From external to internal – Social Business is the evolution of Social Media
For most companies Social Media is still the main tool to leverage external communication in a modern world. it is seen to be the integral part of modern business playground. However, a study by FedEx and Ketchum called „From Social Media to Social Business“ define the internal transformation that enterprises are going through with their internal communication.
The study asked 85 executives and communication „thought leaders“, people like Jeremiah Owyang or Brian Solis, and different executives from enterprises like AT&T, IBM, Bank of America, or G.E. among others. The executive came from large companies. Most of them (88%) have 2,000 or more employees, and the majority showed annual revenues of more than $2.5 billion.
It makes clear that the external versus internal divide in how Social Media is executed definitely exists. The external point of view shows that 69% of executives aim at increasing brand awareness among clients, and 68% said they aimed to increase brand awareness versus general public as their major business goal when using Social Media. And when, 51% think their companies foster Social Media best ways to improve relationships with customers, it shows the power execs expects to arise from online conversations.
The funny thing is that, although 88% monitor online conversations, 84% also doubt the effect that measurement offers. Still, they believe in it. The target executives are predominantly looking at is 84% engagement, 69% impressions, and 53% influence.
From an internal perspective, 85% of respondents find an increase in employee participation through Social Media in the last year. Sharing expertise and collaboration is for 44% the main aim, but also internal programs and initiatives get their boost for 38%. For 64% of executives Social Media changes the way companies’ communications, marketing, or HR teams is executed by their employees.
Although companies are not quite clear about the challenges (data privacy, transparency concerns or legal issues) that arise from Social Media engagement in both ways, internally and externally, many companies see the benefits. The study comes to the conclusion that „the impact, value and reach of social tools is expanding beyond the realm of consumer/brand management, and transforming organizations into social businesses. Social tools are increasingly being leveraged inside organizations, impacting internal interactions, culture and structure.“
Would you agree with that? Or what are the challenges that arise from fostering social business?