Commentary: Elon Musk will herald new era for social media from Twitter's boardroom
Commentary: Elon Musk will herald new era for social media from Twitter's boardroom
There are also questions about whether his threats to launch an alternative platform ahead of buying the Twitter stake amount to market manipulation. With the SEC currently investigating him over tweets in November asking his followers whether he should sell his Tesla stake, he may now attract further ire from the regulator.
But whatever happens on that front, Musk will certainly be able to weigh if his removal from Twitter is ever on the cards. That is a huge defensive advantage for Tesla from losing such a significant source of marketing. So while Musk can say that he is focused on freedom of speech by buying this stake in Twitter, let’s not forget that he has the most to gain from the deal.
Most of the internet and its users are now controlled by a handful of companies including Alibaba, Microsoft, Meta, Amazon, Google and to a lesser extent Twitter. This has created a power hierarchy where many startups and investors actively avoid areas where these ever-growing ecosystems have extended their reach.
Musk and Tesla have so far been sheltered from this phenomenon by focusing on disrupting the largely unconnected automotive industry, to much success. By buying into Twitter, Musk now has a small, but well established, beachhead from where he can take on these entrenched players.
His infamous penchant for having a long-term view and unconventional strategic choices is likely to mean that he will shake things up, even if it is not clear today how he will do so. Certainly, it can be said, with a sense of surety, that Twitter is now a far more interesting company than what it was a few days ago.
Hamza Mudassir is a Lecturer in Strategy at the Cambridge Judge Business School. This commentary first appeared in The Conversation.
02
Social Media Trends Every CMO Should Know in 2022
Knowing the trends before they become trends is necessary for successful social media marketing. In 2021, more than 72% of Americans used social media platforms on a regular basis.
If you want to keep those users’ attention, it’s imperative to stay up to date with current and upcoming trends in social media marketing. That may sound like a tall order with trends coming and going at what seems like a moment’s notice; but a good fractional CMO will know what to focus on and what to let die. Here are a few key social media trends every CMO should know for 2022.
Social Media Marketing Budget
One of the most significant changes you’ll notice in social media marketing this year is the budget. Most companies have started moving investments from traditional television and newspaper ads to email marketing and social media. For good reason, too, as spending on social media advertising is expected to reach $56 billion this year. Facebook is still the king of social media, but Instagram and LinkedIn recorded double-digit percentage increases in usage from 2019 to 2021. Knowing this information will help determine where you should spend that social marketing budget.
Content Trends
Video content has seen a considerable increase in popularity over the years, but with the emergence of TikTok, short-form video content rises above the rest. In fact, 50% of social media marketers are bringing short-form video content into their marketing strategy for the first time this year; and 95% of those already using short-form video are either planning on maintaining their existing budget or increasing it.
Social Media Shopping
The Covid-19 pandemic propelled virtual commerce to the forefront early on, and social media platforms were quick to capitalize on that. Instagram has been one of the leading social eCommerce outlets, with 70% of consumers looking to the platform for product inspiration. Facebook recently added Facebook Shops to their shopping tools, and TikTok started experimenting with product links at the end of 2019.
Social media shopping is expected to become more accessible as well. With the new Instagram Checkout feature, shoppers can complete a purchase without going through a third-party site. Facebook Shops provides a way for consumers to contact businesses via Messenger, WhatsApp, and Instagram Direct, as well as make purchases directly from those chats. Consumers are becoming more reliant on eCommerce, so it makes sense that social media companies have continued to add more purchasing features.
Augmented Reality and Artificial Intelligence
It’s possible that you’ve used augmented reality and weren’t even aware. Do you have Snapchat, Instagram, or TikTok? Those filters that add makeup, hats, or even facial hair to your picture in real-time are a form of augmented reality. Companies have seen the benefits of the technology beyond the funny images it can create, though. If you’ve shopped online for furniture lately, you’ve likely seen a “see it in your room” option. When you choose this option, the app or website will either access your camera and digitally add the image of furniture, or it might superimpose the image onto an uploaded photo of your room.
Giving consumers the ability to “try before you buy” is priceless, potentially boosting click-through rates up to 33%. The possibilities are endless for a variety of eCommerce brands. As such, this trend and the technology behind it are expected to grow over the coming years.
