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Decentralized Social Networks: Establishing New Social Media Standards in the Post-COOKIE World

smt- talkwalkerThe world is gearing up for a new era in social media conversations with Decentralized Social Networks. To free up social media platforms from political or anarchist-led corporate clout, many former Martech founders, including Jack Dorsey of Twitter fame, are exploring decentralized social networks. A new report has found the power of social media networks in influencing digital conversations around the world. Yet, we are still far from fully understanding how to put control of accurate content in user’s hands. Decentralized social networks could be a key factor in ensuring users get better experience when it comes to building pleasant digital conversations. In this article, we highlight some of the key trends that two Martech companies have put forward for the users.

As we head into the New Year 2023, marketers are expected to establish their freshly forged marketing plans to amplify their reach. In the recent months, we have witnessed a phenomenal growth in modern CMOs’ social media marketing budgets. In order to prepare the marketing world for 2023, Talkwalker partnered with Khoros to release their annual Social Media Trends 2023 Report.

Here’s a quick overview of the findings from the report, and what we think about the future of social media marketing in 2023.

2023 will See New Leaders in Decentralized Social Networks

Trends similar to #brereal are fast-catching up with the Gen Z users. New frameworks such as Open Internet, the Social internet and so on are grabbing eyeballs around the world. They are built on the power of decentralization of internet data that highlight the extent to which innovators are ready to go to secure social media ecosystem from political interference. BlueSky’s AT Proto is an example of decentralized social networks that could fuel more developments in bringing every ultra-modern social media application within its roof. Talkwalker’s data visualization tool “Conversation Clusters”  highlighted the emerging trends in decentralized social networks, pinning hopes on at least two leaders would arise in this domain by mid-2023.

The Merger of FinTech with Martech Apps

We are already witnessing gamification of mobile marketing and mobile advertising platforms. Gaming, virtualization of immersive content, and blockchain-based headless commerce have become the new benchmarks for B2C and B2B brands. CMOs are discussing about metaverse, NFTs and web3 development, even as conversations around blockchain and crypto apps feature prominently among most business leaders. Social media conversations show Fintech apps related to crypto and payments could become more mainstream in crypto-based apps that integrate with all major social media and e-commerce platforms.

Will crypto apps replace conventional digital payments and credit cards in social commerce? We think it’s going to happen in 2023, definitely.

AI and Deep Listening will Make Social Media More ROI-centric with Predictive Intelligence

The report follows the announcement of the companies’ strategic partnership to seamlessly deliver deep listening and social media management through a unified experience.

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The Social Media Trends 2023 Report released its findings based on Talkwalker’s social listening and AI-enabled analytics capabilities. It uncover the 10 most impactful social media trends to expect in 2023 and demonstrate how consumers are driving these trends, among which deep learning and AI’s role in social media engagement are very assuring for CMOs.

Marketing teams would begin to leverage AI-based predictive intelligence for their social media campaigns. This disruptive marketing could influence the nature of work assigned to PRs, marketing communications, marketing analytics and email marketing teams.  Moreover, social media users could start using predictive intelligence as a keyword more prominently in their social media chats and feeds to bolster the reach of their messaging across different levels of corporate hierarchy.

Social Media Marketing and Customer Experience

Customer experience will get even more social – 75% of consumers say the pandemic has driven long-term changes in their behaviours and preferences, including a bigger focus on urgency. Brands must prioritise customer experience by providing support, information, or solutions as fast as possible. In 2023, expect more brands to leverage social media as dedicated support channels, enabling a fast, efficient response no matter which platform consumers use to get in touch.

Social commerce will rise and fall – Large increases in post-pandemic digital growth and rising costs of living are driving increased demand for affordability. Soon, consumers will be more willing to explore new shopping channels such as social. However, some countries are more ready to adopt social commerce than others, with social commerce in the UK expected to grow by 37.5% on an annual basis.

Brands will place emphasis on communities rather than personas – 66% of branded communities say that their community has led to increased loyalty. Brands will focus on gaining deeper knowledge of their consumer ecosystems to understand who is driving and sharing brand-focused conversations. Influencers, employee advocates, and consumers will be engaged within brand communities to generate authentic connections and consumer-led content.

“We all know the digital ecosphere has disrupted how marketers engage with consumers,” said David Low, Talkwalker CMO. “In this new environment, marketers must focus on forging symbiotic relationships through a better understanding of online conversations and taking quicker action. It’s this new understanding that will help brands create meaningful experiences and become closer to their consumers.”

“As marketers, we know the value of data and the importance of listening to our customers. But, we need to be more action-oriented and use those insights more effectively,” said Dillon Nugent, Khoros CMO.

“Consumers’ comfort level for doing things online – shopping, researching, socializing – is not slowing down as the world opens up. They also care more about their communities—global, local, IRL, and online. Marketers need to tap into these trends and behaviors more deeply to personalize customers’ experiences and create more impactful strategies that empower your brand to stay connected to customers and grow your presence in the market.”

Combative strategy to take on Deepfakes and other organized crimes

Social media listening tools are gaining a lot of attention for the way they promote transparency and crime-proofing content reach among the vulnerable age-groups. Consumers are now more tech-savvy and informative about the way brands use AI-generated content in videos, images and reels. These consumers understand the “reality quotient” of their favorite brands, and choose to go with non-edited versions. In the era of fake news and hyped product reviews, consumers are researching on social media platforms to build a more trustworthy relationship with their brands. Brands, in 2023, should also take the necessary steps and become more approachable with their authentic content. In the context of consumer security, brands need to steady their ship and focus aggressively on vetting a collaborative approach with their influencers, affiliates, agencies, and partners.

So, what’s your social media strategy for the new year?

[To share your insights with us, please write to sghosh@martechseries.com]

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