Digital 2024: Is Social Media More Powerful than Ever?

Last month, We Are Social announced the launch of Digital 2024, their latest global report, revealing significant shifts in social media trends. The report’s critical findings were headlined by the fact that the global number of social media users has now surpassed five billion.The report also revealed a shift from WhatsApp to Instagram as users’ preferred platform, substantial engagement on TikTok, a decline in TV viewership, and increased ad spend on digital, social, and influencer platforms.Suzie Shaw, CEO at We Are Social Australia, spoke to LBB about the insights of the report, including how Australians specifically are using social media.With a keen eye on emerging trends and shifts in consumer behaviour, Suzie discusses the implications of social media’s vast reach, TikTok’s rising popularity, and Instagram’s dominance.LBB> With social media user identities surpassing the 5 billion mark, what are the implications for brands and marketers in terms of audience reach and engagement?Suzie> With social media user identities surpassing the five billion user mark, it’s a stark reminder of the sheer scale of reach of social. When you factor in the weight of time spent and average app open rates of many social platforms, there’s simply no other media that delivers the frequency and engagement opportunities of social.In our view, many brands remain under-invested in social media because they’re still tethered to traditional media, despite evidence of audience behaviour. LBB> The report highlights TikTok’s significant impact on digital behaviour, with users spending over 34 hours per month on the platform. How can brands leverage TikTok’s popularity effectively to engage with their target audience?Suzie> TikTok has become a game-changer for brands seeking to connect with generation Z and millennials. Its popularity, innovative formats, and astute algorithm are unparalleled. Our research also shows that TikTok has become a primary platform for brand research and product discovery, so using TikTok can be effective in engaging new audiences to build awareness, foster consideration, and drive conversion.   To succeed, bands must understand what makes their audience tick and be on top of the latest trends to create content at home in the unique TikTok environment. Joining challenges, using trending sounds and templates, teaming up with creators, and implementing TikTok ads can boost their visibility and help brands connect with their target audience. LBB> Instagram has overtaken WhatsApp as the world’s favourite social platform. What factors do you attribute to this shift, and how can brands adapt their social media strategies accordingly?Suzie> Instagram’s rise above WhatsApp can be seen as a signal of a shift in people’s needs and priorities. At the height of the pandemic, WhatsApp was a crucial tool for people to connect with friends and family, one-to-one or in small groups. With the pandemic behind us and in the thick of a cost of living crisis, people are looking for easily accessible, free entertainment – something social platforms offer in spades.It’s worth noting that while Instagram is currently the most loved platform, TikTok is also gaining preference, and its current 7.4% represents a significant increase since this time last year – so the momentum around the app and its growth is undeniable. LBB> How can brands harness the power of TikTok hashtags to increase their visibility and engagement?Suzie> Hashtags have been around for many years, but thanks to TikTok, they have gained a whole new level of popularity – to the point that TikToks tagged with #fyp have amassed over 55 trillion views. They are crucial for discovering content and trends, driving immense visibility and engagement for creators and brands who use them properly. To use hashtags effectively, they can leverage built-in search features or third-party tools to identify the best ones to use, balancing niche-specific and popular hashtags.LBB> The report emphasises the importance of understanding platform nuances for effective social media marketing. Can you provide examples of brands that have successfully navigated platform-specific strategies to engage with their audience? Suzie> The brands that have really nailed social media and built a cult-like following are the ones that have mastered the art of clever platform-specific strategies.Wendy’s has gained attention on Twitter for its witty and humorous responses and community management. Glossier has built a strong presence on TikTok by creating relatable content that showcases their products in action, collaborating with influencers and encouraging UGC. GoPro excels on YouTube by sharing user-generated content and showcasing the capabilities of its cameras through action-packed videos. The lesson is that tailoring your social strategies to the unique characteristics of each platform can foster connections and drive engagement more than a one-size-fits-all approach.LBB> What emerging trends do you foresee as social media evolves, shaping the landscape in the coming years, and how should brands prepare to adapt to these changes?Suzie> Expect to see more innovation – CGI, augmented reality and virtual reality becoming part of the everyday social media experience, making things more interactive, immersive and surprising for the audience.Social media is also turning into a shopping destination, and the TikTok Shop feature – which offers users the option to buy directly from brands and influencers without ever leaving the app – has been booming in the US, where it sells about $7 million worth of products a day, competing with giants like Amazon. This will create an even bigger role for social content in driving people down the funnel, and we expect to see great growth in this space.But as the volume of content continues growing exponentially, smaller, niche communities will become more popular as users look for spaces that speak to their interests – campfires for them to gather around with equally passionate people. This represents a great opportunity for brands to build those campfires and host those conversations, creating a strong relationship with that niche.

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