All you need to know about Social Media and its importance in 2024

18 April 2024 | By - Sudha Mariappan

Social media, an evolution deeply ingrained in our day to day lives, has put us in a chokehold since the 2000s. Its omnipresence has etched so far that we cannot imagine our lives without social media. From information to communication, these platforms have since revolutionised into something inevitable.

So, what is social media?

Social media is a virtual community, where people can stay in touch and interact with their loved ones and friends. It focuses on a community driven environment where people can promote their products, and businesses or simply share their experiences.

The importance of social media lies in its ability to facilitate communication, connections, and enable the circulation of information on a global scale.

Advantages of social media

As a boon to common people and bigger industrialists, the benefits of social media have been vast.

• With the ever booming AI industry, Social media benefits through AI from advertising, and chatbots to personalised shopping experiences with relevancy and each individual’s preferences and behaviours curated to perfection.
• The trend towards authenticity and transparency in social media marketing is reshaping consumer expectations, demanding genuine connections and relatable content from influencers and brands alike, with those failing to adapt risking the loss of relevance.
• In this vibrant visual world, striking visuals matter to engage the audience. As the emergence of video content continues to be on top, with the diversity of a wide range of video content, from long-form videos to short-form videos in Instagram reels, the evolution of social media has come this far.

Disadvantages of social media

• Private information can impose privacy risks, as these sensitive data can be collected, stored and potentially misused by third parties without users’ consent.
• Social Media can be an addiction given the constant information load, causing individuals to spend excessive amounts of time online ruining their health and neglect other important aspects of their lives such as family and friendships.
• Unfortunately, social media can be a breeding ground for fake news and misinformation, leading to rumours and false accusations that can make it hard to believe in reliable sources of information.

Social Media Best Practices 2024

Marketers need to keep in mind that social media trends are faster than ever-changing fashion trends. It goes faster than it arrives. So, Some of the best practices 2024 marketers can include in their business are,

• Chatbots can help customers with round the clock support, and handle multiple customer inquiries simultaneously. It is cost-effective and the advanced chatbots can leverage customer data and past interactions to provide personalised recommendations.
• Constant tracking of Social Media Engagement can boost sales, which results in potential revenue for businesses. Conversion and sales tracking can potentize marketers to inform areas outside their team to leverage income.
• Influencer marketing - In this era of influencers gaining popularity through social media platforms, partnering with them adds a trusted voice to businesses and reaches potential audiences. According to the Sprout Pulse Survey, 81% of social media marketers rely on influencer marketing for their growth.

The role of social media is the most significant in our lives and will continue to evolve, especially with growing technology.