The Evolution of Social Media Advertising in 2023: What Lies Ahead in 2024
In the rapidly shifting terrain of social media advertising, a single platform is stealing the spotlight, and it’s showing no signs of slowing down. TikTok, with its exponential growth, is racing ahead as one of the most prominent social platforms of 2023. But the story doesn’t end there. Meta, the tried-and-true veteran in the space, continues to innovate with the introduction of Advantage+ for Facebook and Instagram ads. In addition, it has increased focus on “Click to WhatsApp” ads. Let’s explore the 2023 evolution of these social media giants and gaze into the crystal ball to glimpse what 2024 may hold for these digital advertising dynamos.
TikTok’s Meteoric Rise
TikTok continues to skyrocket in popularity, captivating users at an astonishing rate. It’s become the juggernaut of social media, outpacing Instagram in daily usage minutes. The platform is on track to eclipse Facebook by 2025, marking a significant turning point in the world of social networking.
While we often lump social media platforms together, TikTok stands apart for its distinct purpose – entertainment. TikTok isn’t focused on helping people connect with friends. It’s a stage where users seek to entertain and be entertained across wide audiences, primarily driven by short-form video content. This unique platform sets it apart from traditional social networking sites.
“Tiger Pistol’s move to include TikTok in its advertiser ecosystem is about making video advertising more accessible and straightforward for SMBs, franchisees, and agents,” said Sarah Cucchiara, VP Business Development at Tiger Pistol. “In today’s social media landscape, video is the preferred choice, but it can be a bumpy road. Challenges like costs, resource limitations, creative demands, and technology hurdles related to scale often stand in the way. By expanding into TikTok, we are extending our simplified publishing workflow to support this rising platform and helping to bring scaled publishing to multi-location brands, marketing resellers, and agencies.”
TikTok’s Attraction for Advertisers
TikTok’s popularity isn’t limited to users alone. With the number of daily users and time spent on the site, it’s increasingly becoming a playground for advertisers. eMarketer predicts a 66% surge in ad revenue by 2025, demonstrating its potential as an advertising powerhouse.
TikTok recognizes the importance of refining its advertising network and embracing targeted advertising to deliver impressive results. Rumor has it that they’ve brought in former Facebook experts to bolster their ad platform. TikTok Ads Manager, for instance, helps brands identify the ideal audience through targeting focused on user behavior and interests. The TikTok ad algorithm deciphers long-term interests and platform activities, maximizing the efficiency of ad impressions. TikTok is serious about perfecting audience targeting for efficiency and effectiveness to better compete for Facebook and Instagram ad dollars.
Facebook and Instagram: Reliable Advertising Avenues
While TikTok may be trying to take the lead, Facebook and Instagram are far from obsolete. They remain reliable sources for advertisers. With mature ads management systems and the power of AI harnessed to boost performance, these platforms are on a mission to simplify the ad creation process. For instance, Facebook’s Advantage+ initiative strives to make advertising as user-friendly as possible. Through AI and automation, the goal is to drive revenue for businesses and offer significant opportunities for creative development and enhancement. Marketing service resellers will appreciate the autopilot approach this technology provides and will “trust the magic” to improve their SMB clients’ creative performance.
“Meta claims a remarkable 14% improvement in ad performance, a compelling lure for advertisers to embrace Advantage+ Creative’s Standard Enhancements,” said Bob Govia, VP of Product at Tiger Pistol. “With so many potential creative tweaks running over time, media can run for longer before becoming stale and degrading performance. For partners working with a high volume of media, like marketing resellers, Advantage+ Creative could help them decrease the time spent on graphic operations for new clients or refreshes.”
Artificial intelligence is the secret weapon in crafting personalized and more effective advertisements. Advertisers can even employ generative AI to create ad copy and promotional visuals, making their campaigns more compelling. However, brand-centric marketers, with stringent creative guidelines, might be hesitant to relinquish this control to even the most capable algorithms.
Unlocking WhatsApp’s Advertising Potential
While WhatsApp may not be the center of attention in the United States, it is the third most used social platform globally. Meta is relentless in its quest to leverage this platform for advertising. “Click to WhatsApp” ads, featured on Facebook and Instagram, create a bridge for businesses to initiate conversations with potential customers. These ads encourage users to connect with businesses directly, making it an attractive option for those seeking information before making a purchase.
Furthermore, WhatsApp offers an avenue for collecting invaluable first-party data and building robust customer profiles. Users feel more in control of their conversations and privacy, making them more willing to share personal information. With “Click to WhatsApp” ads, businesses can gather essential details like names, phone numbers, purchase interests, and online behaviors. This goldmine of data can be seamlessly integrated into Customer Relationship Management (CRM) systems for effective retargeting.
“‘Click to WhatsApp’ ads excel at initiating conversations and promoting products or services that require demonstration or persuasion,” said Cucchiara. “They facilitate direct communication between businesses and customers, making it easier to guide potential buyers toward conversion.”
As we look ahead to 2024, TikTok’s ascent seems unstoppable, but competition remains fierce. Facebook and Instagram continue to innovate to stay ahead in the ever-changing landscape of social media advertising. The keys to success will be harnessing the power of AI, perfecting audience targeting, and offering advertisers new avenues to connect with their audiences. It’s a dynamic industry, and the future promises even more exciting developments for multi-location marketing.