TECHNOLOGY • JESSICA OAKS
In 2013, social media continued to take over the world. Facebook grew bigger than ever and newer platforms like Vine, Tumblr and Instagram became increasingly necessary. It seems obvious that social media platforms are here to stay, which begs the question, “What’s next?”
Predictions are wide-ranging and, of course, nobody knows for sure what the future holds. But, the industry does seem to agree on several core elements, many of which touch on the monetization of social platforms. Now that Twitter and Facebook are public entities, the revenue stream can no longer be ignored. Whether you’re an industry insider or a casual and occasional user, look for the following in 2014:
Real time, targeted marketing
Social networks like Facebook and Twitter provide a means for interacting with consumers in real time. By comparison, radio and television advertisements are ancient by the time they hit consumers. Since people are spend more and more time online, it’s easy for marketers to take advantage in real time as well.
Perhaps the most famous example of this was Oreo’s timely tweet during the 2013 Super Bowl, which cleverly mocked the now infamous blackout. The reaction was immense and instantaneous. There’s every reason to believe that businesses will try to adopt this approach with greater regularity moving forward.
Embracing a nontraditional business model
Increasingly, businesses are seeking nontraditional advertising mediums. Marketers have already reached Tumblr through sponsored posts on user walls (whether users want to see the posts or not). Sites like Vine and Instagram may find increased marketing efforts in 2014, too, especially as they continue to grow in popularity. With both Vine and Instagram offering video content, it may not be long before the sites choose to emulate YouTube’s approach. The once loved website, now owned by Google, seems to annoy users at every possible opportunity with ads appearing before, during and sometimes even after a video.
Bringing the customer into the fold
The approach that businesses take on social media is different from the approach in other marketing spheres. Unlike television and radio advertising, which are both very global in nature, social platforms allow and encourage an “in the trenches” approach. This means that increasingly, businesses looking to ingratiate themselves with their consumer bases will look to them for advice, feedback and will even act as advocates for the brand.
In advertising, authenticity is always something for which businesses strive; after all, an advertisement that is too conspicuous can be off-putting. By using consumer-generated content, businesses both bring their customers into the fold and achieve the authenticity they’re seeking.
Visual content reigns supreme
All one needs to do to recognize the effectiveness of visuals in the online realm is to visit any popular blog. BuzzFeed, Huffington Post and even The New York Times have taken a largely visual approach to the distribution of news — and for good reason: People seem to want it. According to Facebook, visual posts get two to three times the engagement as non-visual posts do. Moving forward, businesses are likely to put all of their eggs into one basket — and that basket is going to be visual advertising.
Will the bubble burst?
People often wonder when the next MySpace situation may happen. A simple change in user habit or user perception can torpedo a social media network overnight. In the coming year, will one of the established names suffer a fate worse than MySpace’s? There’s no way to say with any amount of certainty. But, with social media companies increasingly trying to monetize their networks, there is a chance that companies may face a consumer backlash. And if that does occur, one of the mighty players may very well fall from grace.
