Week 10 – The Future of Social Media

When social media first became popular about 10 years ago, sceptics claimed the platforms were a ‘fad’ and the trend would die down. Social media has now become apart our lives, being used everyday by people from all different age demographics.  There is now a common knowledge among businesses that having a social media presence alone just isn’t enough to create awareness and generate business for the company. Companies will continue to take advantage of these platforms, while consumers will continue to use social media to “amplify their voices to their own networks”. Key predictions of the future of social media include:

–       Organisations cashing in on ‘big data’ and generating interactive marketing communications with consumers that are customised more so than ever before

–       Mobile technology with internet capabilities built into cars

–       Organisations listening to the consumers more than ever through social media platforms and using this customer input to create and improve products and services

Future of social media

Pic source: http://www.mytubedesign.com/how-the-social-media-helps-the-bright-future-of-global-business/

Even though Facebook’s popularity has declined by 6% in recent months and Twitter’s popularity falling by 3%, Twitter’s co-founder Biz Stone believes that social media networks are only “just getting starting”. Stone said social media platforms are still trying to figure out what works and what doesn’t, and that any negative criticism against the platforms is far outweighed by the benefits.

future-of-facebook-forbes

Pic source: http://www.marketingprofs.com/charts/2012/8840/facebook-views-on-timeline-the-ipo-and-how-long-the-social-network-will-last

While it is easy to assume that international companies like Facebook and YouTube determine the fate of social media, the future lies on what the users what and what the consumers need. Love it or loath it, social media networks are here to stay.