Social media management refers to a set of activities that includes listening and monitoring conversations across all social media networks, engaging with social consumers, and data-based evaluations of these social engagements. With a careful selection of Social Media Management Software, enterprises can efficiently and effectively structure their social media initiatives. Enterprises require listening and monitoring, measurement and analytics, content and asset management, and risk and compliance management solutions to effectively engage customers across their social media channels and gain maximum Return on Investment (RoI).
1. Micromarkets are defined as the further segments and subsegments of the global social media management software market included in the report.
2. Core competencies of the companies have been captured in terms of their key developments, key observations, and key strategies adopted by them to sustain their positions in the social media management software market.
Visionary leaders in social media management software market are the leading market players in terms of new developments such as product launches, innovative technologies, and the adoption of growth strategies. These players have a broad product offering that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.
Dynamic Differentiators in social media management software market are established players with very strong business strategies. However, they have a weaker product portfolio compared to the visionary leaders. They generally focus only on a specific type of technology related to the product.
Innovators in the competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. The companies in social media management software market have focused on product portfolios. However, they do not have very strong growth strategies for their overall business, when compared with the visionary leaders.
Emerging companies in social media management software market have niche product and service offerings. Their business strategies are not as strong as that of the established vendors. The emerging vendors include the new entrants in the market, emerging in terms of product portfolio and geographic reach, and require time to gain significant traction in the market.
SALES AND MARKETING MANAGEMENT
NEED TO DIRECTLY ENGAGE TARGET AUDIENCE THROUGH SOCIAL MEDIA NETWORKS TO DRIVE THE GROWTH OF THE SALES AND MARKETING MANAGEMENT SEGMENT
Sales and marketing management in the social media management market encompasses various activities that marketers and sales executives take up to directly engage their target audience through social media networks. For example, sales executives can use social media management solutions (such as analytics, and listening and monitoring) to analyze which social media channel generates the most sales lead, what the targeted audience is most interested in, and how the content of their interest is relevant to their enterprise. The social media management solution can further enable sales teams to understand what the targeted audience is doing on the company’s official page on social media network, and their activities on other pages, groups, and forums outside the company’s network. Social media management solutions enable companies to analyze this data, understand customer pain-points, their interests, and enable them to create targeted communications, which deliver more value. Measuring the effectiveness of such efforts and optimizing content to be published on social media (i.e., making sure the content is optimized for different social media networks/platforms with options enabling users to like, share, and repost to their circle) are the other important activities which fall under sales and marketing management.
CUSTOMER EXPERIENCE MANAGEMENT
NEED TO IMPROVE AND OPTIMIZE CUSTOMER SERVICE EFFORTS TO DRIVE THE GROWTH OF THE CUSTOMER EXPERIENCE MANAGEMENT SEGMENT
Customer experience management enables companies to track interactions with their customers at every stage of their relationship with the company. Better customer experience management helps improve customer satisfaction, loyalty, and brand value by meeting the customers’ expectations. Social media management solutions prove to be an asset, enabling companies to improve their customer experience with a comprehensive analysis of customers’ conversations over social media networks. The data collected through social media channels can be used to improve and optimize customer service initiatives of the organization. Furthermore, customer service teams can utilize social media channels to interact and respond to customer queries and feedbacks, building an exceptional and differentiated customer experience.
NEED TO INCREASE MARKET INTELLIGENCE AND GAIN A COMPETITIVE EDGE TO DRIVE THE GROWTH OF THE COMPETITIVE INTELLIGENCE SEGMENT
The competitive intelligence application in the social media management market incorporates all activities that a company undertakes to gain insights into what their competitors are doing, track their competitor’s activities, and any conversation that may be happening between a company and its competitor’s customers on social media networks. Social media networks can provide a plethora of information about customers, their experiences, needs, and perceptions. Moreover, using the right social media management solution, a company can track these conversations focused on both itself and its competitors. This information can be used to increase the company’s market intelligence and create a competitive edge.
