Investing in social media remains critical to business success in 2023 and beyond. A recent study shows that 100% of customers turn to their favorite social media platform for inspiration before making a purchase. Social media channels constantly evolve and adapt their features to suit changing needs of users and appeal to new ones. This continuous flux presents excellent opportunities for marketers in all industries to find new creative ways of reaching their audience. This blog discusses four ways companies will use social media in 2023.
1. Reputation management
There are myriad reviews of every company splashed on various platforms out there, and not all are true. In the current highly competitive marketplace, there could be negative information available about your company sponsored by a competitor. Whether genuine or not, negative reviews could damage your business unless you appropriately manage them. Social media is ideal for companies to address any complaints in 2023. It is the first line of contact that inspires customers to contact you directly rather than voicing their complaints through third-party service. Apart from managing negative reviews and commentaries, you can also magnify positive reviews and information through your social media platforms.
2. Customer service
Successful companies are always proactive in responding to customer queries, concerns, and complaints. Customer service issues can arise anytime, and social media platforms offer excellent opportunities to respond promptly and address them before they become serious. In 2023, more companies will invest in responsive social media accounts to resolve customer service issues before they snowball due to a lack of attention.
3. Brand awareness
With over half of the world's population using social media, popular platforms like Twitter, LinkedIn, Instagram, TikTok, and Facebook are the right channels to reach new customers.
Brand awareness increases the amount of trust that people have in your brand. Apart from making potential customers more knowledgeable about your brand, social media makes it easy to reach customers on a personal level. A new study reveals that 83% of Instagram users say they discover new products on the platform, making this platform great for connecting your brand with a highly targeted audience. In 2023 more companies will use social media channels for brand awareness by sharing short videos, ads, links, and infographics that answer customers' questions or address trending topics.
4. Market research
Social media channels are undeniably the best place to conduct market research before launching new products or services in 2023. The platforms allow companies to review all their engagements and activities to determine the specific demographics they are reaching. Social media also allows companies to poll their own clientele for information about what they truly want from the business and get insights on how they react to ideas before launching them. A valuable differentiator of social media marketing is that it's instantaneous, meaning you get feedback immediately after you give out any content. Your customers will freely respond to inquiries making it a cost-effective platform to conduct market research.
Social media trends to watch out for in 2023
The following are some of the social trends that companies will utilize to increase brand visibility, market reach, and user engagement.
- Short videos on TikTok: Short-form videos on TikTok have become a widespread phenomenon with the younger generation, especially Gen Z. As a result, marketers are now turning to short-form videos to increase engagement with the target audience. A recent study reveals that 78% of marketers surveyed felt short videos have directly increased sales for their business. It helps brands deliver their message to the right audience in the shortest time possible. In 2023, more marketers will embrace change management and make way for short videos on TikTok.
- The rise of micro-influencer marketing: Influencer marketing continues to be important in 2023. However, many brands will likely shift from macro-influencers to micro-influencers to cost-effectively engage their target audience. Macro-influencers are well-known influencers with a huge following. They always ask for a high price to promote a brand, cutting smaller businesses from the crucial market share. Besides, macro-influencers have huge followings making them ineffective in engaging with the following. Micro-influencers or smaller influencers, on the other hand, have smaller audiences but higher engagement rates. They are also cheaper to guarantee a better return on investment. In 2023, companies will likely collaborate with several smaller influencers suited for the relevant market.
- Live videos: Live videos on Facebook Live, Youtube Live, TikTok Live, and Instagram have increased in popularity in recent years. Live videos allow marketers to share immediate updates, record ongoing events and make important announcements. The concept of Live shopping will also grow in popularity in the coming years. Live shopping lets companies direct users to purchase their products during live streams. The trend allows online shoppers to interact with their products in real-time while indirectly enabling marketers to foster a stronger relationship with their customers.
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Experts predict social media ad spending will reach $350 over the next few years. Social media for marketing is no longer an option. It is a critical means to engage customers, grow the brand and gain valuable insights into your products and services. In 2023, content like short-form videos, live shopping, and social commerce will likely continue to grow.
If you need help optimizing your digital marketing strategy, contact Synchronicity. We are a digital marketing agency in Charlotte, NC, helping companies achieve real growth through holistic digital marketing. Contact us today to learn more.