Creating brand awareness has become crucial to any business, from multimillion-dollar firms with huge advertising budgets to small businesses with limited marketing capital. As marketing advances, various new marketing platforms and strategies emerge to cater the present day business needs.
Social media is an ever-evolving arena that is currently being the foundation of various business marketing strategies. However, in this rapidly progressing world, a social media platform can be in trend one day and be wiped out the next. Here arises the need for an efficient social media manager, who understands the history as well as future of social media platforms and estimate new trends. At present, about one-third of the Americans believe that social media is an ideal place to know about novel products and services. And especially for Millennials, it is much more like a television that informs them about novel products and services.
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Importance of Social Media Management
By now, various companies have recognized the significance of social media marketing and the numerous benefits and opportunities it offers to the marketers to grow a business. Social media platforms are currently in trend as they are pulling in sales, developing customer relationships, building brand awareness, and enhancing business trustworthiness and overall status. All of this cannot be accomplished overnight, it takes continuous and combined efforts of a social media manager and the brand to achieve all this.
At present, brands are engaging with their customers through social media platforms, thus fueling the demand for social media tools for businesses across the globe. Furthermore, brands are greatly exploiting services from third party companies, for instance, Facebook ad management agency, to reach targeted customers and advertising their product and services. Social media platforms like Facebook are fortifying the growth of social media management market, with their innovative developments. As per a report by Research Dive, the global social media management market is foreseen to hit $18,197.8 million by 2028.
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Recent Trends in the Social Media Management Industry
Various companies functioning in the social media management market are HubSpot, Sprinklr, Oktopost, Falcon.io, Meltwater, Salesforce, Social Hub, Spredfast, Likeable Hub, Social Flow, and others. These players are concentrating on emerging strategies such as partnerships, product development, mergers and acquisitions, and collaborations to attain a leading position in the market. For instance,
- In September 2021, Facebook, an American online social media and social networking platform, launched new business connection tools, such as click-to-message expansion, to aid businesses in enabling direct connection with potential customers, with a special emphasis on personalized messaging.
- In September 2021, Tagger Media, a foremost influencer marketing platform and social listening tool that helps businesses in campaign management and measurement, and influencer discovery, launched a new social listening platform called, Signals. This platform is a multi-purpose social listening and data aggregation tool developed to detect crucial marketing insights across influential social accounts at any time.
- In October 2021, Domino’s, the Pizza restaurant chain, executed Emplifi CX platform to enhance its engagement with customers on social media and surge call centre proficiency. Emplifi Social Engage is a social media management tool which can automatically search for various relevant keywords on Twitter and monitor the Domino’s Facebook page to detect posts that require more attention.
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COVID-19 Impact on the Social Media Management Treatment Industry
The abrupt outburst of the coronavirus pandemic has positively impacted the global social media management market. This is mainly because of the increased adoption of social media platforms among customers during the lockdown period. The volume of data being produced through social media platforms is rising, and hence, business are increasingly adopting social media platforms for brand awareness and growth, which is boosting the market growth.
To sum up, the future of the social media management industry is undeniably bright and the industry is expected to be one of the most revenue generating industries in the coming future.
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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