Since its original inception, social media platforms have revolutionised the way in which businesses and their customers interact with each other – gone are the days when customers would need to come in store, or make phone calls to ask questions, and the impact hasn’t been limited to customer service either, direct marketing, targeted advertising, and even product development and funding has been forever changed by having immediate access to specifically targeted audiences. But, just like everything else in the digital age, social media is always changing. Established processes are being replaced by new sites and ways to interact with users. Businesses that know that their audience is primarily digital know that staying on top of these trends and using the right new technologies are the best ways to get ahead. So how will the future of social media impact your business?
What Changes are Likely to Change the Way Social Platforms Are Used?
The development and advancement of Artificial Intelligence (AI) is already making changes to the way in which many social channels are operated – by making use of automated services, for example, companies are able to provide 24/7 customer service for the most basic or frequent queries, and chat-bots are being developed that allow for a much larger range of questions and answers.
Approximately 58% of businesses in the B2B and 42% in the B2C sectors already use chatbots, and this number is expected to rise as the tools become more widespread and easier to use without the need for specialized training or installation. AI tools are also being used to help create content, including social media posts – at the moment this can be a ‘hit or miss’ affair, depending on the tool used, and whether the content really connects with the audience, but as AI get smarter, and able to deal with more nuance, they will undoubtably be used to create social media content at a much faster pace.
The use of Virtual Reality (VR) and Augmented Reality (AR) is another significant development that is likely to impact social media. These technologies and tools will make the platforms more immersive and provide a deeper experience. How Will These Changes Impact Business?
Social media is already considered to be one of the biggest and most important marketing tools for business, offering connection and engagement with audiences across the globe with comparable ease.
Advertising is big business on social media as well, with a projected ad spend on social set to reach over $268 billion in 2023, and with an estimated 4.89 billion total social media users across the world, it’s easy to see why these channels are being targeted.
As new platforms come into prominence (such as how Tik Tok went from being a relatively unknown and troubled startup to comprising 26% of the US market alone – far ahead of the next competitor, Instagram at 14%), businesses need to determine whether a move to the platform is right for them – and this will require careful research into not only your customers, but also your competitors.
Once you’ve decided on your channels, the changes in technology will quite likely see the way you engage on the platforms change – you may have started using images and text, then evolved to videos, then live streams – and as AR and VR become more accessible, another evolution will be required.
