What are the Key Components of an Effective Social Media Management Procurement Cost Structure?

Social Media Management Category - Procurement Intelligence 

The global Social Media Management Category is anticipated to grow at a CAGR of 23.3% from 2023 to 2030. Key factors that drive the growth of the category include rising use of social media platforms, increase in smartphone usage, rising global focus on competitive intelligence, and increased adoption of category solutions to optimize, monitor, and administer the online presence of a business enterprise on various social media networks. The category is expected to witness further rise in demand as businesses are turning to social media marketing for easier attraction, conversion, upsell, and cross-sell of their goods & services. In addition, they can use the platform to manage their reward-based loyalty programs for their intended customer base. However, constraints related to regulations and compliance may hinder the growth of global category as non-adherence of privacy & data protection laws would require businesses to pay heavy fines and may even lead to legal proceedings & actions.

Cloud computing, augmented reality (AR), virtual reality (VR), and artificial intelligence (AI) are key technologies that are transforming the functioning of the category solutions. AI is being highly utilized in social media marketing as it supports in the automation of marketing operations such as data analysis and scheduling articles.It can also be used to produce customized content and target advertisements more effectively. A major shift in social media management is sparked by the integration of virtual reality (VR) and augmented reality (AR) into social media platforms. Due to this innovation, there is a growing need for all-inclusive social media marketing solutions that can leverage AR and VR to improve user engagement and marketing.Social media platforms use these tools to produce immersive content, such as live virtual reality events and virtual showrooms, as well as interactive filters and 3D advertisements.

Order your copy of the Social Media Management Procurement Intelligence Report, 2023 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis 

The category for social media management exhibits a fragmented landscape, with the presence of large number of global industry players. Players in the industry are heavily spending in emerging technological solutions with an objective to enhance their offerings. In addition, they are adopting strategies such as joint ventures, mergers & acquisition, introduction of new product or service, in order to extend their market share. The category may face slight complex future. Amidst fragmentation, few players will target to recruit general practitioners who are knowledgeable about all platforms and are not restricted to any one platform, while others will aim to engage platform-specific specialists. Suppliers in the category possess low to medium negotiation capability which varies by the fact how their solution is offering more value to a buyer in terms of capability and price, subject to the intense competition. 

Cost incurred on producing content and introducing a new social media platform, cost incurred on campaigns for social media advertisements, and cost associated with platform administration are the key components that constitute services offered in the category. Factors such as personnel sourcing (in-house vs. outsourced) and third-party tools influence the anticipated expenses associated with social media management. While debuting on a social media platform is technically free, maintaining a profile and planning content may run a brand's monthly expenses between USD 499 to USD 9,999. In addition, a platform-specific advertising strategy requires a minimum monthly investment of USD 4,999 to be successful. Furthermore, managing multiple platforms either though an agency or a social media management tool would incur monthly expenses between USD 499 to USD 9,999. Factors that influence the price include features being used, community size, volume of inbound messages & mentions, and number of profiles being managed.

List of Key Suppliers in the Social Media Management Category

• Digimind S.A.
• Hootsuite Inc.
• Meltwater
• Qualtrics LLC
• Runtime Collective Limited (d.b.a. Brandwatch)
• Salesforce, Inc.
• Sendible Limited
• Socinova, Sprinklr, Inc.
• Sprout Social, Inc.
• WebFX
• Zoho Corporation Pvt. Ltd.

Social Media Management Procurement Intelligence Report Scope

• Social Media Management Category Growth Rate: CAGR of 23.3% from 2023 to 2030 

• Pricing Growth Outlook: 5% - 10% (Annually) 

• Pricing Models: Price per hour, Price per activity, Retainer based prices

• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence 

• Supplier Selection Criteria: Industries served, years in service, revenue generated, sales & marketing management, customer experience management, competitive intelligence, risk management & fraud detection, platform management, content development, and others 

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model 

Brief about Pipeline by Grand View Research: 

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. 

Our services include (not limited to): 

• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions