💡 Insights from Hootsuite's 'Social Media Trends 2024'

You're busy - I've read the report so you don't have to.

This week I'm highlighting the key insights from the latest Hootsuite's report - Social Media Trends 2024.

The title speaks for itself, but what have I included in this edition of the Smart CMO newsletter?

What's included?

• A simplified exec summary

• Top five key insights from the report

• Stand out statistics

• Clearly defined next steps

• Cross-reference with other industry commentators

📌 Easy to Read Exec Summary

The Hootsuite Social Trends 2024 report outlines three major trends that will shape the social media marketing landscape in the coming year.

Firstly, the rise of generative AI presents opportunities for efficiency but also challenges around maintaining audience authenticity and trust.

Secondly, organisations are strategically prioritising their efforts on the social platforms that deliver the highest ROI, rather than stretching resources thin across multiple channels.

Thirdly, entertaining and relatable content has become paramount for driving engagement and long-term brand equity, as consumers grow fatigued by overtly promotional content.

To succeed, the report recommends developing transparent AI governance, conducting platform audits to identify top performers, tailoring content strategies for each channel, prioritising entertaining formats over self-promotion, and measuring ROI beyond just engagement metrics. By adapting strategies according to these trends, marketers can maximise social media's potential for building customer relationships and delivering tangible business results.

TL;DR

The purpose of this document is to provide insights and recommendations for social media marketers to navigate the evolving landscape and trends in 2024, with a focus on leveraging AI, optimising platform strategies, and delivering entertaining content to drive ROI.

📌 Top Five Key Insights:

1. Generative AI is gaining mainstream adoption, but audiences have concerns about trust and authenticity when engaging with AI-generated content.

2. Organisations are shifting their strategies to prioritise platforms that deliver positive ROI and scaling back on underperforming channels.

3. Brands need to focus on providing entertaining and relatable content to boost engagement and ROI on social media.

4. Cross-posting content without tailoring it to individual platforms is becoming less effective.

5. Social media relationships and brand equity should be the foundation for measuring long-term ROI.

📌 Statistics

• 62% of consumers say they are less likely to engage with and trust content if they know it was created by an AI application.

• 68% of social marketers report being concerned about the ROI of their social activities.

• 56% of consumers think that brands should be more relatable on social media.

• 69% of organisations use engagement as the top metric to demonstrate ROI for social media activities.

📌 Recommended Next Steps

• Develop a comprehensive strategy for integrating Generative AI into social media marketing while maintaining authenticity and trust with the audience.

• Conduct a thorough social media audit to identify the top-performing platforms and reallocate resources accordingly.

• Prioritise creating entertaining and relatable content that aligns with the audience's preferences and interests.

• Implement a tailored content strategy for each platform, considering the unique audience, formats, and best practices.

• Establish clear metrics and measurement techniques to evaluate the long-term ROI of social media activities beyond engagement.

📌 In-Depth Cross-Reference and Analysis

The rise of generative AI promises increased efficiency and content creation capabilities, but as Gartner predicts, "by 2027, over 50% of brand-generated content will be synthetically created" (Source), organisations must navigate concerns around trust and authenticity. Transparent AI governance frameworks and ethical practices will be crucial in maintaining audience trust.

Moreover, the report's emphasis on strategic platform prioritisation aligns with Forrester's prediction that "by 2025, branded communities will become a top marketing investment, displacing current spend on broad audience acquisition" (Source). Businesses must carefully analyse audience behavior and preferences to optimise their platform mix and resource allocation.

Importantly, the focus on entertaining and relatable content resonates with Deloitte's findings that "experiential engagement drives long-term value, with experiences influencing over 59% of consumers' brand preferences" (Source). By prioritising authentic, engaging content over self-promotion, businesses can foster stronger brand affinity and loyalty.

In essence, the Hootsuite report underscores the need for businesses to strategically leverage AI while maintaining authenticity, prioritise top-performing social platforms, and deliver entertaining, audience-centric content. By adapting to these trends, organisations can drive engagement, build brand equity, and maximise social media's potential for long-term ROI.

But wait! I'm a CMO, why should I care about this report?

A Chief Marketing Officer should care about the Hootsuite Social Trends 2024 Report for several reasons:

1. The obvious: to stay ahead of the curve.

2. Navigate the Rise of AI: The report highlights the increasing adoption of generative AI in social media marketing. Understanding the opportunities and challenges associated with AI, such as concerns around authenticity and trust, can help CMOs develop strategies to leverage AI while maintaining transparency and building audience trust.

3. Optimise Platform Strategies: The report emphasises the importance of strategic platform prioritisation based on ROI and audience preferences. This information can guide CMOs in allocating resources effectively across social media platforms, focusing efforts on channels that deliver the highest returns and resonate with target audiences.

4. Enhance Audience Engagement: The report underscores the significance of entertaining and relatable content in driving social media ROI. CMOs can use these insights to refine content strategies, fostering stronger audience connections, increased engagement, and ultimately, improved brand loyalty and revenue growth.

5. Measure and Demonstrate ROI: With social media ROI being a top concern for marketers, the report provides guidance on leveraging metrics beyond engagement, such as brand equity and long-term customer relationships. This can help CMOs justify social media investments and demonstrate tangible business impact to stakeholders.

🔗 Read the Report

As always I recommend reading this report as they dive into more detail around market opportunities and how businesses can benefit by being early adopters of these trends.

Read the report here

And thanks to the authors for a great report: Julia Escaño, Jordana Rapuch, Kendall Moisey, Sarah Dawley, Curtis Foreman

📌 Want more insights?

Previously on the Smart CMO: Check out my last summary of Accenture's report 'Banking on AI - Banking Top 10 Trends for 2024'.

Read here

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