Posted on July 7th, 2010Image Credit: RadarDDBuk
Most of us are familiar with social media, with the soaring popularity of websites like Facebook, Twitter, Myspace and YouTube, but most people don’t think about them beyond the social aspect. The few that do use their Facebook page or Twitter account for more than letting their friends know how much of a hangover they have, are looking at social media as a way to promote their product or company to potentially millions of users.
There is no doubt that social media works, if the product is good enough and is promoted correctly. Take for example Brandon Hardesty, who reenacted popular movies on YouTube, and eventually landed a role in a real movie as a result, or Colbie Caillat, a singer/songwriter who posted her songs on Myspace, leading to becoming the top unsigned Myspace musician, and an near-instant record deal.
Social media trends are changing all of the time, and knowing what the latest trends are, and projecting where they might be going will help you to build your business and promote your product or service successfully. As such, we have taken a look at the latest trends in social media, and have chosen ten that you should be aware of.
1. Social Media Implementing Better Filters: At first glance this may cause a collective groan to go up in the marketing circles that use social media, because they may be concerned about their message not being able to get through. The fact is, however, that better filters mean that the people you do reach are more qualified than the ones that you were reaching out to before. While you may reach less people, it is likely that the ones you do reach are those that are better equipped and more willing to consider your product or service.
2. Social Media Moving to the Mobile World: Now, more than ever, the social media craze is going mobile. Twitter paved the way for updates from your mobile phone, so your friends can know that you got an autograph from your favorite musician the minute you get it, instead of later on that night. More and more websites are optimizing for displaying on small mobile screens as well.
3. Social Media Becomes Standard Fare For Customers: Remember when the internet first became popular. Soon, companies without a website were losing customers because having a website and a presence on the internet was expected with a professional business. Now, as more and more consumers get updates, sales and support information from social media, the question “do you guys have a website” will be replaced by “do you guys have a twitter/facebook/other social media”.
4. Serious Money Will Be Spent Trying to Label Demographics: While there is some research going on regarding the demographics of social media users on certain sites, soon there will be serious money put into finding out which accounts fall into certain demographics. This might be done using the others that you follow, or the information posted on your account. The fact is, that as social media grows, so does the desire to classify and use it.
5. Companies Will Set Budgets for Social Media: Some experts believe that the time has come for companies to set actual budgets for social media. A report prepared by Borrell Associates Inc. predicts that by the year 2015 social media budgets for companies will grow to an estimated thirty eight billion dollars out of the estimated four hundred billion spent on advertising. This could grow even higher as television and radio are phased out and users communicate and get their entertainment entirely from the internet.
6. Social Media Sites Will Offer Easy Shopping Access: To take advantage of impulse buying, companies will begin providing a way for users to buy their products from the social media page, or through their mobile devices. Fast shipping will become less expensive as it is used more and more and companies will strive to get their products to customers in a shorter amount of time.
7. Brands Will Begin Seeking Control Over their Social Media Followers: Right now, the social media pages are still controlled by users. For instance, the largest Coca-Cola Facebook page was created and is maintained by fans. So far, companies are letting this happen, and not interfering with these pages, but there may be a struggle for companies to get users of social media to friend, follow or connect with their ‘official’ social media page.
8. Everything Will Happen in Real Time: Companies have to change with their customers, and as the internet becomes more integrated into the mobile devices of today, users are demanding real time information. Gone are the days when users were willing to wait for products and services to be delivered. Now, companies will have to work harder to respond to the consumers need for instant delivery.
9. All Major Companies Will Use Social Media: Currently, around 80 percent of Forbes 500 list integrate social media into their business and about sixty five percent of Fortune 100 companies have a twitter account. In the future, this will be required for companies and those who do not incorporate social media will be regarded as too old-fashioned to work with.
10. Companies Will Commonly Offer Social Media Incentives: Think of the grocery discount card. Major supermarkets and many smaller ones now require a membership card to get their regular price. Those who do not sign up for the card pay a higher price for their groceries. In the future, social media will be the membership card. Those who follow the company on Twitter or other social media will receive incentives such as discounts or free shipping.