In the era of digital economy, social media engagement is one of the key factors for brand awareness and global reach. Common platforms used for social media management are:
Facebook with around 2 billion daily users is the most popular social media platform, it offers a wide variety of advertisement and content formats which include photos, videos, texts, etc. For a two-way conversation with the users and consumers, social media management companies emphasize promotion on twitter owing to a better engaging audience.
A typical social media management company will conduct the following activities:
Evaluating and help in improving social media presence
Creation of specific and unique posts for each platform according to the audience
Engage in conversation with users in social media
Create and place appropriate advertisements
Creation of a content planner and analyze the social media performance on a timely basis
The Social Media Management Services Market was estimated at USD 11.65 billion in 2020 and is projected to grow at an exponential rate of 23.6% over the forecasted period. COVID-19 pandemic has been a boon to social media management as people have started maintaining social distance and are confined to the digital world. Small and medium-sized businesses have witnessed a very high adoption rate of social media marketing.
Banking, financial services, and insurance were the largest segment with 15%-20% market share and are expected to remain the same over the forecasted period. The BFSI sector is embracing the digital transformation, which helps them to engage with customers and stakeholders.
Social media management is a cost-effective alternative to traditional marketing activities, moreover, it helps the organization to reduce time and effort on social media and focus more on core competencies. On average organizations spend around USD 5,000 per month on social media management services, the prices mainly depend on the number of platforms selected for engagement. Hence while selecting suppliers, consumers have the leverage to start with one or two platforms. Based on the effectiveness, the engagement and operating model can be modified.
Due to increasing data privacy issues, the social media management companies are facing strict constraints from data protection and privacy laws and regulation imposed by several bodies such as General Data Protection Regulation (GDPR), Payment Card Industry Data Security Standard (PCI DSS), Health Insurance Portability and Accountability Act (HIPAA), and Gramm–Leach–Bliley Act (GLBA).
Moreover, the lack of standardization in measures followed by suppliers is another key constraint. No key performance indicators are currently present for analyzing the data captured from the campaigns conducted. Each supplier has its own method of validating the information which might not be accurate.
The key suppliers for Social Media Management Services are Adobe, IBM, Google, Oracle, Salesforce, Sprout Social, Hootsuite, WebFX, Hubspot, Digimind, Clarabridge, Khoros, Zoho Corporation, Netbase, and Brandwatch. The market features a fragmented competitive landscape with several suppliers offering the service. The market is expected to become more competitive owing to emerging local and regional suppliers.
The suppliers are trying to capture more market share by introducing innovative platforms such as Google introduced Ads Creative Studio in June 2021, to create intuitive experiences through audio and visual advertisements.
Grand View Research will help our client identify the best-suited suppliers by mapping their core capabilities and operational efficiency.
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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