As we navigate the final stretch of 2023, you’re probably already halfway through planning your Paid Social strategy for 2024.
But it's not just about planning ahead; it's about staying ahead.
Consider this your essential pocket guide for refining that strategy. Drawing from our learnings and current trends, we're set to make informed predictions that will help you fine-tune your approach to Paid Social in 2024. From the continued surge in video content to the innovative uses of AI in ad targeting and the evolving dynamics of major social platforms, we'll explore key areas that are shaping the future of Paid Social.
- The Reign of Video Content: Uncovering how video will continue to captivate the digital audience.
- The AI Revolution in Marketing: Exploring how artificial intelligence is set to redefine personalized advertising.
- Navigating Platform Dynamics: Decoding the latest from Meta, TikTok, Snapchat, and more.
- The Evolution of Social Commerce: Examining how shopping experiences are getting seamlessly integrated into social platforms.
- Fostering Community and Mindfulness: Understanding the shift towards more community-centric and mental health-aware marketing strategies.
- Forecasting the Future: Making predictions about the trajectory of Paid Social beyond the year 2024.
For key insights and useful benchmarks to help you shape your 2024 strategy, check out our Hunch Bench Meta Ads eCommerce Report.
Understanding the 2024 Paid Social Landscape
As we prepare for 2024, the Paid Social landscape is expected to undergo significant transformations shaped by emerging trends and consumer behaviors. Let’s explore these pivotal changes:
1. The resurgence of text-only posts
2024 is set to witness a surprising rise in the popularity of text-only posts.
Social platforms like Mastodon and Meta's Threads app have gained significant traction, with Threads reaching over 44 million daily active users by mid-2023. This trend highlights a shift back to simplicity in social content, where text-based communication regains prominence. Plus, with posts from Threads actively integrated into Instagram’s home feeds, we can guess that Meta is actively trying to push text-based posts.
2. Social media as the new search engines
Search behaviors are evolving, with social media platforms challenging traditional search engines. TikTok's integration of Google search results and enhanced search tools signal a new era where platforms like TikTok, Facebook, and Instagram become primary resources for information and shopping decisions.
3. The comeback of longer videos
Contrary to the recent focus on short-form content, 2024 will see a resurgence of longer videos, ranging from two to five minutes. This shift is driven by user demand for more in-depth content and the platforms' increased maximum video lengths.
4. Shift from feeds to direct messages (DMs)
Engagement is moving from public feeds to more private spaces like DMs. Case in point, the broadcast channels on Instagram influencers use to connect with their audience. This trend reflects a growing preference for personal, direct interaction over broader, less personalized engagement on public feeds.
5. Emphasis on shares over likes or comments
Shares are becoming the most valued form of engagement, surpassing likes and comments. This shift indicates that content quality and shareability are critical for gaining organic reach and credibility.
6. The rise of Telegram as a super app
Telegram is poised to become a major player in social media, with its robust set of features and growing user base. This platform's potential as a super app reflects the increasing importance of private, secure communication and versatile social media functionality.
7. LinkedIn's shift back to professionalism
LinkedIn is refocusing on its professional roots, prioritizing content that offers knowledge and expertise. This change responds to user preferences for professional and knowledge-based content and reflects LinkedIn's commitment to maintaining its identity as a platform for professional networking and growth.
The rise of AI in Paid Social
AI is not just about automation — AI brings a depth of personalization and efficiency previously unattainable. In 2024, AI's role in data analysis, content creation, campaign targeting and optimization is expected to be more pronounced than ever.
Automate content creation
Creating content and writing copy that pops in the crowded social media landscape is no small feat. AI comes to the rescue, especially with tools like Hunch's AI-powered background removal. This tool transforms any product image into stunning, ad-ready visuals. Imagine taking a bland product photo and, with a click, giving it a backdrop that turns heads on social media. This level of creative scaling allows for more captivating and on-brand dynamic product ads.
Psst…find out how you can optimize eCommerce advertising with automated ads
Streamline ad production
Time is a luxury in the Paid Social world, and AI is like having a Swiss Army knife in your toolkit. Platforms like Hunch automate the creation and delivery of dynamic product ads, turning cumbersome brochure-style images into high-performing visual stories. This not only saves precious hours but also boosts the performance of your ads, ensuring they remain fresh and relevant.
Data synchronization and campaign management
Managing campaigns in real time is pivotal. AI tools seamlessly sync changes to your initial data across platforms like Meta, ensuring your ads are always up-to-date. This automation extends to managing Dynamic Product Ad (DPA) campaigns and enhancing existing ones, making your workflow smoother and more responsive to market dynamics.
Data Analysis and Campaign Improvements
AI's influence isn't just limited to creative tasks. It's also about diving deep into data analysis and uncovering insights about consumer behavior and campaign performance. AI algorithms can analyze social media interactions, consumer preferences, and engagement patterns to fine-tune targeting and personalize content.
The result? Campaigns that not only look great but also resonate deeply with your target audience, driven by data-informed strategies.
