Social Media and its part in globalization
Social media shows that we are truly in the age of globalization. It is one of the things businesses and investors are focusing on because there is money to be made if the social media platforms are used correctly. Brands always have to be updated on the latest trends if they want to reach out to more people on social media. The platforms are becoming increasingly popular. By the end of 2016, YouTube had around 1.3 billion users while Facebook had 1.79 billion users. I will briefly explain some of the latest trends in the social media world.
Social media advertising
Businesses have always depended on traffic from social media networks to market their products. Facebook recently changed their algorithms such that it is harder to obtain results via organic social traffic. Posts from friends and families are prioritized meaning that brands or publishers have to pay for advertising. Competition in the sector has led to an increased number of businesses paying for advertisements. All they need to do to succeed is create ads which will enhance their Return on investment (ROI) and sales.
The “fake news” syndrome
All the leading social media platforms struggled with false news in 2016. There was a noted increase in fake news especially before, during and after the US presidential elections. Facebook released a statement that it had banned fake news websites from using advertisements. Google addressed the issue by changing its algorithm, but it seems it is not working since many people click on fake news meaning the sites get more traffic. Major social media networks will have to come up with ways to tackle fake news in 2017.
Social messaging apps
Gone are the days when people would communicate using social media platforms. Nowadays, most people use private messaging apps for communication. In 2016 Whatsapp announced that it had hit 1 billion users. It is a fact that messaging apps like Whatsapp, Wechat and Messenger are becoming more popular for social communities. In 2017, investors will be quick to consider messaging platforms and make the best out of them.
It was always expected that artificial intelligence would do great things for humanity and in 2017 we will experience the benefits. Many technology companies predicted that investments in artificial intelligence in 2017 would be three times that of 2016. A technology where people can interact with machines through speech will revolutionize the way people do business. Companies will invest in chatbots to ensure they communicate with their customers 24/7.
The focus of businesses is to reach out to their target audience, mostly found in social media. It means that they have to keep up with the latest social media trends to strategize and gain more customers.