Social Media Analytics Transforming Global Customer Experience (CX) Services

Social Media Analytics Transforming Global Customer Experience (CX) Services

Businesses are Integrating Customer Service and Social Media to Reach their Customers Faster and Through their Preferred Channels

RELEASE DATE
09-Aug-2021
REGION
Global
Research Code: PBFB-01-00-00-00
SKU: IT04366-GL-MT_25664
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Description

Social media analytics is the process of evaluating and examining data about conversations on social media platforms to understand customer preferences and gain competitive intelligence. Social media analytics can be predictive, prescriptive, or descriptive and help businesses understand different parts of a problem, thereby enabling them to tackle the issue in a strategic manner. When combined with other voice-of-the-customer (VoC) data (obtained from surveys, reviews, and other sources), social media analytics can be leveraged to inform a business’s marketing, sales, service, and engagement initiatives and strategy to offer fulfilling customer experiences.

Despite these benefits, social media analytics is not utilized optimally by most businesses. This is because the benefits of social media or its analytics are not known too well, or the data is too vast and unstructured.

This report discusses some of the innovative use-cases of social media and social media analytics to boost customer journeys throughout various stages. In addition, it explores how the social media analytics market is evolving with transformative technologies such as artificial intelligence (AI), machine learning (ML), competitive intelligence, sentiment analysis, and more. It also discusses key players in the market, future trends, market growth drivers, restraints, and predictions around social media analytics investments in-depth and provides relevant recommendations for businesses.

Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Global Social Media Analysis Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Key Business Goals, Global, 2021

Top CX priorities, Global, 2021 to 2022

Interaction Channels Supported by Industry, Global, 2021 to 2022

Estimated Percentage of Interactions Handled Across Channels, Global, between 2019 and 2020

Priority of Channels by Industry Due to COVID-19, Global, 2021–2022

Priority of Technologies by Industry due to COVID-19, Global, 2021 to 2022

Top 2021 Investment Predictions

Top 2021 Investment Predictions (continued)

Social Media Analytics Market Environment

Social Media Analytics Growth Drivers

Social Media Analytics Growth Restraints

Socially Distanced but Socially Connected—Customer Behavior

Businesses Respond to Customer Behavior on Social

Social Media Analytics Classification

Types of Feedback Business Can Get

A Typical Customer’s Journey Mapped Across 5 Buying Stages

Social Media Analytics Across Customer Journey

Digital and Physical Touchpoints Impacting Customers’ Buying Journey, Global, 2021

Customer and Business Actions Through the Social Customer Journey

Benefits of Social Media Analytics

Benefits of Social Media Analytics (continued)

Benefits of Social Media Analytics (continued)

Benefits of Social Media Analytics (continued)

Evolution of the Contact Center with Social Media Analytics

Evolution of the Contact Center with Social Media

Contact Center and Social Media Process Flow

Contact Center Solutions Providers Leverage Social Media for Customer Care

Contact Center Solutions Providers Leverage Social Media for Customer Care (continued)

Limitations of Social Media Analytics for CX

Future Trends of Social CX

Future of Work Skills to Ensure Great CX

Social Media Analysis—CX Use Cases

Social Media Analysis—CX Use Cases (continued)

Use Cases—Social Customer Service Strengthens Customer Relationships

Use Cases—Crisis and Reputation Management to Maintain Brand Perception

Use Cases—Social Selling to Boost Business Revenue

Use Cases—Customer Engagement

Use Cases—Product Innovation and Improvement

Social Media Analytics Providers Profiled

Vendor Scoping

Key Features to Consider While Buying an Analytics Solution

Growth Opportunity 1—Partnerships, Acquisitions, and Mergers to Boost Analytics Capabilities

Growth Opportunity 1—Partnerships, Acquisitions, and Mergers to Boost Analytics Capabilities (continued)

Growth Opportunity 2—Emphasis on Security and Data Compliance

Growth Opportunity 2—Emphasis on Security and Data Compliance (continued)

Growth Opportunity 3—Enhancement of Visualization and Reporting Capabilities to Achieve Competitive Differentiation

Growth Opportunity 3—Enhancement of Visualization and Reporting Capabilities to Achieve Competitive Differentiation (continued)

Relevant Definitions for This Study

Relevant Definitions for This Study (continued)

Relevant Definitions for This Study (continued)

List of Exhibits

Legal Disclaimer

Social media analytics is the process of evaluating and examining data about conversations on social media platforms to understand customer preferences and gain competitive intelligence. Social media analytics can be predictive, prescriptive, or descriptive and help businesses understand different parts of a problem, thereby enabling them to tackle the issue in a strategic manner. When combined with other voice-of-the-customer (VoC) data (obtained from surveys, reviews, and other sources), social media analytics can be leveraged to inform a businesss marketing, sales, service, and engagement initiatives and strategy to offer fulfilling customer experiences. Despite these benefits, social media analytics is not utilized optimally by most businesses. This is because the benefits of social media or its analytics are not known too well, or the data is too vast and unstructured. This report discusses some of the innovative use-cases of social media and social media analytics to boost customer journeys throughout various stages. In addition, it explores how the social media analytics market is evolving with transformative technologies such as artificial intelligence (AI), machine learning (ML), competitive intelligence, sentiment analysis, and more. It also discusses key players in the market, future trends, market growth drivers, restraints, and predictions around social media analytics investments in-depth and provides relevant recommendations for businesses.
More Information
No Index No
Podcast No
Author Ankita Singh
Industries Information Technology
WIP Number PBFB-01-00-00-00
Is Prebook No
GPS Codes 9705-C1,9658,9661,9723