The epidemic has caused the social hearing to spread in 2020, but what will happen in 2021?
The media and entertainment industry is undergoing a significant transformation. For media companies that want to be relevant and lead, experimentation must play a role in your strategy.
Ryan Donovan, CTO, and Vancouver’s social media platform Hootsuite, CEO, and founder of Tracker’s San Francisco-influenced management platform Pierre-Loic Esayag, 2021, predict this will be a good year for social business.
The epidemic has focused our attention on how we communicate. People relied on social media to stay connected to spend more time at home. Platforms like Twitter, Facebook, and Instagram have become lifesavers at work and establish and maintain relationships with family.
The epidemic has accelerated digital transformation in all industries, especially sales and marketing. Unfortunately, few brands will realize that it is too late to enter the game in 2021.
Impact on social order and marketing
As budgets shrink and become digital, the congestion widens, the gap between companies that previously invested in social commerce and affected marketing, and those that just started will widen dramatically. In three to five years, it will directly affect market share for digital-savvy companies.
Brands that did not use social media for customer engagement and sales would be forced to digitalize their activities before the epidemic.
Brands that have already established themselves on social media before the crisis will increase their use of analytics and reporting tools to make business decisions. This will strengthen brands with their customers.
Brand value price
The most successful brands have used social media to connect with customers, primarily through one-to-one communication. Consumers want to see the human factors behind a brand and experience real, consistent, and authentic action. In 2021, consumers will prioritize brand values over value, thereby increasing brand sales.
Local data in Europe
The privacy fight between the European Union and the US will force social media to change. In 2020, the European Court declared the EU-American Privacy Agreement invalid, striking a significant blow to social networks.
The regional network will work.
This solution will require significant changes in social media and how these platforms work. Losing the legal right to collect and store data from European users in the United States, social networks would be forced to localize their data in Europe or leave the European markets altogether.
As privacy rules tighten and social platforms continue to be needed to interact with friends and customers, new regional networks will emerge to fill the connectivity gap.
Consumers are now taking steps to protect their privacy online. Instead of providing an email address or phone number to communicate with a brand, consumers choose to interact with brands through a messaging app.
Research shows that more than two to three (66%) consumers prefer to approach brands this way when communicating with their friends and family rather than by phone or email.
A high standard for social activity
Social media platforms continue to evolve and are following Facebook’s lead to enable direct messaging between apps. In this way, companies will have more meaningful interactions with their customers, thereby increasing their loyalty. Brands will follow high standards of social action and responsibility.
Social trade
Social commerce will take center stage as personal shopping becomes less viable. Brands will move towards digital, and social commerce will become a significant sales channel as it connects customers to the brands they trust. The trend is still growing but will soon become a crowded place.
In 2020, social platforms made considerable progress in promoting social commerce offerings during the epidemic. Facebook started Facebook stores and posted them on Instagram and Facebook.
Data analysis
Snapchat announced its first shopping show, and Pinterest made it easy for users to find similar products. In 2021, brands will invest heavily in data analytics to understand the relationship between social and sales metrics, define their KPIs, and inform strategic decisions.
With more than half the world’s population using social media, the platforms will develop new shoppers’ new features.
Purchases through Instagram or Facebook Feed
The development of mobile payments will be necessary for social commerce. In 2021, Apple Pay and Google Pay will allow consumers to make purchases through their Instagram or Facebook channels.
Digital Cryptocurrency
Social platforms will experiment with other payment methods such as digital cryptocurrency, but this nascent e-commerce technology will be in the background.
Emulating TikTok
Tiktok marked the beginning of a new era, proving that social media platforms’ giants can be challenged with new ideas. Starting in 2021, TickTalk will resurgence mimicry platforms with content-based algorithms for short videos, low-performing content, and more significant virality.
The way we communicate, shop, and greet each other has made it clear that brands need to adopt a new working way digitally.
Over four billion people use social media every month worldwide, so social media has played a key role in helping brands fill the void and build customer loyalty during the epidemic. The challenge for brands is to maintain loyalty as the world is continually changing to a new trading model.
New methods of distribution
Social media, democratic Internet access, and the proliferation of smartphones and tablets have changed media consumers’ demands and expectations. The result is a surprising variety of new digital products and services.
