If you give presentations, which way works better? A live on social media or being on stage during a live event?
Perception of value increases the threshold for price. There are many ways to increase the perception of value on products and services.
I mean, without a medium? This will be possible in the near future.
We want more than just be home, we want our home to show who we really are.
Consumers want more than just products. They want memorable experiences, new emotions. How can you provide that is your business?
Artificial Intelligence (AI) is significantly impacting various aspects of life, including consumer behavior. Here are three ways AI is changing how consumers interact with brands and make purchasing decisions:
- Personalization and Recommendations
Impact: AI algorithms analyze a plethora of data points, from browsing history to past purchases, to offer personalized suggestions to consumers. This personalized experience makes consumers more likely to engage with a brand and make a purchase, changing the traditional “one-size-fits-all” approach to marketing.
Example: When you shop online on platforms like Amazon, AI algorithms recommend products based on your past behavior, seasonal trends, and what similar consumers have viewed or purchased. This kind of personalization influences not just what you buy, but also how you shop, making the experience more interactive and tailored to your needs.
- Enhanced Customer Service
Impact: AI-driven chatbots and customer service tools are redefining how brands interact with consumers. These AI solutions can handle a wide range of queries and issues, offering almost instant support. This not only improves customer satisfaction but also influences consumer expectations for speedy and efficient service across all industries.
Example: Many companies now deploy AI chatbots on their websites or social media channels that can answer queries, solve problems, or even help with the purchase process 24/7. This level of service changes consumer expectations and can be a deciding factor in brand loyalty.
- Dynamic Pricing and Promotions
Impact: AI algorithms analyze market trends, demand fluctuations, and consumer behavior to adjust pricing in real-time. This dynamic pricing strategy can affect when consumers choose to make a purchase, as they may wait for the most opportune moment or act quickly to take advantage of a promotion.
Example: Airlines and ride-sharing services often use AI to adjust prices based on various factors like demand, day of the week, and even current events. This can influence consumer behavior as people try to “game” the system to get the best prices, and it can make consumers more price-sensitive and strategic in their purchasing decisions.
In summary, AI is making the consumer experience more personalized, efficient, and dynamic. These changes are influencing consumer expectations and behavior, driving a shift in how brands need to interact with their customer base.
Consumers changed their behavior dramatically after the Covid era. This also includes how they view online learning.
In this 90 minute webinar, I’ll talk about the changes, what attracts consumers today and how to sell your online courses.
Join me at: Build, Boost and Bank your online course
- Hyper-Personalized Content Algorithms
With advancements in machine learning and data analytics, social media platforms could offer users an even more personalized experience. Instead of a one-size-fits-all algorithm, users could tailor their own content feeds, selecting themes, topics, or even the types of interactions they want to see more frequently.
What Could Start This Trend: Increasing consumer demand for meaningful online interactions and the fatigue from irrelevant content. Advances in AI could also make this level of personalization more achievable.
Examples: Social media apps offering a dashboard where users can adjust the types of content they see, or even personalized AI “curators” that learn from your behavior and periodically offer to adjust your settings.
- Virtual Reality Social Spaces
As Virtual Reality (VR) technology becomes more accessible, social media could expand into fully immersive 3D spaces where users can interact as avatars.
What Could Start This Trend: The success of platforms like Meta’s Horizon Workrooms and VRChat could encourage more mainstream social media platforms to integrate VR experiences.
Examples: Facebook (Meta) or other social media giants launching VR zones where you can hang out with friends, attend events, or even conduct business meetings. Augmented Reality (AR) filters could also advance to become more interactive and multi-user.
- Ethical and Transparent Algorithms
In response to growing concerns about privacy and the ethical implications of data use, some platforms might start to prioritize transparency in how their algorithms work. Users might even have the option to opt into “ethical algorithms” that are designed to minimize harm, reduce polarization, or otherwise align with the user’s values.
What Could Start This Trend: Public and governmental scrutiny over algorithmic decision-making and its societal impacts. There might be regulations that force platforms to be more transparent or ethical in their algorithmic choices.
Examples: Platforms could offer “algorithmic transparency reports” that allow you to see why you’re being shown certain content or ads. Users could have the ability to select algorithmic themes like “reduce polarization” that adjust how content is shown to encourage more balanced perspectives.
Here are some trends that are currently popular:
Short-form video content: Short-form video content, such as TikTok, Reels on Instagram, and Shorts on YouTube, is becoming increasingly popular for small businesses and entrepreneurs. These platforms allow businesses to create quick, attention-grabbing videos that showcase their products, services, and brand personality.
Live video: Live video has been growing in popularity over the past few years, and it continues to be a trend in 2023. Live video allows small businesses and entrepreneurs to connect with their audience in real-time and build a stronger, more personal relationship with their followers.
Influencer marketing: Influencer marketing is a powerful way for small businesses and entrepreneurs to reach new audiences and build brand awareness. By partnering with influencers, businesses can tap into their follower base and promote their products or services to a wider audience.
Social commerce: Social commerce is the integration of e-commerce and social media, allowing businesses to sell products directly on social media platforms. Small businesses and entrepreneurs can take advantage of this trend by setting up social commerce shops on platforms like Facebook, Instagram, and Pinterest.
Messaging apps: Messaging apps like WhatsApp and Facebook Messenger are becoming more popular for business communication. Small businesses and entrepreneurs can use messaging apps to provide customer support, answer questions, and build relationships with their customers.
Social responsibility: In recent years, there has been a growing trend towards social responsibility and sustainability. Small businesses and entrepreneurs can take advantage of this trend by highlighting their social and environmental impact and showcasing their commitment to making a positive difference in the world.
These are just a few of the latest trends in social media for small businesses and entrepreneurs. By staying up-to-date with these trends and incorporating them into their social media strategies, businesses can stay ahead of the curve and continue to grow and thrive in the digital age.
Here are some reasons why it is crucial for entrepreneurs to create short form videos for these platforms:
Captivate and engage audiences: Short form videos are perfect for capturing and holding the attention of audiences who have short attention spans. They allow brands to communicate their message effectively and creatively in a short amount of time.
Increase brand visibility: Social media platforms like TikTok, YouTube, and Instagram have millions of active users, and by creating short form videos, brands can increase their visibility and reach a wider audience.
Boost engagement and conversion rates: Short form videos have the potential to increase engagement and conversion rates by providing audiences with quick and digestible content that is easy to consume and share.
When it comes to creating short form videos for social media, here are some content ideas that work well for brands:
Product demos: Short form videos can be used to showcase products and demonstrate how they work. Brands can use this type of content to highlight the unique features and benefits of their products.
How-to videos: How-to videos are a great way to provide value to audiences while showcasing a brand’s expertise. These types of videos can cover a range of topics, from DIY projects to beauty tutorials.
Behind-the-scenes content: Audiences love to see what goes on behind the scenes of a brand, whether it’s a sneak peek at a new product launch or a look at the day-to-day operations of the business.
User-generated content: Brands can encourage their followers to create short form videos featuring their products or services. User-generated content is a great way to build trust and loyalty with audiences while also increasing brand visibility.
Educational content: Short form videos can also be used to educate audiences about a particular topic or industry. Brands can create content that provides valuable insights and information that their audience will find helpful and informative.
Overall, creating short form videos for social media is a great way for entrepreneurs to connect with their audience and promote their brand in a creative and engaging way.