Social Media Strategies for 2024: Trends, Tips, and Tricks Part-I

In this multi-part series, we'll explore the social media strategies that media professionals and creators will need to adopt to stay competitive.

Introduction

In the rapidly evolving world of social media, platforms are constantly seeking new ways to stay relevant and attract users. Two major players, X and TikTok, are at the forefront of this battle for attention.

Social media has transcended its origins as an entertainment platform, and is now a vital space for journalists, media professionals, content creators, and brand ambassadors. Over the years, social media has emerged as the dominant force shaping the online landscape, exerting significant influence over how we consume information, interact with each other, and shape public discourse.

With the constant evolution of algorithms, rapid proliferation of new platforms and tools, and their profound impact on businesses, the amateur use of social media no longer suffices. Instead, it has become essential to stay informed about the latest updates and best practices in social media management, as these platforms have become a vital bridge between service providers and the general public. By adopting effective social media strategies, individuals and businesses can harness the power of these platforms to build their reputation, engage with customers, and drive business growth.

In this article, we will explore the 'Social Media Strategies' for 2024, how platforms are evolving, which ones are leading the pack, and what impact algorithms are having on brands and their audiences. We'll also examine successful content strategies for the new year, providing insights to help you stay ahead of the curve.

Top Social Media Platforms of 2024

According to Semrush, a leading authority on digital and social marketing, TikTok and LinkedIn stand out as the top-performing platforms of 2024, boasting exceptional engagement capabilities and remarkable growth.

1. TikTok: The Social Media Giant of 2024

TikTok's popularity is surging, particularly among Generation Z. According to eMarketer, by 2024, over 40% of its user base will be comprised of individuals under the age of 25. Moreover, the Markets Research and Evaluation Organization predicts that TikTok will surpass other social platforms to become the leading platform in terms of daily minutes spent on the app by 2025.

Text-to-Video Tools: A Game-Changer for Social Media

TikTok's enduring appeal can be attributed to its focus on short-form videos, or "reels," which resonate with its younger user base. The platform's creative nature, facilitated by features such as advanced editing tools, filters, and audio clips, also sets it apart from its competitor, Instagram. According to Hootsuite, TikTok's commitment to short-form content will continue to be a key driver of its success.

Speculation is rife that the Chinese behemoth is expanding its scope, not only by venturing into logistics, e-commerce, and artificial intelligence, but also by experimenting with audio broadcasting and podcasting.

TikTok Store has become a focal point for trusted online shopping. Following its US launch in September 2023, the store and its accompanying services have quickly become one of the most popular and influential platforms.

As for Hootsuite's findings, it appears that the app's algorithm favors users who actively promote it. Although, some users are now reporting instances of fraud, imitations, and concerns about the authenticity of creators.

TikTok's AI-Powered Future

Andrew Hutchinson, Director of Content and Social Media at TikTok, shared his expectations for the platform's future development. According to him, TikTok is poised to leverage artificial intelligence (AI) more extensively, including the integration of text-to-video tools and the potential for publishing videos entirely generated by AI.

ByteDance, TikTok's parent company, is gearing up to unveil an enhanced version of its Chabot AI experience, slated for release early next year.

2. Why X/Twitter is Struggling to Keep Up

According to Hootsuite's 2024 Social Trends report, the social media landscape experienced a period of volatility in 2023, allowing other texting apps to capitalize on Twitter's momentary weaknesses. Notably, Threads, a rising star, reached a record-breaking 44 million daily active users in 2023. However, since then, X has seemingly stabilized, exhibiting a lack of significant changes or developments.

Despite this, none of the rival texting apps were able to surpass X's dominance. In fact, X claims it will surpass 540 million users by the end of 2023 and reach over 650 million users within the next five years. While Statista reports a lower projection, X's growth prospects remain impressive.

Recouping Lost Ad Revenue

Elon Musk's plan to recoup lost ad revenue through subscriptions will rely on offering a compelling value proposition to users. However, this strategy is contingent upon providing a reason for users to pay for a premium service. As such, it's likely that X's subscription campaigns will be put on hold until mid-next year, allowing the platform to focus on developing a subscription-based model that justifies the cost.

Revamping the Premium Offering

Currently, a significant portion of X's user base (around 80%) doesn't create content on the platform or utilize its premium features. To revitalize the platform, Elon Musk is expected to overhaul the private verification program, X Premium, and rebrand it as a valuable offering that sets it apart from other text-based platforms.

Improving User Engagement

To revitalize user engagement, X will refocus on its news feed and introduce new features such as per-user ratings and trending topics at the top of the app. Additionally, the platform will increase its live broadcasting capabilities and provide more user space, although these changes may face resistance from users who are accustomed to the current format.

X will attempt to fulfill Twitter's long-held ambition of providing live sports programming by combining existing programs and finding a solution to keep sports fans engaged on the platform. This move is crucial in preventing users from defecting to other platforms.

Financial Concerns and Potential Bankruptcy

As ad revenue continues to decline, subscriptions and other investments fail to materialize, and Elon Musk's takeover debt reaches $1 billion, X is likely to file for bankruptcy within the next seven months.

Conclusion

As we conclude the Part-I of the multi-part series on the social media strategies of 2024, it's clear that these two platforms TikTok and X are at a crossroads. While X faces significant challenges in recouping lost ad revenue and revamping its premium offering, TikTok continues to thrive as a leader in the short-form video space.

As the social media landscape continues to evolve, it's crucial for digital creators to stay ahead of the curve by adopting innovative social media strategies that engage users and drive growth. So stay connected as we will keep you updating about more social media strategies to grow your in business in further parts.