Let’s look at the current landscape of social media in 2020 and you'll get an edge on the major developments and trends in social media to stay updated for next year.
Within the next twelve months, digital marketing expenditure on social media will rise north of $104 billion, as per the recent survey conducted by Cynere’s digital marketing experts. There’s really no doubt that social is about business and income just as much as making connections.
Data Security Is Getting Tighter
Although Facebook remains a powerful force, the 2018 Cambridge Analytica scandal’s aftermath continues to spread across the digital marketing community. When news broke that the social media juggernaut had shared the personal data of 87 million Facebook users without their consent, NBC reported a 66 percent drop in consumer confidence in Facebook.
Soon after that, the changes made about by the GDPR in 2018 led to the fact to become more open for paid social media marketing activities and since then, data protection has become a top priority for most businesses.
In 2019 – 20, the U.S. is slowly starting to follow suit, with California-the fifth-largest economy in the world-rolling out its own privacy act in early 2020. The California Consumer Privacy Act is the most stringent data protection legislation in the United States and might stimulate a chain reaction throughout the country, with several new state privacy protection rules and regulations expected to follow.
The deeply rooted public media disdain, loathing and distrust (especially in this election year) and preconceptions of truthfulness among celebrities influencers have caused many brands to switch their thought process from striving to gain the maximum reach to focus on clear quality engagement.
People are favouring the construction of a community through serious and productive interactions with smaller communities. By connecting and sharing insightful and high – quality content and allowing enthusiastic followers to take care of promoting it, this is achieved.
Despite the increasing sense of mistrust, delivering a personalized consumer experience remains a major factor for the methodologies for social media marketing in 2020. Online collection of data via behavioral tracking is therefore crucial, and large-scale, one-on-one communications could become the finest opportunity for marketers to accomplish this too.
Live Video And Live Stories Would Gain Significance
The rising trend of the Stories format will become one of the top social media trends of 2020. Ephemeral content, initially advocated by Snapchat, is now available on Facebook, Instagram, WhatsApp, YouTube and, of course, TikTok.
The sudden boom of video stories in 2019 was 15 twice as fast as standard social media news feeds, as per the Emarketer. With millennials and generation Z is in love with the format, the ephemeral streaming video offers marketers a great chance to interact and deeply engage with followers. By rendering your video stories interactive you can step it up to another level, also using polls to gain feedback from your viewers would help you to get an edge too.
By going live, brands can exhibit a predefined authenticity. The public knows it’s an uncertain endeavour with certain associated dangers. So, Choosing to present a live video ensures fans and followers that the company is transparent, truthful and ready to portray itself as it is – warts and all.
Live streaming is by no means an innovation but has seen solid growth year on upcoming years. According to Leadscribe:
- Video marketers say 90 percent of their community has generated a good ROI.
- 82% of video marketers say the video is improving lead generation.
- Video marketers say video boosts 85% traffic to their websites.
Live videos provide such a new and effective way to connect and communicate with your viewers and strengthen the brand close association with their followers.
Despite the obvious authenticity, live videos have become highly sophisticated and successful and interactive. The times have gone when talking in front of a camera was enough. Higher quality standards have now become the standard, by using various cameras and professional audio equipment.
Social Commerce Is Set To Go Mainstream
Gen Z prefers to spend three times as much time purchasing on social media sites as compared with online consumers in general. These online purchases are made mostly on visual platforms such as Instagram and Snapchat.
In reality, that was just a matter of time ever since social media and eCommerce came together, and 2020 can be a year social commerce innovations. Survey shows that 42 percent of people aged 18-34 claimed to be actively using social commerce on a daily basis.
Artificial Intelligence Would Take Over Customer Service
Only a couple of years back, the concept of chatbots for customer support seemed far-fetched. The thought which customers might really choose to connect with a chatbot rather than a human was always harder to imagine.
But today Chatbots are much intelligent and faster in 2020, as breakthroughs in AI technology have turned the software into a major asset that can boost any business. Assess the 2019 Stats as follows:
- Faster complaint resolution with the help of AI chatbots was reported by 90 percent of companies
- In contrast to calling customer support, 54 percent of customers prioritized to contact businesses by text message.
- Chatbots can cut the cost of customer support by 30 percent.
AI chatbots don’t need breaks, and they don’t get overloaded at the same time dealing with different clients. As technology progresses, more companies will integrate this into their digital marketing strategies.
CEOs and Executives Opts Social Media & Digital Marketing For Rapid Growth
With transparency, openness and confidence poised to continue to stay business watchwords for the foreseeable future, we expect a growing number of CEOs and chief execs to become clearly and openly social media savvy and approach renowned and reliable digital marketing firms to unlock the way to enhance reputation and earnings. Just 38 percent of Fortune 450 CEOs had any social networking activity in 2014, according to a survey by Businessinsider and CNBC. Today, those who neglect or do not make effective use of social networking are losing out on a competitive edge.
Change Is In The Air
We saw TikTok boom to 1.5B downloads in 2019, throwing away the illusion that the leading platforms were unbeatable. The younger generations favor Facebook’s conventional social networking and text messages to images, immersive material, and augmented reality (AR) applications like Snapchat and TikTok instead.
If companies are hoping to maintain their edge in 2020, marketing people and executives need to keep up-to-date with trends in social media and digital marketing and also embrace new ideas and technologies such as social commerce and AR.