LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Social Media Analytics Services Procurement Research Report.' The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the professional services industry. This report breaks down the data and analysis behind the procurement of social media analytics services and acts as an all-inclusive guide for making smart purchasing decisions.
“Social media has become an integral part of a person’s life to share their tastes, likes, and dislikes,” says SpendEdge procurement research analyst Tridib Bora. “This gives a perfect platform to gather data which requires a robust analytics system to gain insights from gathered social media data,” added Tridib.
Key Report Features
|Supply Market Insights||Negotiation Strategies|
|Procurement Best Practices||Category Risk Analysis|
|Cost Saving Opportunities||Key Supplier Analysis|
|Pricing Models||Supplier Capability Matrix|
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- Billions of users around the globe are using numerous social media channels on devices such as smartphones, laptops, and desktops. This provides an array of options for businesses to reach out to their target customers. The need to accurately analyze and track the huge amount of data related to their products or services gathered from social media will drive the global social media analytics market.
- Purchasing managers must opt for suppliers that can provide information and insights after analyzing data from multiple analytical tools. The output from a single analytical tool might not be accurate for purchasing managers. Hence, suppliers should provide analysis from multiple tools to ensure the accuracy of insights.
- It is challenging for purchasing managers to find suppliers that can easily integrate data from different social media platforms. Data gathered from social media are in an unstructured form and to structure or source data quickly is difficult and expensive. Furthermore, with the variety of data forms (images, videos, text, GIF) present, suppliers might find it difficult to manage and control data quality relevant to purchasing managers.
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Social Media Analytics Services Pricing Trends
One of the most preferred pricing models in the social media analytics services is the project-based pricing. It provides clarity to purchasing managers on the cost breakup as the fee is based on the resources used to provide social media analytics service.
According to procurement research specialists at SpendEdge, outcome-based pricing has high potential and will gain high adoption rate in the forecast period. In outcome-based pricing, the service is directly aligned to purchasing managers’ business goal, such as achieving more sales or leads by identifying target customer base or increasing customer engagement.
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