2020 has been one hell of a roller coaster ride, nobody saw this coming, not even Benedict Cumberbatch. Markets and industries all over the world took a massive blow be causing of the ongoing corona virus crisis.
The pandemic saw most of the big and established companies rush over to social media and use it as a safe haven. Companies had shifted all their resources towards digital platforms as and when the lockdowns were imposed in various parts of the world. Various studies conducted over the course of the year concluded that spending on social media will drive north of $100B in the upcoming year.
Social media has played a major role in keeping many businesses afloat and on the right side of the borderline by actively staying in touch with consumers. Tech giants such as Apple and Samsung have launched fresh and new versions of their devices by live streaming on various streaming platforms like YouTube.
2020 allowed the companies to fastback their social media projects and shed much lighter on the following
- DATA SECURITY AND PRIVACY – With the whole world being in lockdown and operating from the comfort of their homes, a huge amount of investment has been made by businesses to allow their users to enjoy a risk-free experience by ensuring the highest level of data privacy and security. Many countries have passed various data privacy laws during the pandemic to ensure that the right amount of importance is being paid to the above matter.
- LIVE STREAMING – Just like Apple, who launched their flagship products by going live on YouTube unlike their traditional grand events that had viewers and journalists flying in from all over the world. A number of businesses have started using this feature of major social media platforms along with stories in order to stay active and interact regular with their users. On one hand, live video has been used as feature to run various QnA sessions along with giving the users an in-depth experience of how things are being carried out this year. Then there are stories, which are highly versatile in nature, and can be used for a number of reasons ranging from advertisements to running polls to ask consumers which feature or product they like better.
- SHOPPING – The shop feature on Instagram has acted as a major source of revenue for businesses all over the world, and this is not just limited to Instagram. The scope for social commerce has been widely appreciated and used by brands regularly. Users have taken to social media to spend time and stay aware during the pandemic; this has allowed brands to get their attention by allowing the users to shop directly from their social media feeds.
- ARTIFICIAL INTELLIGENCE – The ongoing pandemic has immensely affected the customer service industry, making it difficult for the brands to address customer complaints and queries. As a lot of centers have been shut and the ones which are open are operating on a very small workforce. Brands have switched to automated service chatbots to ensure the customers’ questions are answered on time. AI has not only smoothened the entire process but has also improved the customer complaint resolution rate. Plus, brands are able to achieve better performance at a fairly cheaper price.
- INFLUENCER MARKETING – 2020 has been a boon for various influencers on different platforms of social media as their demands have almost tripled overnight. Brands and organisations are actively looking to partner with influencers that meet the personality of their bands to ensure that their product is advertised and properly promoted to the right set of individuals by targeting the established views of these social media influencers.
- CEOs and TOP LEVEL EXECUTIVES ON SOCIAL MEDIA – This year has seen a number of top officials from various brands become highly active on social media to connect on a much larger scale with the consumers. These executives are allowing the users to take a sneak peak in their lives and inspiring users worldwide. The CEOs are urging consumers to take part in various social movements and ensuring them to stay home and stay safe. This allows the users to establish a deeper bond with the brand.
If any business or brand needs to do well or maintain a cutting edge over others, it is vital that their marketing and social media teams spend necessary amount of time and energy to study the trends and adapt accordingly. This would not only give them a first mover advantage but would also allow them to grow a superior bond with their regular and potential users.