One of my colleagues recently asked:
I always enjoy hearing people’s predictions for the new year. What are yours?
And heading into 2024, I think this is such a great question to think about. To answer this person’s question, I’m specifically going to focus on my predictions for social media in 2024.
Let’s dive in.
1. Rise in AI-Generated Content
I’ve written a bit on how to use ChatGPT to write better content, but it’s a double-edged sword. I expect to see a lot more AI-generated content, but a lot of people won’t use it properly. You’re going to see people creating meaningless content that isn’t good.
It’s kind of like a random circular in the mail.
You’re going to see more content that you discard because there are no human emotions or thought-provoking ideas behind it. But there is some really good news behind all of this.
What’s the shining light?
People can share very in-depth, insightful content. If you take this opportunity to create great content, it will rise to the top and get noticed. I’m a firm believer that people still want to have conversations and connect with real people going into 2024.
2. Personal Connection Is Key
Around 70% of Americans use social media to connect with others. Humanizing yourself is crucial at a time when AI is going to create an abundance of content and people yearn for deeper digital relationships.
How can you go above and beyond to show off your personality and make these key connections?
- Video content
- Voice messages
- Video messages (super personal and impressive to receive)
If you can, make it a point to show up to in-person networking events and conferences, too. I can point to many examples where I’ve started conversions online, but then after meeting in person, “business” actually happened. Bottomline: your online presence contributes to your offline presence.
3. Push to Reduce Automation on Social Media
There are a lot of social media automation tools out there. And believe me, I see their value because they save time and have other benefits. But social platforms only make money from users being active and present on the platform – whether they use the ad-based or subscription-based model (more on that shortly).
The social media platforms know about the tools you use to automate your social media activities (scheduling posts, using ManyChat to reply to messages automatically, etc.). I think social media platforms will continue rewarding real activity and not reward automated activity.
In fact, I’m seeing this happen already. When we schedule posts natively on platforms for our clients, we tend to see higher engagement and views compared to when we schedule posts on a scheduling app.
The algorithm favors users being ON and USING the platform. I think in 2024, this trend will only continue to strengthen.
4. Transitioning from Ads to Subscriptions
More and more we’re moving towards a subscription economy. In fact, the subscription economy is projected to reach $1.5 trillion by 2025.
Social media platforms have already started hopping on this bandwagon – X, Instagram, and Facebook. I think we’ll be seeing more of a shift from ad-based revenue to subscription-based models in 2024 and beyond.
Whether or not this transition will be successful remains to be seen. However, I think subscriptions will present both a challenge and an opportunity for social media users to adapt to new monetization models.
5. More Niche Sites
Niche sites have always been a thing, but I definitely see this trend continuing in 2024 and beyond. I think we’ll see more platforms that cater to specific interests, much like BiggerPockets and White Coat Investor.
For accounting and tech professionals, the niche trend is exciting because it opens the door to specialized communities where we can network, share our knowledge and grow without the “noise” we encounter on other platforms.
Bonus Prediction: More Accounting Influencers
Here’s a bonus prediction for 2024: we’ll see more accounting influencers. I’ve already seen a big rise in accounting influencers in 2023. More accounting tech companies are leveraging their influence to create sponsored content and build their brands.
I think this trend will continue into 2024 and continue to rise. Why? Because accounting professionals trust their peers. We’d rather hear and learn about solutions from our peers – whom we trust – than the company trying to sell the solution.
If you’re an accounting tech company, I suggest leaning into this trend.
These are my top 5 – technically, 6 – social media predictions for 2024. Do you have any predictions of your own? I’d love to hear from you!
And, that’s a wrap on this Dear Katie question.
Now I want to hear from you. Do you have a question?
Until next time, cheers to your success!