Social media platforms are playing a crucial role in the success of an organization’s customer experience strategy providing them with real-time insights into their customers, as a majority of the population is using social media platforms to connect, post opinions, and engage with their favorite brands. Studies show that approximately one-third of individuals are active on social media platforms. As the adoption of social media is rapidly increasing, it is providing enterprises an opportunity to connect millions of target audiences daily and understand their behavior and sentiment. Solutions, such as social media listening and monitoring scan blogs and social networks for brand mentions, enable companies to build communities and engage with their customers.
The telecom and IT industry vertical is projected to grow at the highest CAGR in the Social Media Management Market during the forecast period. Telecom and IT companies need to have direct and real-time access to their customers to stay ahead of the competition, a need readily fulfilled by the social media platforms. To excel, telecom and IT organizations are improving quality and minimized costs in business functions with the implementation of social media management solutions. Companies, such as AT&T, Verizon, and T-Mobile, are focusing on social media management solutions to track customer conversations, provide support to customers via chats and tweets, and announce upcoming products to the global customer base. These telecom companies transform the big data generated from social networks into valuable insights to support their business strategies.
The competitive intelligence application is expected to grow at the highest CAGR in the social media management market. The growth is attributed to the need to acquire market intelligence and gain a competitive edge in the today’s dynamic business environment. 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 competitors’ customers on social media platforms. Social media platforms can provide a wide variety of information about customers, their experiences, needs, and perceptions. 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.