RISK MANAGEMENT AND FRAUD DETECTION
NEED TO MITIGATE THE RISK ASSOCIATED WITH MISUSE OF CUSTOMER DATA AND STRICT REGULATIONS TO DRIVE THE GROWTH OF THE RISK MANAGEMENT AND FRAUD DETECTION SEGMENTIn the social media management market, risk management and fraud detection incorporate the use of various solutions, measures, and best practices to minimize the risks associated with using social media as a commercial tool. It spans across disciplines, including the use of social media consumer/user data and non-compliance to data protection laws and regulations; social media reputation management; confidentiality, loss of intellectual property, and disclosure; fraud; financial loss due to malware; and security breaches on social media.
Frequently Asked Questions
What are the opportunities in the social media management market?A need to realize an increasing ROI on social media strategy, a growing focus on the market and competitive intelligence, and an increasing need for social media measurement to enhance the customer experience are key growth factors for the market. Emerging economies across APAC and other regions are expected to offer new opportunities to the solution providers. The increasing use of social media has transformed banking relationships with customers in significant ways, from improving customer service to enabling users to send money to others via online platforms. BFSI organizations have started monitoring customer conversations for brand mentions and customer complaints, and started responding accordingly, using the measuring, monitoring, and analyzing functionalities present in the social media management solutions. The growth of fintech continues to have a significant impact on the BFSI industry vertical. Established financial institutions are collaborating with key innovators in response to customer demands for effective social media management platforms. The US and Canada are witnessing increased adoption of advanced technologies, including social media monitoring and analytics.
What is the competitive landscape in the social media management market?The social media management market comprises major vendors, such as IBM (US), Oracle (US), Salesforce (US), Adobe (US), Hootsuite (Canada), Sprout Social (US), Google (US), Sysomos (Canada), Sprinklr (US), Digimind (France), Clarabridge (US), Spreadfast (US), Falcon.io (Denmark), Zoho (India), and Lithium Technologies (US). The study includes in-depth competitive analysis of these key players in the global market with their company profiles, recent developments, and key market strategies.
Which solution would account for the largest market share in social media management market?Social media marketing solution segment to hold the largest market size during the forecast period. The social media marketing solution segment is expected to constitute the largest market size during the forecast period with the wide-spread adoption of the solution across organizations in many industry verticals. It proves to be a vital tool for marketers to easily and quickly reach their targeted audience and engage them effectively. Social media engagement and social media advocacy are 2 major components of social media marketing. The social media engagement involves management of the existing and potential customer interactions on various social media networks of a company. Social media advocacy and selling deals with brand development through third-party engagements (employee or existing customers).
Which application area will be offering the highest growth in the social media management market?Competitive intelligence application to grow at the highest CAGR during the forecast period. An increasing need to have market intelligence to gain a competitive edge is expected to drive the competitive intelligence application in the social media management market. It incorporates all activities that a company undertakes to gain insights into what their competitors are doing, track competitors’ activities, and any conversation that may be happening between a company and its competitors’ customers on social media platforms. Social media platforms can provide a wide variety of information about customers, their experiences, needs, and perceptions.
What are the dynamics of the social media management market?The global social media management market size is expected to grow from USD 9.2 billion in 2018 to USD 17.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period. The demand for cloud social media management solutions is expected to grow over the next 5 years, owing to several factors including massive adoption of social media and huge volumes of data generated across major industries, including BFSI, retail and ecommerce, government and public sector, and manufacturing. A need to realize an increasing ROI on social media strategy, a growing focus on the market and competitive intelligence, and an increasing need for social media measurement to enhance the customer experience are key growth factors for the market.
What are the different types of solutions provided by social media management platform and what are the applications?Based on Solution Type, the market has been segmented as follows: Social Media Marketing, Social Media Listening, Monitoring, and Analytics, Social Media Asset and Content Management, Social Media Risk and Compliance Management. Based on Application, the market has been segmented as follows: Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection.
AlmavivA Contact has developed a network with due consideration to different cultures, intelligence and skills. Thereby, it offers a unique way for digital customer management so that it can operate on massive scales to enhance the connection between service providers and customers. By using the latest technological trends such as artificial intelligence, it has developed immensely to build strong relationships with customers by understanding their behavior and engagement with your brand.
Clarabridge is among the foremost brands for social media management because of its exclusive range of features. Clarabridge Engage is made to be a superior platform which focuses mainly on analyzing and engaging with your social media mentions. It manages a lot of data, including all information about your brand and its services. There are advance management services and closed-loop handling. They also have the feature to track conversations to understand your brand’s presence more effectively.