What does a precarious economy and decreasing consumer spending mean for the future of social media marketing?

It’s more important than ever!

In fact, in 2022, companies spent an estimated $67.4 billion on social media advertising. That shattered the previous record of $58.6 billion in 2021. And at this rate, 2023 will most likely blow both of those stats out of the water.

This year, social media will get even more attention. And already, a handful of noteworthy trends are emerging.

Check out the top trends we’re watching across the three main areas of social media marketing:

Big trends in social marketing

Social marketing specifically refers to leveraging your social channels to promote your product, drive brand awareness, offer discounts, and showcase features.

While social media budgets don’t seem to be drying up yet, what companies are spending their budget in 2023 on is changing:

  • Creators and influencers are reporting fewer—and lower—sponsorship offers. Big brands are slowing their creator partnerships, opening up an affordable opportunity for small businesses.
  • Because marketing now claims an average 10% of a company’s annual revenue, CMOs and marketing managers are expecting even stronger social media marketing ROI. As a result, we’re seeing some companies pull back on experimental strategies and focus on data-backed ones.
  • Cross-posting reigns supreme. Brands aren’t worrying about creating original content for every social platform. They’re repurposing the same great content in each format, with minor tweaks.

Big trends in social commerce

Social commerce is where the logistical piece comes in—how you actually close the deal and sell your goods or services. It’s all about tapping into the power of your platforms and creating interactive relationships with your customers.

We’re watching two rising-star opportunities change the social commerce game:

  • Brands that establish trust on social media can crack the e-commerce code. According to Instagram, nearly half of users leverage the platform to shop on a weekly basis. That’s a huge group of potential customers worth tapping into!
  • Social is the new search engine. Instead of Googling a local service provider or product, as many as 40% of young people often use TikTok or Instagram to search for recommendations. That’s a huge opportunity for local brands that show up loud and proud on the platform!

Big trends in social customer service

If you’ve ever left a product review on Facebook, or messaged a brand on Instagram, you’ve engaged with social customer service. It allows brands to provide their customers with almost real-time responses, share helpful information, and build memorable relationships. And prioritizing social customer service also gives your brand an authentic human touch.

The good news is that the rise in social customer service has helped brands connect with their customers on a loyalty-building level. But the bad news is that it’s putting companies without social customer service in a less-than-optimal position.

  • In an effort to keep up with the rush of post-pandemic demand, many companies have shifted their focus away from online support to in-person service. But customers aren’t as patient as they once were. A full 76% of consumersexpect a reply within 24 hours, and that number is higher for expensive goods and services.
  • In 2023, marketers will have another role to fill—customer service representatives. Now that customer service has extended to social media, marketers are often in charge of responding to comments, questions, and messages. That means CMOs and their teams have an even greater opportunity (and responsibility!) to impact their company’s bottom line.

Feeling inspired by these social media trends? So are we!

At MediaSpark we leverage social media data and current market trends to create strategies that really move the needle. We know ROI is more important than ever, and we use the latest social media tools and proven tactics to generate remarkable social results. Chat with our team to get started on your 2023 social media strategy!