The second half of 2022 hasn’t been very kind to the social media space. One google search for Twitter throws up what went wrong in the Musk-Twitter saga. Search for Meta and all you’ll see is the slump in its market capitalization this year.
Not to mention the Snap Inc warning from May 2022, which signaled tough times ahead for the once-booming digital ad industry. Social media stocks lost billions.
Put it all together and it wouldn’t be a shocker if one said, ‘The end of social media is near’.
But is it?
Experts from the industry tend to think otherwise. There’s still a lot of hope that marketers, social media heads, agency heads still have from social media.
Here’s what they have told ETBrandEquity.com, when we asked them what according to them is the social media space going to look like in 2023.
1. Santosh Iyer, vice president – sales and marketing, Mercedes-Benz India
– Increased prevalence of micro-influencers offering authentic content which can be trusted.
– Expect increased regulations for social media content given the threat of fake news, fake accounts and impersonation.
– Expect social commerce to grow exponentially in tandem with traditional e-comm platforms.
– There will be a shift to platform-wise content and engagement strategy.
“I prefer LinkedIn the most as it is the platform for professional networking and has a positive tonality for interactions. I can share my professional experiences, thoughts, drive conversation and also know about worldwide best practices across industry,” he says, when asked about his preferred platform on social media.
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2. Nisha Singhania, co-founder, Infectious Advertising
– Nano influencers who’re specialists in their domain will gain prominence
– As platforms and users restrict automated data collection, there will be focus on getting opt-in user data for direct communication
– Consumers like attention, especially if it is prompt. Brands will need to invest to deliver immediate support via social media
– Audio over social media, as it provides a lot more consumable content than text yet leaves people free to multi-task (unlike with video content)
– Shopping on social media may become common with product discovery, exploration and transactions being conducted end to end on social platforms.
Singhania shares that Twitter is likely to be the least favorite for her. “Anyone with eight dollars to spare will be a ‘blue tick’ authenticated celeb on twitter,” she mentions.
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3. Samar Kagalwalla, head of marketing, Onsurity
– Brands will invest in multi-sensory media for digital experiences
For Kagalwalla, Instagram and LinkedIn are clear winners when it comes to choosing a favorite platform.
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4. Virat Khullar, associate vice president, marketing, Hyundai Motor India
Social media usage is one of the most trending topics of discussion and analysis currently. There is a significant increase in user content consumption on social media platforms like YouTube, Instagram, Twitter & Facebook.
– The constant changing trends and average percentage increase in viewership on social media will help us to streamline our budget allocation and content spread for social and digital in the coming year.
– With increase in social media content consumption, comes a responsibility to ensure a cautious approach towards creator engagements, brand focussed deliverable, geo-targeted wins.
To Khullar, YouTube and Instagram are a getaway from usual work life. “These platforms are a space to learn creative and innovative market trends,” he adds.
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5. Chandramohan Mehra, chief marketing officer, Bajaj Allianz
– For brands across categories, social media will become a prime medium to demonstrate purpose-driven acts and build employer brands. However, the sustained authenticity will win credibility and engagement.
– Second, beyond brand-centric objectives, influencer-driven social commerce will gain prominence.
– Lastly, vernacularisation of social media platforms will be on the rise.
LinkedIn’s easy to consume business and leadership content, makes it Mehra’s favorite social media platform.
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6. Mukesh Vij, founder, Hashtag Orange
As the year is coming to a close and Meta continues to see a decline in engagement while Twitter is still wrapped up in the dilemma of “to be (bankruptcy) or not to be”, social media certainly has its own share of havoc in 2022 .
As for 2023, we feel certain trends will continue to dominate. Especially on the sides of interplay of technology with social media platforms.
– Tech will continue to disrupt how social media interacts with us. Since Meta is already testing with AI and metaverse, this trend might take the shape of auto recommended suggestions for end users. It means there will be more personalization and more data driven results will be served to the end users.
– I also feel investment in analytics tools will increase on both agency and client partners’ side, which effectively suggests brands/agencies want to take a data driven approach for their products/services.
– Role of content creators will continue to grow and evolve and an integration of platforms to make everyone an influencer will grow.
7. Kavita Himthani, head of content and social media, Reliance Retail
– There is a scope for small businesses to grow through influencer marketing. So influencers will get exposure to a lot of smaller brands to a greater extent.
– Secondly, this year will probably be the same as last year, wherein live commerce will keep our hopes high.
– I also believe a lot of AR will come into content creation, and would be really interesting to see.
Facebook remains Himthani’s go-to platform when she wants to connect with her family. “Since I started working in the creator’s space, I myself became one. So, I actively started using Instagram as well,” she added.
Himthani is also venturing into, what she calls the genz tool, Snapchat. “I am still trying my hands on it, but it’s my new favorite these days,” she shared.
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