Ovum predicts “Social Media” to evolve as a channel in 2014

According to Ovum’s Social Media Outsourcing 2014 Trends to Watch report, social media is already a must for CRM vendors and enterprises alike. The report predicts that both ends of the social media maturity spectrum will drive new opportunities; outsourcers will look to take social media agents out of silos and train them with additional skills, or recruit multi-channel agents; and privacy concerns and perceptions exacerbated by leaked intelligence information will result in outsourcers helping enterprises to craft strategies that ensure this does not impact their reach and customer retention.

The key features of the report include that, through 2014, social media outsourcers should be aware of opportunities and the needs of customers as vertical attitudes shift and data privacy concerns come closer to the fore. Social media will continue to evolve as a channel in 2014, and enterprises will increasingly want to use it in more mature ways such as using analytics to drive business value.

Margaret Goldberg, Associate Analyst in the global IT Services team, said, “In 2014, we expect to see three key trends in social media CRM outsourcing. First, the compliance and regulation-heavy verticals previously wary of engaging with customers on social networks, such as BFSI and healthcare, will investigate ways in which the channel fits into their CRM strategies. Meanwhile, early adopters such as the retail and technology sectors will look to extend innovation in this space, and will seek help to figure this out.”

Goldberg further added that by keeping social media in any type of silo will hold back enterprises’ and outsourcers’ innovation channels. As such, enterprises will increasingly turn to outsourcers for help in navigating security and data privacy concerns globally.