2018 is going to be an interesting one for businesses, both large and small, in the social media space and beyond. Read on to see what social media updates and business trends you can expect this year.
What is Facebook cooking?
- More digital hangouts
Many Generation Z’ers use the video hangout platform ‘Houseparty’ to hang out with their peers digitally. Now, Facebook is reportedly looking to replicate the success of the platform by creating a similar functionality.
- Facebook Spaces
Given that Facebook owns a virtual reality software and hardware company, Oculus, you can expect that they’ll always be ahead of the VR game. It is possible that 2018 will see Spaces hit the mainstream audience. The Spaces project is poised to be the first hugely successful VR social media product of its kind.
- Bye to free reach
Facebook has been cutting down the amount of reach that companies can have via organic reach. This year is likely to be the year that the social media platform will do away with organic reach in News Feed for good. Company updates are likely to be migrated to the new “Explore Feed.” Essentially, Facebook is now an entirely paid platform for businesses, making it more vital than ever for retailers to have an understand of how to use social media platforms.
What’s Twitter doing?
Throughout 2017, Twitter was unable to grow followers as much as Instagram, Facebook, and LinkedIn did. Plus, its advertising options are not doing as well as other platforms and the company lost the rights to stream NFL games to Amazon. If one thing is certain, Twitter will be doing some revamping this year, possibly starting with their advertising options. It is also possible that subscription elements will be added.
What else is happening in the business world?
- More focus on Gen Z
The world’s youngest generation, Gen Z, comprises persons who were born after 1998. They are now entering college as well as the workforce. This year, many companies will begin to look into how best to target Gen Z, who will outnumber the Millennials soon enough.
- Brick and mortar apocalypse
More and more brick and mortar chains are shutting down many of their retail locations or shutting down completely. The rise of online shopping is one of the contributing factors to the retail apocalypse; one that new businesses should be looking at very closely. There are other factors, of course, such as the shrinking middle class and the experience economy, as well as massive retail debt. Only businesses who can adapt will survive.
- Goodbye to linear buyer journeys
It’s getting more difficult to clearly outline a buyer’s journey because it is no longer linear. It has become more fluid and unpredictable as buyers will have done their due diligence by researching your business before your sales team ever gets to them. Buyers now rely more on their community of friends and influencers to make purchase decisions, so you’d best focus on delivering consistent value to communities.
2018 is bound to be interesting in business. Be sure to keep up with the trends and don’t get left behind.