How will social media pan out for businesses in the future?

Friendster was one of the first social media sites on the internet to reach over one million users, but when Facebook was launched in 2004, nobody knew it was about to change the internet. Facebook started as a Harvard only social media site, but quickly expanded into other schools and businesses and by 2006 it was available to everyone. In 2008 Facebook passed out MySpace to become the most popular social networking site in the world.  (Web Designer Depot, 2009) Since 2008, there hasn’t been a year where Facebook didn’t see a significant growth in active users. Today, Facebook has over 1550 million users  (Statistica, 2015) and continues to grow each day. This trend, to a lesser extent, is the same for other major social media sites such as Twitter, Instagram and LinkedIn.

What does this mean for business? The fact that social media usage is increasing by the second means marketers will have a broader network of people to interact with. This makes it easier for small and medium sized enterprises to advertise and publicise themselves, and so it increases the importance of being an active marketer on social media.

Marketers will also have to adjust the way in which they advertise, publicise and blog in the future. Video content marketing is becoming very popular among marketers. The reason being that consumers would prefer to watch a video about a product or service, rather than read about it. Cisco have predicted that  by 2017, video content marketing will account for 69% of all consumer internet traffic.(Trimble, 2015) Creating successful advertisements and blogs by video is much more complex and time consuming than written ones, so it will more than likely drive up the labour cost. Nevertheless, marketers will be able to identify that video content marketing is more effective, and the cost of doing so will only be a small factor.

The use of YouTube is declining as a result of social media sites such as Facebook, Twitter and LinkedIn, because they show preferential treatment towards videos hosted on their own platform. In August 2014, Facebook passed YouTube out in the number of videos viewed through desktops (King, 2015)The number of videos shared on Facebook  has increased significantly in the last two years, whereas it is declining on YouTube. This trend should signify to marketers that video sharing on Facebook may turn out to be more effective than on YouTube in the near future.

As stated in an earlier blog, Facebook have made a statement claiming that their Messenger application is merely 1% complete. They want to develop the app so an entire company can be built on it. However true this may be, I do believe that Facebook and other social medias will continue to improve the way in which businesses operate through them.

Bibliography

King, C. (2015, 01 01). 28 Social Media Marketing Predictions for 2015 From the Pros. Retrieved 12 06, 2015, from socialmediaexaminer.com: http://www.socialmediaexaminer.com/social-media-marketing-predictions-for-2015/

 

Statistica. (2015). Leading social networks worldwide as of November 2015, ranked by number of active users. Retrieved 12 06, 2015, from statista.com: http://www.statista.com/statistics/272014/global-social-networks-ranked-by-number-of-users/

 

Trimble, C. (2015, July). Why online video is the future of content marketing. Retrieved 12 06, 2015, from The Guardian: http://www.theguardian.com/small-business-network/2014/jan/14/video-content-marketing-media-online

 

Web Designer Depot. (2009). THE HISTORY AND EVOLUTION OF SOCIAL MEDIA. Retrieved 12 6, 2015, from webdesignerdepot.com: http://www.webdesignerdepot.com/2009/10/the-history-and-evolution-of-social-media/

 

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