When it comes to the evolution of social media and business in the next 5 years, I think there is a lot of potential. Smaller platforms such as snapchat have a lot of potential to grow. There is a constant cycle of social media platforms. As one gets too expensive or loses its appeal to users, there is always another on the rise.
We have watched popular advertising platforms cycle from Google, to Facebook, to newer platforms. The cycle is towards new platforms because that is where the user’s attention lies. Users tend to move towards the newer platforms that aren’t as saturated, and advertisers follow.
What’s the next big Platform?
In the next 5 years we think that Snapchat will dominate the social media industry. It’s becoming more popular by the minute and is capitalizing on its advertising capabilities. Self governing companies are also going to take off. The accountability lies with individuals, not the company. This a good business model because it isolates bad experiences from the company’s reputation.
Users have recently expressed their desire for personalization. Whether that be through augmented reality (i.e. Pokemon Go) or location-based geotags (i.e. Snapchat). Real time, mobile applications are what will be on the rise in the next 5 years. With the increasing pace of change in the world of technology, business have to remain relevant.
Let us know…
What do you think will change with social media and business in the next 5 years? Leave a comment and subscribe to my 6 Minutes to Marketing Success channel on YouTube.