According to a new analysis from Frost & Sullivan, the Enterprise Social Media and Web 2.0 Market in 2010 experienced more than 20 percent growth, generating revenues of $28.6 million. It is expected to reach $126 million in 2017.
Frost & Sullivan discussed how enterprises should anticipate their customers’ needs and proactively reach out to their customers to optimize customer experience at the 3rd Annual Customer Interaction Australia Summit on November 22. One of these ways is by taking advantage of the changing requirements of customers and the prominence of social and digital media in driving customer experience.
The future of acquiring and maintaining customer loyalty in the 21st century requires new operating models that take advantage of these new technologies to ensure that their people, processes, infrastructure, and governance drive optimal customer interactions.
“Social media, cloud computing and mobility are increasingly changing the way customers interact. New business models emerging and on-demand business models, self service and co-creation are having a major impact on customer care,” said Audrey William, Frost & Sullivan Australia research director for ICT, in a keynote address on Next-Gen Customer Interaction. “Big data and customer analytics are growing in importance as it enables enterprises to deliver differentiated experiences and create a winning strategy.” The rest of the Summit addressed the advantages of cloud computing, the power of social networks and the usage of multi-channel strategies. Additional information on both the report and the Summit is available on the company’s website. (Frost & Sullivan, +61 (02) 8247 8927, www.frost.com.)