Guest Article | Andrew Ferdinando - Founder of StratHub
Andrew has been a friends of RX Group for many years. His capability has evolved over the decades and we think he is an incredibly clever dude and a digital guru. Recently he has launched Strathub, which solves the vital problem of allowing marketers to plan and develop strategy work in a centralised and elegant way.
The world has crossed a major digital milestone! Over 5 billion people are now using social media and on average we’re at it for close to 4 hrs per day!
That’s just 1 headline stat from We Are Social's "Digital 2024" report which has just been released.
There’s a lot in there to digest so here’s a wee summary which looks at the key trends marketing professionals should all be aware of.
Top 10 Stats for Marketers:
5.04 billion: Total active social media users worldwide (as of Jan 2024)
13 new users: Join social media every second
59.4%: Global internet penetration rate (still room for growth!)
3 hours 52 minutes: Daily average time spent on social media per user
52.2%: Proportion of internet users who make online purchases
TikTok: Fastest-growing social platform, with 1.8 billion monthly users
71%: Gen Z prefer to discover new brands on social media
Social commerce: Expected to reach $6.17 trillion globally by 2024
AR/VR: Set to explode in marketing, with 83% of marketers planning to use it
Micro-influencers: Reign supreme, with 74% of consumers trusting their recommendations
As a marketing advisor I’m most interested in the rise of TikTok. With 1.8 billion monthly users, it's the fastest-growing social platform, capturing the hearts (and thumbs) of Gen Z and increasingly all the other Gens as it turns out!
Why TikTok Matters:
Gen Z Domination: 71% of Gen Z discover new brands on TikTok. If your target audience includes this influential generation, you need to be there.
Trendsetting Power: Trends born on TikTok spill over to other platforms and real life.Â
Authenticity Reigns: Forget perfectly polished content. TikTok users crave authenticity, humor, and genuine connection.
Micro-Influencers Rule: Big budgets not required! Partner with micro-influencers (10k-50k followers) for targeted reach and higher engagement.
Shoppable Videos: The lines between entertainment and commerce blur. Leverage shoppable videos to seamlessly convert viewers into buyers.
Crafting Your 2024 TikTok Strategy:
Embrace the Algorithm: Understand TikTok's algorithm, which prioritizes engagement over follower count. Focus on creating engaging, creative content that sparks shares, comments, and likes.
Think Mobile-First: Videos should be short, vertical, and attention-grabbing within the first few seconds. Optimize for mobile viewing and avoid repurposing content from other platforms.
Storytelling is Key: Don't just sell, tell a story! Use humor, trending sounds, and challenges to connect with your audience on an emotional level.
Collaborate with Creators: Partner with relevant TikTok creators (micro or macro) to tap into their established audience and gain authenticity.
Experiment and Iterate: The beauty of TikTok is its constant evolution. Don't be afraid to try new trends, analyze what works, and adapt your strategy as you learn.
So, it’s all about TikTok for 2024 but before we’re too quick to go all in, let’s not forget the incumbents who are also going pretty well.Â
Contrary to many of the headlines that you may have read, We Are Social’s data would suggest that Facebook continues to offer marketers engaged audiences, as do the full suite of Meta platforms (Instagram, Messenger & Whatsapp) so as ever, a broad marketing mix is encouraged.