Social Media Management Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Social Media Management Category Overview

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.

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.

Social media manager/staff salaries, IT costs (hardware/software), marketing and advertising, and staff training and development are some of the key costs incurred in providing social media management services. Other costs include office supplies, office rent and utilities, and legal costs. The average cost of a social media management program can be around USD 12,300 per month. This includes costs such as content creation that can be around USD 7,950 per month, and platform management costs amounting to approximately USD 5,000 per month. Similarly, salaries form an important cost component for businesses that choose to maintain in-house teams or dedicated social media professionals, The salary of social media managers or social media specialists can range from USD 40,000 to USD 100,000 per year depending on factors such as experience and size of company.

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.

North America region dominates the global social media management category, holding a substantial share. The region offers a plethora of prospects due to its well-established market, risk-taking attitude, and preference for technological advancements offering numerous opportunities for players in the region. In addition, the region is characterized by broad base of social media users and the increasing significance of social media management tools. Furthermore, the regionwill generate more money as a result of verticals using social media networks as a vital tool for customer engagement and marketing. Reviewing the client testimonials of the service providers, assessing the social media tools that are utilized by the service provider, evaluating a service provider’s compatibility and communication policies, comparing the fee charged by various service providers to fetch the best value are some of the best sourcing practices considered in this category.

Social Media Management Procurement Intelligence Report Scope