Although Instagram, YouTube, and Facebook are still the most popular social media platforms according to consumers, it's important that brands and marketers be aware of the next emerging social media platforms in order to decide where to make investments.
Although no one knows what is going to be the next WhatsApp, Instagram, or Snapchat in this highly competitive market for audience's eyes and ears, some fast-rising platforms are worth watching.
The influencer marketing industry is worth over $1.5 billion, and that number is on the rise. Fully 65% of brands plan to increase spending on influencer marketing in 2019, according to a recent study from the World Federation of Advertisers (WFA).
Clearly, a brand's commitment to invest in an influencer campaign on a new social media platform is not a trivial one. So, how is a marketer to decide? Social media platform and influencer marketing decisions should align with goals within your organization and trends industrywide.
This article looks at key market trends in social media engagement and the ways new emerging platforms are addressing those trends.
Shifting Your Focus to Generation Z
Gen Z is set to surpass Millennials in 2019 as the largest generation, making up about 32% of the total population, according to recent research. They are also making a big impact on purchasing decisions. Nielsen estimates Millennial buying power at $65 billion, while Gen Z has already exceeded that with an estimated $100 billion in purchasing power.
Moreover, Gen Z has already made an impact on social media. Although members of Gen Z desire more personalized experiences, they are also very protective of their privacy. Gen Z also favors ephemeral content over highly produced social media (think about the incredible success of Instagram Stories, which counts over 3 million daily users), changing the way marketers create and think about content.