AI, Platforms & ROI Social Media Trends for 2024: Insights from Hootsuite's Latest Report
As we know, the marketing landscape constantly changes and for marketers it’s a BIG must to stay on top of things. 2024 brings us new challenges in the marketing world such as shifts due to generative AI tools, platform usage and social ROI management, as we learned from Hootsuite's comprehensive Social Trends 2024 Report. But how do these trends shape our current practices? Keep on reading to find out!
1. The AI Trend: Balancing Efficiency and Authenticity
What exactly is generative AI? According to MIT, generative AI is “a machine-learning model that is trained to create new data, rather than making a prediction about a specific dataset”. So, it essentially learns to create more objects that resemble the data it was trained on.
Although it has only been part of our day-to-day lives and vocabulary for a short while the interest towards AI’s ins and outs grew exponentially in the past couple of years. From 2022 to 2023 the interest on learning about AI increased by 550%! In the marketing department this growth of interest, partly, is due to the fact that social media managers often operate as a one-man band, hence they need a solution for creating output more efficiently and as social media managers admitted in Hootsuite’s report they mostly use AI for revising text, editing images and providing customer service.
Source: Hootsuite Social Trends 2024 report
Now, the question of efficiency is solved by AI, however, it can raise trust issues from the consumers’ side. 62% of consumers say they are less likely to engage with and trust content if they know it was created by an AI application, though this is mostly true for the older generations. In addition, older generations are less able to tell apart what was made by AI and what was not. In contrast, younger generations are more susceptible to AI as they are more confident in telling apart what was made by it, and what was not.
Source: Hootsuite Social Trends 2024 report
So, should you use AI or should you not? In all honesty, if you won’t use it other companies will. However, you have to be smart about what tasks you delegate to AI and what tasks you do yourself, so a healthy balance is definitely needed. Furthermore, you need to know your audience. Success will come to those who can integrate AI thoughtfully, enhancing creativity and efficiency without alienating their audience. In 2024 companies need to redefine authenticity – it’s not necessarily about what was made by a human and what was made by a machine, but more about the brand experience and how authentic that is for the customer.
2. The Platform Trend: Focusing on High-ROI Channels
The report reveals that an average social media user logs into about seven platforms monthly. Maintaining even one channel is hard work, let alone multiple, and on top of that doing well on them is a whole other issue. Cross-posting just does not work anymore, because people use different channels for different reasons, there is a specific lingo on each platform and, it’s also hard to keep in mind the constant platform changes and new user and advertising features when developing strategies. No wonder social media presence on multiple platforms is a top concern for marketers!
It's easy to get caught up in following social media industry norms. However, these norms often overlook your organization's unique goals, growth strategies, KPIs, and customer base. Companies need to think about what’s best for their businesses, which has already started to shift in 2024 and brands started to only focus on a few key platforms that demonstrate the highest ROI (return on investment). Focusing on a few high-performing platforms allows marketers to gain a deeper understanding of their audiences, produce more engaging content, and keep up with platform-specific trends and algorithms. Ensure you perform a social media audit to identify your most engaging posts, top-performing content formats, and other trends that will guide your future social strategy. Additionally, clearly define the ROI for each platform to distinguish between profitable channels and those that are not.
3. The ROI Trend: Entertainment as a Key Driver
According to Hootsuite’s Social Trends 2024 Survey the top reason people use social media, after staying in touch with family and friends, is to be entertained and to mentally de-stress. They don’t like it too much when companies are too self-promotional, yet 48% of marketers still focus heavily on product updates and self-promotion. 
Source: Hootsuite Social Trends 2024 report
This creates a big gap between what brands post on their channels and what consumers actually want which is often followed by brands measuring success in metrics that just simply don’t add up. To bridge this gap, companies need to prioritise entertaining content in order to grow brand awareness, affinity and long-term loyalty with their audience.
This doesn't mean turning every post into a comedy sketch, but rather finding ways to make content enjoyable and relatable. Humour, inspiration, and educational content can all be forms of entertainment that resonate with audiences. Social media is an interactive space where the exchange of value is a two-way street – maximising social media to create deep connections is a slow, but long-term solution for increasing ROI. So, realign your priorities and reassess your content to better cater to your audience!
In conclusion, for brands looking to stay ahead, now is the time to rethink your social media strategies, embrace the power of AI wisely, and deliver the engaging content your audience desires. The insights from Hootsuite's Social Trends 2024 report provide a valuable roadmap for navigating these changes and achieving success in the dynamic world of social media.
Source: Social Trends 2024 Hootsuite