From the metaverse to the Elonverse, the tech and media worlds had a volatile 2022. Things were particularly action-packed in the social media subsector, including the continued rise of TikTok and the creator economy. Will these trends continue into 2023, and what new action will emerge?
These and several other questions started to emerge in the natural course of discussions with thought leaders from the Localogyverse over the past several weeks. So we’ve synthesized community insights all in one place for your year-end reading. Here are the highlights in no particular order.
A TikTok World
We’re living in a TikTok world. Brands that haven’t started to develop a TikTok strategy are already behind. But it’s not a silver bullet. For local businesses, TikTok lacks hyperlocal targeting. And the platform requires a native approach. Speak the language and don’t port video from other places.
According to the BrandMuscle SVP Strategic Marketing, Erin Strong:
TikTok is booming, but it’s still not hyperlocal, so spend your funds on better opportunities. Although we were promised the introduction of hyperlocal (sub-DMA) marketing capabilities on TikTok for January of 2023, they haven’t appeared yet. This means that your local partners can’t target below a DMA, so their funds are being sloshed around sloppily for small markets. Spend your money on those higher opportunities until TikTok refines their local strategies and they’re tested.
According to SOCi Content Marketing Manager, Darcy Bickham:
If you’re a restaurant brand, a presence on TikTok is a must in 2023. Sharing videos that highlight your restaurant’s ambiance, the unique foods you offer, or content that gives a behind-the-scenes look into your restaurant can intrigue potential diners. User-generated content (UGC) resembling a peers’ voice is especially popular.
While TikTok is important for restaurant brands, the platform is also becoming increasingly crucial for businesses in other industries. The tactics mentioned above for restaurant brands can be applied to any industry.
Although it’s hard to predict the next stage of evolution for TikTok, we know that the platform is worth investing in as a multi-location marketer in categories like food and retail, and it’s likely other categories will follow suit. It’s also worth noting that while TikTok is essential, this doesn’t mean your multi-location brand should neglect other local social platforms.
Meta Lives
Building from Bickham’s comments, there are still several worthwhile marketing vehicles in the social media landscape. As always, a “whole is greater than the sum of its parts,” in terms of reaching incremental audiences and in the economies of scale achieved with a holistic social mix.
According to Erin Strong (BrandMuscle):
Facebook still ain’t dead! As provocative as it is to talk about the demise of a mega Meta-giant, funds are still well-spent on the platform (in spite of their ongoing internal bugs and bad communications). Meta may yet reform into a popular tool again, and it continues to be a hot spot for targeting Millennials and older generations.
If Twitter were a stock, we’d watch it without investing. Now is not the time to pilot programs on Twitter, and local partners should consider moving their funds to more stable environments if they have to report KPIs to any marketing leadership because it could get volatile.
Social search is growing like a California wildfire. Unfortunately, that can lead to users finding fake news and memes in lieu of credible information, but it also means that social platforms like TikTok, Facebook, Instagram, and Pinterest are becoming household resources for breaking news. This could mean a shift of funds from Google search to social platforms as credible 2023 pilots.
Less is More
Amidst all of the above, there’s a continued movement towards short-form snackable content. That’s the fuel for TikTok but it’s not the only game in town. In the copy culture of the social media world, we also have Instagram Reels and YouTube Shorts. Operating across platforms can maximize impact.
According to Matchcraft Director of Marketing & Performance, Amie Slott:
Two of the most significant social media trends to emerge in 2022 are the dominance of short-form video and the explosion of the creator economy.
TikTok is the obvious giant when it comes to short-form videos but it’s important to not lose sight of InstagraReels and YouTube Shorts. The trifecta of short-form videos net nearly an hour per session of viewer time and are pushing social commerce to an estimated $1.2 Trillion in the next three years
The trend isn’t limited to B2C either. LinkedIn recently launched its UK Creator Accelerator program with a $25 mil investment in paying creators to engage with their communities. Short-form video can give buyers an inside look at how your team works and the type of environment you create for employees. This can be incredibly valuable in helping potential customers make an informed decision about working with your company.
Putting the ‘Creator” in Creator Economy
Picking up on Matchcraft’s second big trend, the creator economy will continue to drive all the other trends on this list. This isn’t just a cultural paradigm for individuals and side hustles but also local businesses. They in many cases can put the “creator” in creator economy.
According to Amie Slott (Matchcraft):
Fueling that growth is the booming creator economy worth an estimated $16.4 Billion. It’s easy to be intimidated by the Insta-Stars on social media but SMBs are in a unique position to influence their customer base and local markets. For example, businesses can create short videos that explain their services, highlight customer reviews or showcase special offers and discounts.
Not Just the Famous Ones
Along with creators, it’s also about micro-influencers. With this paradigm, we all become influencers. Brands and SMBs correspondingly can tap into the sentiments and social reach of all their customers… not just the famous ones. Brands that can effectively do this at scale will gain an edge.
According to Erin Strong (BrandMuscle):
Microinfluencer campaigns belong to the organic social media team. Although many brands lump them into paid media because influencers are paid and posts might be boosted with funds, the program is heavily organic in nature, from selecting and grooming budding influencers to engage with audiences and promoting posts as a brand/onlooker to the influencer.
Fun with Fundamentals
Last but not least, effective CMOs need to do what they do every year. It’s a similar dance but a different song. Fundamentals like listings management, SEO, and local/social/reviews strategies need to be executed. But they need to align with moving targets like ranking factors and consumer behavior.
According to SOCi CMO Monica Ho:
With the continuing softening of the market, CMOs will once again need to do more with less in 2023. Marketers looking to reach an engaged audience in a cost-effective way should take advantage of the rise in local search and optimize their business profiles on search sites like Google Business Profile (GBP). Brands can enhance their local digital visibility through these business profiles for free through GBP posts to increase the chances of appearing in more local searches. In addition, marketers can promote special business offers on GBP and accompany them with Call to Action buttons so potential customers can “Learn More” or “Get Offer” in a streamlined way.
