October 30, 2012

Most companies still not capitalizing on social media

A new survey of 180 senior executives and corporate directors of North American public and private companies revealed a disconnect between companies’ understanding of social media and how they are applying it to their business.

The key findings from the report include:

- 90 percent of respondents claim to understand the impact that social media can have on their organization but only 32 percent monitor social media to detect risks to their business activities (only 14 percent use metrics from social media to measure corporate performance).

- Only 24 percent of senior managers and 8 percent of directors receive reports containing summary information and metrics from social media. Approximately half of the companies do not collect this information at all.

- Nearly two-thirds of respondents (65 percent) use social media for personal purposes, and 63 percent for business purposes. This demonstrates that executives and board members are familiar with social media.

- Only 59 percent of companies in the survey use social media to interact with customers, 49 percent to advertise, and 35 percent to research customers. About 30% use social media for to research competitors, new products and services, or communicate with employees.

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