Video on demand
The Video on Demand (VOD) market is expected to grow globally by 2021, with a CAGR of 8.3%. Subscription-based VoD services such as Netflix, Hulu, and Disney + give users access to subscription-based packages and appear to be consumers’ favorites. Others, such as Google Play Movies, allow users to rent content that can be downloaded or streamed to any device of their choice. Tiered distribution models like Hotstar provide content through a basic free tier and premium tier structure.
Convenience for consumers is a common feature of all players in the industry. A significant trend in this area is the development of streaming on mobile devices. With mobile penetration increasing among millennials, media companies are looking to tap into this whole new segment of the population.
Live broadcast
Since streaming is an attractive way to deliver content, more and more industries live streaming to reach their audiences. Brands are usually posted on social media and other channels to promote products, engage with the audience, and answer questions. This is a practical approach to building a strong community around a brand. As a result, live streaming has become a permanent feature of marketing plans. Given the speed at which coding standards are evolving, media companies can stream high-quality content with efficient compression and low bandwidth.
Intelligent Media: Where Everyone Wins
In the days leading up to the spread of smart media, people’s meters were installed in homes for free. The TRP (Target Rating Points / Television Rating Points) was used to measure the number of people watching a particular show at a particular time. Unfortunately, this measurement provided only a limited sample image. VoD and streaming services have solved this dilemma by generating tremendous insights from each person’s browsing session. This helps them to create targeted content for each audience, namely, a personalized experience.
When they log in to ads running on their smart devices, everything from the interface is carefully planned to ensure optimal interaction.
Relevant media
Today’s advertisers know that context is essential. This paved the way for a relevant media gold rush, where advertisements are selected and served by automated systems based on what the user is watching. The advantage of contextual media is that it blends radically with the page’s content and aesthetics on which it is displayed. Apart from encouraging user interaction, reference media also has the advantage of not interfering significantly with viewing.
Video intelligence
Accurate video analysis, powered by artificial intelligence tools such as the Google Video Intelligence API, automatically recognizes many objects, locations, and tasks in saved and streamed videos. This technology can identify and remove metadata at the video, frame, or frame level, giving creators the ability to organize intuitive indexes and video catalogs. As a result, multimedia management is easier for the end-user.
Advertisement
Although the algorithm is a closely guarded secret, it is no surprise that there is some brilliant mechanism behind the user who logs in to find the content he wants. These recommendations are combined with well-placed advertisements. Initially, advertisements in the video and at the end of the video have already proven their effectiveness. Server-side video advertising technologies, such as dynamic ad insertion, live streaming, and video-on-demand, can incorporate video advertising. In-depth analytics, available through a state-of-the-art video ad server, allows advertisers to provide customized advertising to various consumers in a single stream. It’s a real-time campaign adaptation and a win for all parties.
Engaging consumers through new environments.
Consumers have developed a selective blindness to traditional advertising service strategies. In an era of attention-grabbing, widespread use of ad blockers, and many content channels, media companies need to be creative to engage with their user base. For a consumer to interact with an advertisement, it must be relevant to them and presented in a new creative format. Augmented reality (AR) and virtual reality (VR) are driving seismic shifts in consumer engagement. Although they have been around for a few years, these technologies’ novelty factor has still not disappeared. As a means of communication, AR and VR can extrude commercial written copies. For example, music artists are now streaming their content through virtual reality so that enthusiasts who cannot attend a concert in person can still be a part of the experience.
Extended visits, frequent visits
User loyalty is an essential factor in a media landscape that relies on quality content and an interactive community. With a large amount of free content, digital media publishers face the challenge of updating their experience to compete with a price of $ 0 by rival publishers and video games, streamers, YouTube, every day, TikTok, and more.
Long journeys are linked to website stickiness, and it has always been a challenge for users to stick to it. Furthermore, paying them for this privilege can be problematic. However, there have been successes such as Atlantica, known to high-profile writers and journalists. The Long Tale indicates that the larger the niche content, the greater the engagement with it. Provide an unforgettable experience and offer information or entertainment that users find valuable and exclusive – and users stay. The return trip affects the very core part of the community. Long trips mean they are investing their most valuable resource: their time. Content creators aim to engage users in a community that is interactive enough to keep them connected over time.