What do businesses need to know about social media in 2023?
It is no secret that social media has become an important part of modern-day life, but its impact on businesses cannot be underestimated. With over 4.2 billion active users worldwide, social media is a powerful tool that should be utilised to reach your target audience and engage with your customers.
In 2022, social media usage increased by over 190 million users, making it one of the biggest and best marketing opportunities for businesses. With the industry forecast to continue to grow to 5.85 billion users by 2027, it is clear that if you’re not actively using social media marketing in 2023, you should be - and you should start now.
To remain competitive in 2023, businesses need to stay updated on the latest social media trends and strategies. But with trends constantly evolving and platforms regularly updating, we understand how difficult it can be to keep up with the competition. To help you get ahead, our social media experts at MMS have pulled together a list of everything businesses need to know about social media in 2023.
Video is King
Video content has been growing in popularity for a few years now, and it is expected to dominate throughout 2023. With 85% of businesses now using a video marketing strategy, video marketing has become one of the most popular and effective strategies to reach customers and drive more sales.
Businesses looking to make the most of their marketing strategy should look at creating engaging video content that works to capture their audience’s attention. In a world where our attention span is getting shorter, creating engaging short-form content which is in the form of explainer videos, showhome walkthroughs, how-to and behind-the-scenes delivers the best results. Businesses should look to consider using YouTube Shorts. Not only do YouTube Shorts provide a funnel to your long-form content, but they are also permanent, unlike Instagram Stories, which can help you build long-term awareness on YouTube.
To form stronger consumer relationships and build trust, “rough and ready” video content should be at the top of the list. This style of video has a higher engagement rate than polished videos and can help to deliver more sales and create a wider brand awareness.
Making the Most of Social Media Advertising
Paid social advertising is an excellent way to showcase your homes and development locations directly to your target audience. By including social media advertising in your marketing strategy, you can hone in on your audience. There are many platforms that you can advertise on including TikTok, Meta and Pinterest, just to name a few. Thinking about what platforms your audience is using is key. Once you’ve decided where you’re going to advertise, it’s important to consider the imagery or video, CTAs and copy you’re going to use to ensure your ads are going to deliver results.
The Rise of Social Commerce
Social commerce has experienced a significant surge in recent years, primarily driven by the convenience of purchasing products within the social media platform they were discovered. Recognised as the integration of e-commerce with social media platforms, social commerce allows businesses to sell their products and services directly to their customers on social media platforms. And with social commerce platforms continuing to introduce new features and integrations, such as Facebook Shops and TikTok Shop, it is clear that businesses who fail to embrace social commerce may fall behind competitors.
To make the most of social commerce opportunities, businesses will need to optimise their listings. To do this, they should include detailed product descriptions with keywords, high-quality images and videos, and customer reviews to create a seamless shopping experience for their customers. Businesses can also use social media advertising to promote their products, drive traffic to their listings and target their ideal audience who are most likely to buy.
The Evolution of Influencer Marketing
In 2023, influencer marketing is expected to evolve further, and businesses need to be aware of the changes to stay competitive. One of the significant changes in influencer marketing trends expected to take place this year is a shift towards micro-influencers as they can help businesses reach highly targeted audiences and drive better engagement and conversions.
Unlike macro-influencers, micro-influencers have a smaller but more engaged audience, making them valuable assets to businesses. They can produce more niche and authentic content which can cater to specific target audiences and are seen as more relatable to help build trust and loyalty with their followers. Micro-influencers are also more affordable to work with than those with a larger following, making them a cost-effective option for businesses with smaller budgets.
The Impact of Virtual Reality Experiences
As virtual reality technology becomes more accessible and affordable, it is set to have a significant impact on social media in the coming years, starting in 2023. For businesses, this presents an exciting opportunity to create immersive experiences that engage and delight their customers. With virtual reality, businesses can transport their customers to virtual environments where they can experience their products and services in ways that were previously impossible.
In addition, virtual reality can also help businesses to differentiate themselves from competitors and stay ahead of the curve in a rapidly evolving digital landscape.
The Importance of Social Media Listening
Recognised as a powerful tool to help brands tap into global social conversations across social media platforms, social media listening is an important social media tool for businesses in 2023.
Social listening enables businesses to monitor and track what customers are saying about their brand, products or services on social media platforms. By keeping on top of conversations, businesses can offer timely responses and get valuable insights into customer preferences and feedback, which can help them to improve their offerings and customer experiences.
Social media is a constantly evolving space, and businesses need to stay updated on the latest trends and strategies to make the most of it. By investing in video content, social media listening, social commerce, and virtual reality, businesses can create a meaningful connection with their audience and achieve their business goals in 2023. To find out how our MMS social team can help your business with your social media strategy and content creation requirements in 2023, contact us today.