Let’s fast forward to 2020 and look at how social media will be playing a part in our lives as a marketer. All industries can take away something from these 5 predictions. Welcome to our 5 social media marketing predictions for 2020.
Thanks to technological advances and a change of consumer behavior, by 2020 social media will provide consumers a unique and comprehensive understanding of products, services and experiences before they purchase. The reliance upon social media helping us as consumers make informed choices on decisions will only increase.
What’s more, social networks and search engines will get smarter and know exactly what your prospects want and when they want it – this will be achieved mainly through monitoring their social chatter more effectively – social network data ultimately becoming the most valuable asset to each platform as well as the marketer/brand.
Prediction 1 – Right product, right time, right price!
For the consumer it’s all about personalisation of experience on the social network of their choice. All businesses now engage with consumers primarily through social, cleverly driving them to most appropriate products at the right price for right experience required… at the right time!
Social will grow up and help you achieve this more effectively – but expect to pay an increasing premium for data (but more abut this later) to achieve best results here!
Prediction 2 – Facebook, Instagram & Twitter accounts for 40% of your sales
Consumers use Facebook, Instagram & Twitter as the primary ‘go-to’ for an accrued view of your product, service or experience as well as the quickest and most hassle free place to to purchase (just one click away!). Consumers expect to be able to access videos of your product, feedback and connect with you instantly, anytime of the day or night.
All major social networks have clear commerce channels and social media is the first point of call to understand and act upon crowd-sourced reviews. Expect to see the affiliate market get social too, providing instant price comparison quotes at the point of purchase within your news feeds.
As a business you’ll rely heavily upon Twitter, Facebook, YouTube and Instagram to send you payments each month!
Prediction 3 – It’s a virtual world!
Did you know 50% of all investment in silicone valley right now are relating to virtual reality, which is starting to integrate with social media in terms of how we communicate and keep ourselves entertained.
Augmented reality will allow visitors to see a three dimensional view of your product, service or experience – leading directly to social for collective reviews and to the sale. Expect a whole new industry to launch off the back of this – imagine putting on your Oculus Rift glasses whilst learning to knit from a virtual tutor advising every step of the way as if they are sat next to you.
In relation to leisure industry opportunities (for example), you will have paid opportunities for virtual experiences – consumers pay you £10 for a virtual hot air balloon ride over Stonehenge lasting 20 minutes. Obviously there’s costs involved in producing this content of course!
Prediction 4 – Social gameplay is essential for brand and product education
While the average console gamer may be a 16-24 year old male, the average casual gamer (playing on tablets, smartphones and social networks) is a 25-34 year old woman. The reach of casual games will continue to spread across all age groups, with ten per cent of over-55s playing.
You’ll be investing in playable apps that help express the values of your brand as well as subtly educate your market as to your products, and making sales in the process through reward. Your market will be plugged into your brand wherever they go.
Prediction 5 – Insights like you’ve never seen them!
Using social to collate data about customer experience is nothing new, but as monitoring systems evolve with wearable tech and more people converge on social networks to discuss their experiences, you’ll have a truly unique insight into behavior, at a fraction of the cost of large scale market research. Remember, social networking for the consumer is FREE for a reason… namely to access and sell your data!
BUT for a brand, the result will be a constant flow of great ideas and a ‘digital’ R & D department to die for – you’ll launch services faster, at the right price and much deeper insight into effectiveness of the product.
If you take one thing away from this article, don’t delay in creating a social media strategy for your brand as the longer you leave it the harder you will need to work to create a sustainable social footprint in a few years time.