Social media platforms play an essential role regardless of industry and so it’s critically important to stay on top of trends. A year ago we shared key social media shifts that smaller businesses should consider when developing their digital marketing strategies.

In what is shaping up as a transformational upheaval in 2023, we urge businesses to understand the role of mastering online trust to gain a competitive advantage.

 

The New Currency: Trust

As social media becomes increasingly important in people’s lives, trust has become the new currency. People are more likely to follow, engage with, and trust content from businesses that have a strong reputation and track record on social media.

 

This shift towards trust as a key driver of social media success is due to several factors. First, the rise of fake news and misinformation on social media has made people more skeptical of the content they see online. Second, the increasing use of algorithms to curate content on social media has made it harder for people to discover new and trustworthy sources of information.

 

To build trust on social media in 2023, businesses need to consistently provide high-quality, accurate, and transparent content. This includes sharing verifiable facts, being open and honest about any potential biases or conflicts of interest and being responsive to feedback and concerns from followers.

 

Building trust on social media also involves taking steps to protect personal information and privacy. This includes being careful about what personal information is shared online and using secure methods for sharing sensitive information.

 

Overall, trust is a essential factor in social media success. By building trust with followers, businesses can gain credibility, increase engagement, and drive meaningful actions such as clicks, shares, and conversions.

 

Learn Social Media Crisis Management

Consumer response to brands has been remarkable, especially when it is bad news. On social media, news moves at the speed of light, maybe not fast enough. In an instant, your brand is an internet sweetheart. The next moment, you’re the target of some venomous online vitriol that might impact your brand perception and, in some cases, your revenue flow might be affected. No matter how cautious you are with your content, a crisis is always possible, in this new era of increasing security breaches and hacks.

 

Preparing for a worst-case scenario before it happens will help your brand survive a brand PR crisis.

 

In 2023, all businesses, large or small, should have solid social media crisis management plans to mitigate negative occurrences that could damage your valuable brand reputation.

 

Brand Authenticity Rules

Did we hear you ask: what is brand authenticity? It refers to whether customers believe a brand is sincere about its products/services, promises to customers, and brand values.

 

Social media has influenced how consumers think. Running a business is more than producing high-quality goods and putting them on the market. Today’s successful businesses, whether B2B or B2B develop their brand identity to differentiate themselves from competitors. Your brand must be relatable to your target audience. 

 

To have a social media presence establish a clear brand voice and identity. Share relatable content your audience would love to see. If a mishap occurs such as a dissatisfied customer complaint aired online? Own it and make amends with them so that your followers see you as responsive and fair.

 

Building an authentic brand takes time — just like any relationship, you must be patient, listen to feedback from followers, and learn.

 

Capitalize on Social Commerce in 2023

Social commerce is expected to grow three times faster globally than traditional e-commerce to a whopping $1.2 trillion by 2025. Fueled by Gen Z and Millennial social media shoppers, the demand will account for 62% of global social commerce. Expect a healthy upward trend of social commerce in 2023, which is an opportunity for e-commerce brands.

 

Selling on social media can benefit any brand in 2023. However, a strategic approach is required to get the maximum value from social commerce because today’s shoppers want to be understood and related to, not so much “sold” to.

 

Not all social media platforms are well-liked by all demographics. To be successful with social commerce, find that match between your target customer and the social media platform they mostly use.

 

Short-Form Content A Source of Creativity

Modern consumers are bombarded with marketing messages every minute of the day, thanks to the proliferation of media channels. Because most people have little time or patience to process everything, information must be direct, quick, and simple – in other words, bite-sized. 

 

Short-form videos have changed radically altered the way social media users consume content at work, in communication, and through the emergence of “bite-size” learning. The spotlight of short-form and bite-sized content will be on video content, as 86% of businesses are already using short-form content and 73% of people prefer to watch a short video to learn more about a product or service.

 

Explore exciting new ways that you can incorporate bite-sized content into your marketing strategy because this trend is not showing any sign of slowing in 2023. If you’re not sure how to execute, sit down with your team and conduct a SWOT analysis to see how you can differentiate yourself from the competition as a great first step.

 

Do you need Elon’s Twitter?

Elon’s Twitter acquisition, his attempt to abandon the deal, and his controversial management of the company is not something we would attempt to explain or write about here, although there are some lessons to learn from the Elon-Twitter fiasco.

Let’s not assume Elon’s anywhere close to finished with executing a vision he may have for Twitter. Although his early days at the helm have been highly controversial.

We are more interested in how the changes Elon is inspiring on this platform will affect business marketing in 2023. 

 

First of all, the blue check mark will be easier to get and the official check mark will help brands defeat the monster of cat-fishing and parody accounts by enabling businesses to identify Twitter accounts that are associated with them.

 

Most importantly, as Twitter makes changes that on one hand give voice to small accounts and on the other hand encourage businesses to spend on ads, Twitter will become a more important social media platform in 2023.

 

The strategy for businesses is to be part of this platform and engage in conversations relevant to their industries.

 

How do you Build Trust on Social?

Social media is a powerful tool for telling the stories of how your business is dealing with challenges. Don’t assume your customers and followers won’t appreciate your genuine insights on shared concerns. Plus, social media provides avenues to spark creativity, try new methods and employ new communications systems in providing value to your customers. An active social media presence improves online awareness of your business and strengthens your brand reputation. These factors over time contribute to market share and revenue growth.

 

The team at Asset Digital specializes in developing targeted social media campaigns to grow your online presence and drive new business to your website. We provide a full range of digital marketing agency services to help businesses like yours achieve consistent growth despite the changes and uncertainties in the markets.