By Mr. Sachin Shah
Much has changed from the SixDegree era to today’s social media world. While social media may have existed for almost three decades, Myspace and Orkut took it to a larger scale in their respective eras. That era(2004-2010) had a lot of focus on written content because of slow and limited internet penetration, and over time, things started changing significantly. We are not in a space where we see full-fledged movies on platforms like YouTube. This entire transformation from text-only formats to video-heavy platforms happened in a concise time frame, indicating this medium’s dynamic nature. Social media is one of the most dynamic, fast-changing mediums out there, and it becomes essential to be connected with the changes, adapt to them and embrace them in one’s social media strategy. How does one navigate and stay relevant on social media in 2024?
While it is difficult to jot down everything necessary to stay relevant and future-proof your marketing strategy, you can look at the following to guide you in this dynamic medium.
The Power of Hyper-Personalization
Gone are the days of generic messaging. Consumers today crave tailored experiences, and social media provides the perfect platform for hyper-personalization. Leverage data analytics to understand your audience on a granular level. This includes demographics, interests, online behaviour, and past interactions. With this knowledge, you can tailor your content, offers, and communication style to resonate with individual users.
Here are some ways to implement hyper-personalization:
- Dynamic Content: Utilize platforms like Facebook Ads and Instagram Marketing to create targeted ad campaigns that adjust based on user data.
- Segmentation: Divide your audience into smaller groups with similar interests and tailor your content accordingly.
- Chatbots and Messaging Apps: These tools allow for one-on-one conversations, enabling you to address specific needs and answer questions in real time.
Building Trust and Transparency
Trust has become the cornerstone of successful social media marketing in an age of information overload and scepticism. Consumers are likelier to engage with brands they perceive as authentic, transparent, and ethical.
Here are some essential practices to build trust:
- Transparency: Be upfront about your brand values, practices, and limitations. Address customer concerns promptly and honestly.
- Customer-Centric Approach: Focus on creating value for your audience, not just pushing sales messages. Prioritize informative and engaging content that establishes you as a thought leader.
- Social Responsibility: Take a stand on social and environmental issues that resonate with your target audience. Demonstrate a commitment to making a positive impact.
Embracing the Power of Video
Video marketing is no longer a ‘nice-to-have’ but a ‘must-have’ for any social media strategy. Video has been there for a few years now, but video is the most essential format today. Every platform embraces video format because people are drawn to visual content, and videos are highly effective for capturing attention, conveying information, and telling brand stories.
It would help to have a solid strategy to utilize videos across different surfaces.
- Short-form videos for wider reach via mediums like Instagram Reels, YT shorts or TikTok(in regions where it is not banned)
- Long-form videos build authority, dominance, and solid brand equity on platforms like YouTube and Facebook.
- Interactive bite-sized videos on stories to keep your audience engaged.
Influencers and Communities
Influencer marketing remains a powerful tool, but the landscape is shifting. Consumers are becoming more discerning, favouring micro-influencers with niche audiences and genuine connections with their followers. Partner with influencers who align with your brand values and can authentically represent your products or services. Beyond that, social media communities also offer immense potential. Foster a space for discussion, collaboration, and user-generated content. Encourage interaction among your audience and respond to their comments and questions. A thriving community fosters brand loyalty and advocacy.
Optimizing for the New Attribution Landscape
Tracking the effectiveness of your social media campaigns is crucial. In 2024, we’ll see a move beyond simple metrics like last-click attribution. Marketers must understand the customer journey, identifying the various touchpoints influencing conversions. Consider these strategies:
- Multi-Touch Attribution Models: These models track a user’s interactions across different platforms and channels, providing a more holistic view of campaign effectiveness.
- Customer Journey Mapping: Visualize a customer’s steps from initial awareness to conversion. This helps identify areas where social media plays a role and how to optimize your efforts.
- Focus on Engagement Metrics: Beyond conversions, consider metrics like shares, comments, and brand mentions. These indicate brand sentiment and the overall impact of your social media presence.
The social media world is constantly evolving. New platforms emerge, existing platforms change algorithms, and user preferences shift. To stay ahead, cultivate a culture of agility and continuous learning. Stay updated on industry trends, experiment with new features, and be prepared to pivot your strategy when necessary.
(The author is Mr. Sachin Shah, Founder, The Hype Capital, and the views expressed in this article are his own)