Influencer Trends
Previously, social media influencers’ follower counts held more weight than their ability to sell a product. More recently, though, marketers have discovered that less widely known “micro-influencers”—those with between 10k and 100k followers—are more relatable, community-driven, and niche-oriented. Since micro-influencers have smaller (and usually more devoted) audiences, it’s much easier for them to engage with followers directly than those with higher follower counts. This enables them to deliver the highest post-engagement rates across Instagram, YouTube, and TikTok.
Brand Accountability
Consumers want to believe in who they’re buying from. They certainly don’t want to buy from companies that have been historically problematic regarding customer service or accountability. In fact, 57% of consumers will be loyal to a brand that commits to addressing social inequities and actually does something about it. Diversity, equity, and inclusion are the new face of society, and CMOs should champion authenticity in their brand messaging.
Social media and marketing go hand in hand, and a successful fractional CMO will know how to marry the two seamlessly. Knowing the coming trends will help get your social media marketing strategy squared away for the coming year, but feel free to reach out if you have any questions.
03
Five Ways To Make Social Media Work For Your Business
Yvethe Tyszka is a creative and dynamic global marketing executive at Zesty Paws & Solid Gold Pets.
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Think back to the last time you decided to purchase something. Chances are you either heard about the item on social media or looked up reviews online prior to your purchase. In fact, in 2019, Facebook IQ released data showing that 87% of survey respondents took action, such as making a purchase or following a brand, after seeing product information on social media.
Beyond being a way for people to stay in touch with friends and family, learn about current events or find entertainment, social media has also weaved its way into the shopping experience. Throughout my career, I have seen it evolve from a “nice to have” to an integral part of a business’s strategic marketing plan.
At first glance, social media can be intimidating with new platforms around each corner and constantly shifting algorithms rewriting the rules of the game, but there are five things I see working for brands that may help to navigate the social media space:
- Create more video content.
In addition to the continued rise of TikTok, Instagram is now a video-first platform, solidifying video as a vital component to a successful social strategy driving the growth of video content across all platforms. According to Sprout Social, half of social media users said they prefer video content, supporting why so many platforms are prioritizing this shift in their algorithms.
While video content can sometimes prove to be a costly investment, striking a balance between highly produced videos and organic and authentic video is something smaller brands can leverage and bigger brands should explore, as social media platforms like TikTok and Instagram offer opportunities to create more content with a lower investment. By testing various strategies to determine what leads to the best results for your brand, you can adjust your goals and budgets appropriately, making sure you’re investing in the programs that prove successful.
- Tap into social commerce.
Nearly every social media platform has an integrated shopping feature, making it easier than ever for consumers to make a purchase in-app. And now, with “phygital” marketing strategies popping up, businesses are beginning to investigate these hybrid online and offline shopping experiences using social media as the bridge.
Sprout Social recently found that 98% of consumers plan to make at least one purchase on social media this year. According to an Accenture study, social shopping will be a $1.2 trillion channel by 2025. With these rising trends and statistics in mind, it’s clear that now is the time to make sure you maximize your brand’s presence and engagement on social media.
- Experiment and test.
You’ll find hundreds of people claiming to know the secret to social media success on the internet, but the hard truth is there is no one formula that works for every audience or brand. What your audience is interested in and what resonates with them is unique to your brand.
That’s why it’s important to test content types, captions, hashtags and other strategies regularly so you can figure out what works for your business. At Zesty Paws, we are consistently testing new things, online and offline, and closely track the analytics to support our findings. This allows us to optimize our content-creating efforts to ultimately influence engagement and ROI.
- Leverage influencer partnerships.
With the influencer market projected to be worth over $15 billion by the end of 2022, businesses can expect influencer strategies to be part of the discussion year over year.
Consumers look to influencers for recommendations on where to eat, what to do and what products to buy. And as with our brand, even if our influencers have four legs and are covered in fur, this third-party validation from a trusted source can help a potential customer bypass the consideration stage and skip right to purchase.
The key to success is picking the right influencer for your brand and setting the right goals for the partnership. In addition to validation, influencers provide authentic and relatable content that you can cross-promote on your channels. These partnerships prove invaluable to business goals like expanding customer base and building brand awareness.
- Foster a community.
Through community engagement, like replying to customer comments, interacting in social “stories,” resharing positive feedback and responding to incoming messages, businesses can meet the customer where they are and begin to form a relationship.
Social media is one of those marketing tactics where the more you put into it, the more likely you are to see results. Invest in your strategy, test your content and grow your community, and you’re likely to see a return.
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