The value of the social media management market is estimated to grow to $41.6 billion by 2026, up 23.6% from the current $14.4 billion, hinging on an increasing focus by small and medium sized enterprises (SMEs) on competitive intelligence, desire for return on investment (ROI), enhanced customer experience, and increased user engagement using smartphones.
Integrating customer data with demographic, competitive, business-centric information
No doubt SMEs are continually scouting for technological solutions to maximise productivity, bring down costs, and edge out competition—which is becoming increasingly global as the Web elides borders and affords consumers a huge variety of choices.
In this environment, organisations need to integrate customer data with demographic, competitive, business-centric information when devising social media management strategies and choose reliable partners such as https://www.12handz.com/. Any digital marketing strategy needs to scope the intricacies to outperform competitors and focus on analysing sales and various markets to identify gaps.
As customers become increasingly brand aware, they are demanding higher quality, lower prices, and exceptionally fast delivery of products and services. Harnessing advanced analytics towards market goals helps SMEs integrate social media management solutions to ameliorate their market presence and earn a competitive advantage.
Analysing competition and consumer behaviour via social media platforms
SMEs can extract vast quantities of information concerning customer sentiments and perceptions about their brands from social media platforms and strategize marketing and sales activities accordingly.
Social media management solutions serve to analyse unstructured social data and deliver responses to volatile market conditions, boosting sales and operational profitability. However, as the market matures, the array of social media management platforms is blooming, offering a wide variety of applications such as engagement, customer relationship management (CRM), advertising, publishing, monitoring, and real-time analytics.
Active companies in this market today include OOOOO Entertainment Commerce, Moovly Media, Snap, Facebook, and Twitter. Here’s a quick breakdown of some of the recent developments within each of these and some hot prospects:
OOOOO Entertainment collaborating with TikTok to create production studios in U.K.
Mobile commerce platform OOOOO Entertainment Commerce Limited announced that it will collaborate with TikTok to create production studios in the United Kingdom, engage content creators, introduce merchants, and produce content.
OOOOO Entertainment’s platform enables retailers, brands, and entrepreneurs to share their opinions on products directly to buyers through live, interactive videos linked to immediate shopping opportunities. Gamification and social features in turn reward the “critic” community, growing users and moving away from the traditional ad network model.
OOOOO has also partnered with Teddy Sagi, the technology and real estate billionaire owner of LabTech, which owns most of London’s Camden Market. Sagi’s family office and investment vehicle, Globe Invest Limited, will provide consulting services to OOOOO, advising on its studio expansion and merger and acquisitions ambitions internationally. For a start, Camden Market is launching a live broadcast studio for retailers, brands, and entrepreneurs to showcase their products and services via the OOOOO app.
Moovly Media adds podcasts production capability to its offering
Moovly Media has added podcasts production capability to its offering, making it possible for users to produce podcasts as well as videos. Offering podcasts in MP3 file format, Moovly has additionally integrated Transistor.fm publishing capability, allowing users to broadcast their content.
Transistor.fm is a podcast hosting service with 9000+ creators on its network, among them IBM developers, the National Hockey League’s (NHL) Vegas Golden Knights, and the U.S. Department of Veteran Affairs.
Snap’s daily active users increased 23% year-over-year to 293 million
Snap Inc., which positions itself as a “camera company”, in its latest earnings call, announced that revenue increased 116% year-over-year to $982 million, accounting for a net loss improvement of 53%, and EBITDA improvement of 223% year-over-year, while daily active users increased 23% year-over-year to 293 million.
“Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years,” said Evan Spiegel, CEO, in the company’s earnings statement.
“We are pleased by the progress our team is making with the development of our augmented reality platform, and we are energised by the many opportunities to grow our community and business around the world.”
Twitter sells MoPub to AppLovin Corporation
“Micro-blogging” platform Twitter, for its part, recently signed an agreement to sell MoPub to leading marketing software company AppLovin Corporation for $1.05 billion in cash. Twitter said AppLovin is well positioned to grow and evolve MoPub’s network of customers in the rapidly changing in-app industry. MoPub provides monetisation solutions for mobile app publishers and developers.
Twitter said in a release that the sale will allow it to “… accelerate the development of owned and operated revenue products and drive growth across key areas for the service, including performance-based advertising, SME offerings, and commerce initiatives.”