Platform-Specific Strategies and Updates for 2024
Meta's Advancements
Introduction to Meta (Facebook & Instagram)
Meta's advancements for 2024 are geared towards harnessing AI and improving user engagement. The platform has shown strong engagement trends, reaching new highs partly due to AI-driven content discovery improvements. There's a clear focus on monetization, with features like Reels, Click-to-WhatsApp, and Advantage+ Shopping playing key roles. Expect to see a surge in new product launches, heavily leaning on AI technology.
Also Read: Top 7 Most Important Facebook Ads Metrics in 2023
A look at Advantage+ and Advantage+ Shopping Campaigns
Meta is ramping up its commerce integrations, making it simpler for businesses to set up and run Shop ads on Facebook and Instagram. The Advantage+ Shopping, launched in August 2022, is now running at a $10 billion ARR, demonstrating its rapid growth and success. This expansion signifies Meta's commitment to evolving its shopping experience, providing a more integrated and seamless platform for advertisers and users alike.
Impact of Meta's product level video in product advertising
Product level video, particularly in the Reels format, refers to video content that allows businesses to showcase their products in short, engaging clips. These videos are integrated into the social media platforms operated by Meta (such as Facebook and Instagram). They are designed to be immersive and interactive, offering viewers a quick and visually appealing glimpse of a product's features, benefits, and potential uses. This format is particularly effective for capturing users' attention who prefer concise, dynamic content.
Meta's product level video offerings, especially within the Reels format, have seen phenomenal growth. Initially an emerging initiative, Reels has become a core part of Meta's Family of Apps. It's now estimated to be net neutral to the overall Meta ad revenue, showing its significant impact. The platform is keen on expanding ad load and further monetizing Reels in 2024, alongside leveraging the potential in business messaging, particularly on WhatsApp.
Snapchat's Innovations
Overview of Snapchat's Role in Paid Social
Snap is introducing AI-driven innovations to enhance user interactions "My AI" is a chatbot feature powered by OpenAI’s ChatGPT technology, tailored with safety enhancements for Snapchat. It can assist with trivia, advice, planning trips, or suggesting dinner options. This indicates Snapchat's commitment to improving user experience through AI and offering interactive and personalized content.
Still unconvinced? Here’s why you need to advertise on Snapchat
Significance of Snap integration for marketers
For marketers, Snap's AI solutions offer a unique opportunity to engage with audiences in a more personalized and interactive manner. The AI capabilities, such as My AI, could be leveraged for tailored marketing campaigns, customer service, and enhancing overall user engagement on the platform.
Snap has recently teamed up with Microsoft for an ad tech deal.
“My AI” now uses Microsoft’s Chat Ads API so when you ask their chatbot, like for dinner ideas, it might suggest a local restaurant or store with a sponsored link. It's a big move for Snap to amp up their ad game.
Up Next: Win with Snapchat ads: the secret to running a successful campaign
TikTok's Growing Influence
Social commerce dominance
In 2024, social commerce is expected to be a major player, with platforms like Instagram and TikTok leading the charge.
The trend of social buyers is increasing, accounting for 32% of all online consumers in America. Global sales on social media platforms are significant, with projections suggesting nearly $3 trillion by 2026. TikTok, known for its immersive and interactive content, is likely to see its "TikTok Shop" feature grow in popularity, allowing brands to integrate social commerce content with paid ads effectively.
Analysis of TikTok's unique positioning on Paid Social
TikTok's innovative approach extends beyond the digital sphere into the physical world. With its "Out of Phone" initiative, TikTok enables partners and brands to leverage TikTok content in real-world settings like billboards, cinemas, bars, restaurants, and more. This bridges the gap between online and offline advertising, offering brands a holistic approach to reach wider audiences.
The role of Pinterest
Understanding Pinterest's niche in social media marketing
Pinterest continues to innovate in the advertising space, introducing new ad formats and enhancements to align advertisers with users seeking brand inspiration. This includes features like Premiere Spotlight, Showcase Ads, and Quiz Ads, which offer immersive and interactive advertising experiences.
Strategies for leveraging Pinterest in paid campaigns
Pinterest amplifies its tools for agencies and partners, enhancing its Business Manager with comprehensive dashboards and audience-sharing features. Additionally, new shopping features aim to enhance the shopping experience on the platform, with integrations like Salesforce Commerce Cloud and Adobe Commerce. The introduction of ‘Collages’ leverages Pinterest’s visual technology, allowing users to create interactive collages from various Pins for a more immersive shopping experience.
Prep for the future with Hunch
With its AI-driven tools and automation capabilities, Hunch streamlines creative and media workflows, offering enhanced product-focused visuals and localized campaigns. This approach not only aligns with the trends but also ensures brands stay ahead.
Deliver thousands of tailored ads and automate creative production for better performance, all with Hunch.
Hunch also enhances Meta's Advantage+ shopping campaigns by simplifying audience targeting and boosting creative output. The Creative Studio at Hunch's core enables efficient production of high-quality dynamic ads, crucial in a landscape where creativity drives campaign performance.
Book a call with a Paid Social expert at Hunch to help you refine your 2024 strategy.
