Social media refers to the activities which integrate web technology, social interaction, and user-generated content. Social media includes blogs, social networks, photo libraries, virtual worlds, location-based services, and video sharing sites.
Worldwide agencies use social media internally and externally to share information, support business processes, and connect people to each other. As for all records management purposes, capturing and maintaining evidence are key capabilities of such social media records management solutions.
As COVID-19 continues to further infuse itself into the normalcy of daily lives, given state and local government shelter-in-place mandates and school closings, more and more individuals are limited to home atmospheres and have increased reliance on the internet for up-to-date information, community support, and entertainment.
During such time of crisis, social media platforms like Facebook, Instagram, Twitter, etc. can be a blessing for customers and brands.
While consumers’ social media usage is greatly increasing, it is important for brands to evaluate and adjust existing strategies and approaches across platforms to ensure they are still able to connect with their audiences and align messaging with the realities of the new normal.
Historically, the market for social media records management has grown by almost 14%-15% globally in the past 5 years. In 2019, the total value of social media records management was nearly US$ 9 Bn globally.
However, due to the COVID-19 outbreak, adoption for social media records management is estimated to increases by nearly 8%10% in Q2-Q3 2020, as the demand for cloud social media management solutions is expected to grow over the forecasted period.
Need for Social Media Measurement to Enhance the Customer Experience
With the continuous evolution of technology and dynamic innovation in the industry, expectations of customer experience are constantly on the rise. Customers can access a world of information at their fingertips
When they see an authentic brand, they value the time taken to build that connection, which can later transform into customer loyalty.Customer experience management refers to the various processes used to oversee customer engagements and manage their relationship with business.
Additionally, within the social media landscape, there are a number of avenues to consider. From visual platforms like Instagram and YouTube to network-based models like LinkedIn and Facebook, there’s a great variety and using the right tool to collectively manage customer care on each of these platforms is recommended which drives the demand for the social media records management market.
Need to Increase ROI on Social Media Strategy
Social media spending is now over 10% of the average company’s marketing budget. In order to improve ROI, that money must actually generate high quality leads and customers.
For instance, a marketing software such as that from Socedo, can automatically find new leads by matching Twitter posts and profile information with buyer personas.
Such platforms reach out to people who fit criteria on a continuous basis by visiting people’s profiles, following people and then sending customized direct messages to those who follow back.
It can sync new contacts with any social engagement status into marketing database or CRM which would benefit the business profitability. Such increasing social media strategies is expected to fuel the market growth.
Lack of Common Standards to Impact Market Growth
Social media are platforms, not publishers. They provide the means for large numbers of people to produce and consume information. They are open to both producers and consumers.
Social media managers regulate the content on a platform, but the platform does not host everything that is posted on it.
The regulation is necessarily ex post. Social media are, of course, economic institutions; they need to generate or have a prospect of generating revenue beyond the costs of providing the service.
Individuals create a user profile that social media services in turn use to connect individuals to others. Social media services often use data gleaned from users to target advertising to them.
Such lack of common standards of sharing consumer data could be a restraint for the market.
Key players in the social media records management market are focusing on strength of product portfolio and innovation & partnerships and collaborations with the other players to increased productivity and sustained business growth.
The major players offering social media records management include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Social Media Records Management Market
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