New social media updates, rules, trends, and tips seem to be increasingly frequent with companies either soaring or failing at trying to harness them. As we move into 2024, social media will continue to grow with the same momentum. We are urging businesses to look back on their successes and challenges from 2022 and, importantly, look forward to 2024 and consider ways to better their social media habits.
This year we will see a very different social media space and we’ve compiled some top social media resolutions for businesses to consider upholding in the New Year!
- Treat social as a search function: Our data shows that in 2022, 40% of consumers took to social media to search for purchase recommendations, travel inspiration, and help with decision-making. We predict this will increase to 50% in 2024 as people want more personal recommendations from other users.
- Just look at the rapid success of #BookTok. The popularity of books and authors has skyrocketed since social became a hot new source of literary inspiration. TikTok has recently produced ads that show the benefits of using it as a search function for all things fashion, travel, advice, etc. Businesses should harness their social channels and take action on the opportunities presented.
- Get your e-commerce on TikTok: From what we have seen at KOMI, the click-through rates and user success placing purchases via TikTok is the lowest of all social media platforms, but as communities grow, the trust in the shopping function will build. E-commerce via social platforms will increase in 2024 and we expect TikTok will become the number one platform as communities grow and trust in the shopping function builds. Businesses need to get organised to capitalise upon this ASAP!
- Explore New Channels: We predict that BeReal, the new social platform that has been rising in the last year, allowing users to share unfiltered snapshots of their day at any time, will die out in 2024. To keep a social media platform alive and thriving, the developers need to ensure consistent changes and an engaging community. This is something BeReal lacks, and soon consumer fatigue will set in – so it is worth exploring new hobbies and channels to maximise engagement levels for 2024.
- Flex YouTube More: YouTube will focus more on community and interaction between users. We’ve seen the average monthly active users on YouTube are among the highest of all platforms, whereas its weekly active user rate is the lowest. 2024 will see a real shift as people use it as a social platform to build a community more.
- As it is starting to get into ‘YouTube Shorts’, TikTok and YouTube will continue to steal ideas from each other and soar as a result. YouTube is still considered a destination platform but will start to bring in a more news-type feed approach for users. Consider exercising your YouTube channels to better effect and reap the benefits!
- Tap into micro-influencers: The use of micro-influencers will surge in 2024 allowing brands to better reap the advantages of authentic partnerships with loyal followings. By using a micro-influencer, the credibility of a brand increases versus if they used a macro-influencer with millions of followers. Micro-influencers are on the rise with a growing community that drives engagement, and businesses need to harness this surge to their benefit.
- Quit One-Offs: Brands will seek long-term partnerships with social publishers and creators to incorporate authenticity and transparency. One-off influencer campaigns will become outdated, and the leveraging of creators and publishers will be increasingly beneficial. Authentic partnerships are beneficial for both parties as a creator will build awareness for themselves and the brand, while the brand increases customer loyalty.
- Consumers seek brands who make an effort to showcase transparency and work with creators that align with their authentic principles. In the long run, building a loyal consumer base will allow brands to exceed in the new year and increase engagement. Therefore, quit the one-off partnerships and focus on the longer-term wins!
- Switch your community to YouTube: Instagram will struggle as we get into 2024 and creators will find the benefits of using other platforms to build a presence. This means businesses will begin to move their advertising to YouTube, rather than Instagram.
- If a user is committed to watching a 4-minute video, they are more likely to watch a 15-second advert to continue their video, whereas they will scroll past a ‘Sponsored Post’ on Instagram because they wish to view short-form content. Save money and invest more efficiently!
- Build your awareness: Businesses will start to look at YouTube vs. TikTok in 2024. Linking back to social being the new search tool, now is the best time for businesses to launch on YouTube as it will be easier to gain engagement and build awareness from Gen Z consumers. Engagement in videos, whether long or short, has grown in popularity. It is easier to showcase the benefits of a service or product through visual content and therefore, businesses need to continually think: How do we make sure we are at the top of social and the answer, my friends, is community. By building a community through social media, businesses can increase the likelihood of raising awareness.
In summary, we predict that 2024 will offer bigger and better opportunities for businesses and especially if they take note of some of these pithy social media resolutions. With altering social media habits in line with the upcoming trends, building traction and awareness on Youtube within the Gen Z community, and utilising micro-influencers, businesses can jump into 2024 in a far better shape to reap the awards and better their social media habits.