of content that consumers find to be more authentic and resonate better with. The majority (69%) of them consider consumer-created content to be the most authentic. This is followed by content published by brands themselves and then influencer content. With this in mind, brands need to focus on creating real and organic experiences to reel buyers in. This is especially so if a business’s target audience is Gen Z and/or Millennials. Research has shown that these two groups place much more value on authentic content than other age groups.
Social media functions as a powerful discovery engine.
Here is one of the latest trends in social media: social media plays a significant role throughout the entire consumer purchase journey. Consumers are increasingly reliant on social media for their purchasing decisions. According to a recent study, approximately one-quarter (23%) of all consumers discover new brands and products through social ads and recommendations.
However, it’s not just passive consumption. Consumers are also taking a proactive approach to finding new products. Statistics indicate that nearly two-thirds (64%) of consumers research new brands and products online through social media networks in general (GlobalWebIndex, 2022). Furthermore, there is an age-related trend in this behavior. Younger generations tend to rely on social media more frequently than older generations when searching for products.
The Rise of Messaging Apps
One of the recent developments in social media marketing pertains to messaging applications. Recent research data indicates that the global user base of mobile messaging apps is projected to reach 6.9 billion by 2030, a significant increase from 3.6 billion in 2022, reflecting a compound annual growth rate (CAGR) of 8.5% (Global Industry Analysts, 2023). Presently, more than 40 million messages are exchanged via mobile messaging apps every minute, underlining the substantial market potential for businesses. Given that most consumers prefer engaging with companies through messaging platforms, this emerging social media trend should be integrated into your marketing strategy. When considering implementation, evaluate the strengths of each platform. While WhatsApp boasts 2 billion users globally and is widely popular, WeChat with 1.3 billion users is a strategic choice for markets like China, particularly due to the ban on WhatsApp by the government in that region.
Customer service through social media is a valuable channel for assisting and engaging with customers
Last but certainly not least, one of the latest trends in social media pertains to the growing use of social platforms for customer service. According to a recent study by HubSpot (2023), approximately one in every five social media users from Gen Z, Millennials, and Gen X reach out to brands through direct messages or DMs.A significant majority of social media marketers anticipate that DMs will become the preferred method for customers to contact brands by 2023. Currently, 76% of businesses already provide customer service through their social media channels, with dedicated team members assigned to promptly respond to inquiries.
If you are committed to elevating your brand and attracting and retaining customers, incorporating social media customer service is an indispensable strategy that cannot be overlooked.
Summary: Social Media Trends
Here’s a summary of social media trends for 2024:
Conclusion
Whether you are aiming to optimize your social media strategy or seeking to stay abreast of the latest trends, the ten social media trends mentioned above will undoubtedly enhance your understanding of customer engagement on social platforms. Before we conclude, it is crucial to note that as social media trends evolve continually, staying updated with the latest developments in social media marketing is imperative to maintain a competitive edge
