Wondering where to place your bets and how to stay ahead of the ever-evolving social media curve?
In the expansive universe of social media, every year heralds new platforms, trends, and user behaviours.
In 2023, businesses and marketers face the same old question: “Where should we invest our time and marketing budgets?” Add to this the allure of new emerging trends, and the choice becomes even more complex.
Which Social Media Platforms Deserve Your Attention and Marketing Dollars?
In the past, many companies hopped on every new platform, spreading themselves thin. The smarter approach? Strategic investments based on a few key criteria:
1. Potential for Lead Generation
At the end of the day, your business’s bottom line matters. Analyse which platforms your target audience frequents, and understand the kind of content they engage with. Platforms like Instagram, with its in-app shopping experience, are becoming goldmines for direct-to-consumer brands.
2. Ability to Reach Your Target Audience at a good CPA
It’s not always about the largest platform, but the right platform. If you’re a brand focused on Gen Z, for example, TikTok’s surge in popularity might be where you want to be, considering that 62% of this generation spends the most time there. Or Reddit where 64% of the audience is under 29.
Riding the Waves of 2023’s Social Media Trends – How much effort should you put in?
Trends are enticing, almost hypnotic. The buzz they generate often makes them feel like the “next big thing.” But should you dive into every trend?
The Short Answer: No. But here’s the nuanced approach:
- Understand the Trend
Start with the ‘why.’ Why is short-form video the rage? Platforms like TikTok have made it easier for users to consume, create, and share bite-sized content, resonating with today’s fast-paced world. Whereas on Instagram, studies have shown that videos 20-30 seconds long receive the most comments. But on platforms like YouTube, longer content attracts the most engagement.
- Align with Your Brand’s Voice
If your brand thrives on in-depth content, short-form video may not be your best bet. On the flip side, if you’re all about quick hacks, tips, or showcasing products, this could be a goldmine.
- Consider Longevity
Some trends have staying power, while others fade. Live audio chat rooms, for instance, gained traction quickly but are now seeing a split in platform growth, with some like Clubhouse slowing down.
- Experiment and Evaluate
Dip your toes in. Run pilot campaigns or create test content. Analyse engagement, conversion rates, and other KPIs. Then decide whether to go all in or step back.
- Stay Informed
Use reports and surveys, like the Social Media Trends Survey, as compasses. They provide a macro view of the landscape, helping you spot patterns and make informed decisions.
So what is the answer?
2023’s social media landscape is vast and varied, from the promising Threads platform integrated with Instagram to the genuine snapshots of BeReal.
As you navigate through these myriad choices, remember to stay true to your brand’s voice, mission, and audience. But most of all think about effort Vs reward. Businesses should always be mindful of return on investment, not just for your marketing dollars, but also for the allocation of your staff resources.
In the world of digital trends, adaptability is key. But remember: it’s not about chasing every trend—it’s about understanding, evaluating, and then making strategic moves. If you want to test the water, do just that. Try a small test first before rolling out a big campaign.
Equip yourself with knowledge, use data and reason. Make sure your choices align with your goals and audience and the rest will fall into place.