Global procurement intelligence advisory firm, SpendEdge, has announced the release of their 'Social Media Marketing 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 marketing industry. This report breaks down the data and analysis behind the procurement of social media marketing services and acts as an all-inclusive guide for making smart purchasing decisions.
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Global Social Media Marketing Services Procurement Market Intelligence Report (Graphic: Business Wire)
"The demand for social media marketing services is growing due to the increasing use of social media among people and the improvements in the internet infrastructure across geographies, which will further help activities related to social connectivity such as online communications through social media," says SpendEdge procurement analyst Tridib Bora. "Rise in spend from SMEs across developed nations such as the US, the UK, Canada, and Germany is further adding to the growth of this market," added Tridib.
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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 |
Report Insights
- With the increase in the number of social media users globally; consumers rely on peer reviews and comments while making purchase decisions, thereby becoming key drivers for the social media marketing services market. In APAC, the demand for social media marketing services is expected to increase at a fast pace during the forecast period due to the developments in internet infrastructure in countries such as India, China, and Thailand.
- The buyers of social media marketing services should identify and engage with suppliers that can help them evaluate selective versus complete outsourcing of social media marketing. Buyers prefer outsourcing social media marketing services based on their level of expertise in the line of business, high dollar claims, and claims that require specialized expertise.
- One of the key challenges faced by the buyers in this market includes difficulty in executing a data-driven content strategy. Therefore the buyers should engage with suppliers based on their capabilities of deriving data insights from customer responses on social platforms and design the content strategy around it. Adopting this procurement practice would help them reach the target audience.
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Social Media Marketing Services Market: Pricing Trends
Fixed-fee pricing, project-based pricing, and outcome-based pricing are the pricing models that find comparable adoption in this market. The project-based pricing model offers clarity on the cost breakup as the fee is based on the resources used to provide the service whereas in the fixed-fee pricing model the fee to be paid to the suppliers can be split and paid after reaching buyers' defined goals, which subsequently helps achieve business goals. In the outcome-based pricing model, the service offered is directly aligned to buyers' business goals.
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About SpendEdge
SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence that helps sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.
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Shilpa Balakrishnan
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