Social Media in 2024 – Factors and Trends?
Social media has become increasingly important in companies’ marketing strategies in recent years. Whether it’s digital marketing, influencer marketing, or e-commerce, social media is now essential for businesses. It is a known fact that audiences who follow a brand on social media will be more likely to buy its products. What are the trends to know for 2024
1- Social Media Overview
PESTEL Analysis: 2024 Trends for Marketing and Social Media
Political Trends
The recent power struggle between TikTok and the United States shows us how much politics can impact social media. In 2024, the House of Representatives passed a law that requires TikTok’s parent company, Bytedance, to sell its American subsidiary or face closing their operation in the United States. If the US Senate passes the bill, Bytedance would have six months to sell its American subsidiary. US authorities accuse TikTok of being a means of manipulation and espionage for the Chinese government.
Governments can also restrict certain features or applications if they threaten users’ health. For example, on April 24, 2024, TikTok suspended its TikTok Lite rewards system. This system had been heavily criticized by the European Commission, which deemed that it posed risks to users’ mental health. Since it rewarded users based on the time spent on TikTok. Tokens were awarded to users who connected to the network daily for 10 days. Or if they watched between 60 and 85 minutes of content per day. The European Commission had requested a risk assessment of this new feature, which TikTok could not provide. It could, therefore, impose sanctions of up to 1% of the company’s annual global turnover.
Economic Trends
Online consumption is increasingly important, with a rise in e-commerce accelerated by the COVID-19 pandemic. Also, a growing reliance on social networks for online shopping and product information research. In addition, companies are heavily investing in digital marketing and social media networks to promote their products. According to an Accenture report published in 2022, sales on social networks are expected to bring in $1.2 trillion by 2025. It will represent the growth three times faster than traditional e-commerce. 64% of social media users say they have already made a purchase on a social media platform in 2022.
Social Trends
Brands are looking for community engagement on social media, particularly through increasingly popular video content. Certain features, such as polls, Q&A sessions, and contests, allow for real interaction between brands and consumers, promoting engagement and loyalty. UGC (user-generated) content is particularly popular with brands on social media, mainly because it helps to strengthen brand authenticity and consumer trust.
Influencer marketing has become a major part of brands’ marketing strategies. Influencers are massively followed for their personality and recommendations and have become key brand partners.
Technological Trends
Social networks and digital marketing are highly dependent on technological developments. Artificial intelligence tools are increasingly used to analyze user data and provide them with more personalized content. Social media platforms also mobilize artificial intelligence, for example, through the new search engine developed by Meta AI and integrated into Instagram.
Environmental Trends:
We can also expect that developments in virtual and augmented reality will offer more possibilities for brands and social networks, enabling them to offer new immersive and, therefore, highly engaging experiences for users.
Legal Trends
The European Digital Services Regulation (DSA), adopted in October 2022, regulates the use of online platforms and significant search engines in European Union countries. This regulation aims, in particular, to combat the dissemination of harmful or illicit content or illegal products.
We can also cite the laws aimed at regulating advertising on social networks and influencer marketing. In France, the law of June 9, 2023, aims to combat the abuses linked to the world of influence on social networks, in particular by prohibiting advertising for certain types of products and services and by requiring influencers to disclose any advertising content by using the words “advertising” or “commercial collaboration” on their promotional content.
2- Marketing and Social Media Networks: The Main Players
TikTok:
A short-format video sharing application created in 2012, which has more than 1.2 billion monthly users worldwide. The app is very popular among younger generations. TikTok owner is the Chinese company Bytedance.
Meta:
Formerly known as Facebook, the American multinational Meta was established in 2004 by Mark Zuckerberg and owns many iconic social media platforms. Meta owns Facebook (over 3 billion monthly users), Messenger, Instagram (over 2.5 billion monthly users), Threads, and WhatsApp.
Snapchat:
A photo and video sharing app founded in 2011, which was very popular among young people in the years following its launch. Recently, Snapchat has regained popularity and can therefore be an interesting platform for brands.
Marketing mix – Snapchat
3- Target Audiences and Market Size
Due to the impressive number of monthly users that these platforms manage to gather, social networks represent a market with enormous potential for brands. In particular, they allow brands to target young audiences, which is an asset for increasing the share of e-commerce in their turnover.
Some Figures About Social Media in 2024
1- In 2024, 53% of the world’s population regularly uses social networks.
2- 27.5% of Internet users use social networks to search for products and buy regularly.
3- 90% of Instagram users are following at least one company or brand, and 50% of them say they are more interested in a brand when they see the ads it broadcasts on Instagram.
4- 60% of Instagram users say they have already discovered products thanks to this network.
5- The majority of TikTok users are between 10 and 19 years old, and 41% are between 16 and 24 years old.
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