We’re Lee Wilcox and Adam Barrie. Best friends, social media lovers, and co-founders of Electric House.
Being passionate about social media helps us grow our business; we are constantly scrutinising the fluctuating social landscape to find out what each platform offers, how each platform is being used, and how we can profit from it. Kind of like the Mystic Megs of social media marketing. Both of us discussed our predictions on the 11th episode of our podcast, The Drunken Brainwave.
If you consistently seek out innovative ways to further your brand on social media, we believe you can’t go wrong. So now that we’ve discussed our predictions for the future of social media on the podcast, here’s how to maximise your profit by being the first to jump on the bandwagon.
Social e-commerce isn’t a new thing; it’s been around for a while. But the platforms are shifting, and it looks like consumers are being pushed to purchase within mobile apps themselves. This is a significant step because it means that smaller businesses will be able to do the same.
Take TikTok, for example. Their previous partnerships with Teespring and Shopify showed a distribution that was sky-high. If you can put content out and get people to buy your products through the platform’s app, perfect. If you’re still managing to get that reach, then the potential is outstanding.
Imagine you’re watching an On The Tools live stream. It’s Toolstation Tuesday, and you’re enamoured with the drill they’re showcasing. We think that this year, social platforms will let us reach out, tap the screen, and have that product ordered and on its way to our doorsteps.
If you want to show your age and admit you know what QVC is, then you’ll know that a live buying process isn’t a new idea- Facebook’s even rolled out a form of the feature- but you may be as surprised as us that it’s not a feature across all social media platforms yet. We can’t wait to see how it will be used, and we know it’s going to be big- so make sure you’re watching out for the release!
It started with Netflix. Then we were enticed by Amazon Prime’s promise of unlimited next-day-delivery. Lee even has a subscription for detergent. The demand for subscription is growing, and now we see it spilling over into social media platforms; LadBaby posts subscription-based content on Facebook and Joe Rogan posts exclusive content on Spotify.
People are willing to pay for things that they want from people they like, and they’re willing to find it in as many places as possible. Which brings us to…
As it stands, OnlyFans is known for being a paid subscription service, where content is mainly X-rated, or at the very least, provocative in nature. However, the news of OnlyFans subscriptions being offered by the likes of Cardi B and Bella Thorne in August of last year brought to light the increasing amount of mainstream creators flocking to the platform.
And it’s clear to see why- by November 2020, OnlyFans had paid out more than $2 billion to creators on the platform (influencermarketinghub.com). This proves that creators who don’t exclusively make explicit content are starting to realise the power of paid subscriptions.
Consumers are now more willing to pay for exclusive content than they were three years ago, and we think that the rapidly growing OnlyFans platform has proven itself to be a profitable stage for paid subscriptions to exclusive content.
To really make the most of the social media future, we have to look at the social media present. As it stands, content creators aren’t tied down to creating paid online subscriptions for a single platform. Consequently, this paves opportunities for lucrative collaborations with brand deals through these paid online subscriptions.
Think about it- a hypothetical Onlyfans creator has a subscriber count of 10 million, exclusive to the platform, with each subscriber paying a fiver for their content. They now have a seriously engaged community worth £50 million that doesn’t exist anywhere else. That’s really powerful, and brands will start paying to become involved. Double bubble!
So, what platform are we the most excited about this year? Consequently, which is the best Social Media platform on which to boost your brand?
One of our favourites might be a curveball; Snapchat’s offering is grounded and succeeding for the first time in a hot minute. We’ve seen them being strategic with what shows and brands they’re partnering with, and their reach is only going to grow and grow.
From a business point of view, we’re also getting excited about TikTok. The mass of organic reach, formerly held by Facebook, has now dwindled and been passed on to TikTok. So make the most of it while it’s here!
For more social media predictions, you can watch the 11th episode of the Drunken Brainwave podcast here, or find out what Adam had to say about the future of social media in the Pulse Newsletter.
You can also head on over to the Lee & Adam YouTube channel for more content just like it. Make sure to subscribe while you’re there!