In recent years, social media has transformed into a multifaceted ecosystem, shaping how we connect, access information, and make decisions. As we enter 2024, it continues to rapidly evolve, influencing personal identity, marketing strategies, and business competitiveness. Despite offering global connectivity and opportunities, concerns about privacy, mental health, and real-life relationships have also emerged.
Marketers leverage social media for brand personality and engagement, embracing influencer marketing and personalized advertising. Large and small businesses navigate the digital realm to build loyalty, address concerns, and stay agile in response to market trends, fueled by the data generated from social media interactions. This comprehensive article explores some of the key social media trends for 2024 and presents a six-step social media risk management plan to safeguard brands in this dynamic environment.
Social Media Trends for 2024
Crisis Management for Social Media Will Be Essential
Social media has become a powerful tool for disseminating information, including crises. Timely acknowledgment and transparent communication during crises are crucial for maintaining trust. A survey commissioned by Twitter reveals that 61% of respondents believe brands should address crises promptly through advertising and communications.
Brand Authenticity Will Be the Way to Go
Modern consumers demand authenticity, making transparency and trustworthiness paramount. Brands fostering authentic relationships can enjoy improved reputation and increased sales. Leaders playing a proactive role on social media contribute to this authenticity, with 69% of millennials desiring a CEO’s personal presence on social media channels.
The Use of Social Media as Shopping Outlets Will Remain Popular
Social commerce is booming, exemplified by Facebook’s “Facebook Shops.” Global sales in this sector are projected to hit $6 trillion by 2026, highlighting the growing trend of direct purchasing via social media.
Short-Form and Bite-Sized Content Will Dominate
As attention spans dwindle, platforms like Twitter adopt Snapchat-like Stories to cater to users’ preference for brief content.
The Phasing Out of Third-Party Cookies
Privacy concerns drive the expected demise of third-party cookies, prompting brands and social media platforms to prioritize consumer privacy, potentially fostering reliable first-party solutions.
Decentralized Networks Will Become Alternatives
Users seeking more control and enhanced data privacy may turn to decentralized social networks. Platforms offer alternatives to mainstream social media giants.
Sustainability and the Environment Will Become More of a Priority
Consumers now prefer brands prioritizing sustainability over profit, and those adopting sustainable practices are likely to appeal to socially conscious consumers.
AI Will Play a Big Role in Post Recommendations
AI will boost content recommendations on platforms like Facebook and Instagram, heightening user engagement through personalized delivery.
Integrations Might Play a Bigger Role
Social media platforms, particularly Facebook and Instagram, are exploring integrations to enhance user engagement, such as the integration of digital avatars.
Interactive Ads Will Gain Traction
AR and VR technologies enable interactive ads, create immersive experiences, and boost engagement for increased brand awareness.
Understanding Social Media Management
Social media management involves ongoing activities to control and enhance your online presence across platforms like Facebook, Instagram, and Twitter. It includes content creation, publishing, analysis, and engaging with users. Effectively managing social media is crucial for expanding reach, increasing sales, and overall business growth.
Benefits of social media management
Cost-effective: Social media is budget-friendly, providing free access to networks and cost-effective advertising options.
Boosts brand awareness: Connects with a global audience, reaching niche markets and surpassing the reach and cost of traditional marketing.
Targets users at buying stages: Aligns marketing strategies with user behavior, considering that a significant percentage make purchase decisions based on social media advice.
Drives revenue: Demonstrated effectiveness in building brands, generating leads, and making sales, with a notable percentage of B2B marketers acquiring clients through platforms like Facebook.
Social Media Risk Management Plan
Social media offers immense opportunities and poses several risks to brands. A comprehensive risk management plan can help mitigate these risks effectively. Here are the key risks and steps to develop and implement a social media risk management plan
Social Media Risks
Permissions and User Authorization Issues
Allowing unauthorized access or granting excessive permissions can lead to unauthorized posts or edits on brand pages.
Phishing and Scams
Impersonation of brands on social media for phishing purposes, leading to the disclosure of sensitive information.
Security Vulnerabilities
The use of weak passwords exposes brands to the risk of hacking, potentially leading to the compromise of sensitive customer data.
Risks Related to Legal and Compliance
Non-compliance with advertising regulations, platform guidelines, and contractual obligations may lead to legal issues and harm a company’s reputation.
Damage to Brand Image
The presence of fake accounts and harmful content can negatively impact a brand’s reputation, particularly if not dealt with swiftly.
Social Media Risk Management Plan
Establish a Social Media Risk Management Policy Committee
Establish a committee comprising marketing, customer service, HR, PR, legal, and IT representatives to formulate and supervise the risk management strategy.
Conduct a Comprehensive Audit of All Social Media Accounts
Uncover potential risks by thoroughly examining all social media accounts, including assessing access credentials and third-party agency involvement.
Formalize Goals, Develop Workflows, and Assign Roles
Clearly, articulate goals, establish workflows and assign responsibilities to proactively address risks, defining specific roles within the organization.
Establish Internal Guidelines for Account Access
Define access levels for individuals and create protocols for posting and engagement to maintain control over the representation of the brand.
Educate Staff on Roles and Responsibilities
Ensure employees comprehend the overarching risk management plan, cultivating a shared responsibility for upholding brand safety on social media.
Outline Regular Audits
Schedule regular audits of social media channels and users, at least quarterly or bi-annually, to promptly identify and address new vulnerabilities..
Social Media Governance
Social media governance includes establishing a Social Media Risk Management Policy Committee involving key stakeholders, conducting a thorough audit of all accounts, formalize objectives, creating internal rules, and educating employees for proactive risk mitigation. Implement regular audits of social media channels to promptly address new vulnerabilities, ensuring collective responsibility for brand safety.
Conclusion
As we move through 2024, social media continues to shape communication, information consumption, and business conduct. Adapting to emerging trends is crucial for success.
Social media management emphasizes effective online presence, engagement, and analysis, offering benefits like cost-effectiveness, global reach, and targeted interactions for business growth.
However, recognizing opportunities also means acknowledging associated risks. A robust risk management plan is necessary, from permissions and security vulnerabilities to legal compliance and brand image damage. The proposed six-step plan involves key stakeholders, audits, clear goals, and ongoing education to address potential threats.
