Is Social Media going corporate?
It is always exciting watching the results from the latest contradictory studies and infographics on corporate Social Media these days popping up here and there. While one company claims businesses adopt Social Media not fast enough, the other shows the opposite truth.
Last week DOMO, a Social Media analytics service company, came to the conclusion that 70% of Fortune 500 CEOs cannot be found on any Social Media or social networking platforms like Facebook, Twitter, Google+ or Pinterest. However, another infographic by MBA Programs states the intense evolution of Social Media in corporate business.
The results of the DOMO study states that only 7.6% of CEO’s can be made out on Facebook, Twitter & Co. Isn’t this kind of scary bearing in mind that Social Media is here to stay?! How can CEOs understand the shift in the world of their buyers when they are not paying attention to the three reasons why Millennials are redefining the purchase behavior of today?
Is it not the best argument that the average number of followers for Fortune 500 CEOs with Twitter accounts is 33,250? We would be glad to have that figure!
The only shame of the report is that it has no depth in the argumentation why the CEOs are not to be found on those social platforms. Do they not believe in it? Are they not convinced of the ROI it might provide, although 45% of Execs see the positive impact on business? Do they not have the time for it? Many guesses…
“The primary reason you have to be social is because that is where your customer lives. Even if you are not leveraging it to close business and interact with your customers, you have to spend enough time online to at least understand the shift in the world.” Josh, James, Founder, Domo.
The MBA programs infographic shows that 94% of corporate business are embracing Social Media these days. Even more, 85% also mention the positive impact it has on their business… and if it is just more exposure which can be assumed to be the main reason in many companies why they use Social Media.
Although, we have a different approach und understanding as to how to correctly do Social Business, we can today understand the base motives. Time, money, people and policies are the corporate hurdles. If you look at them, then you know why they manage Social Media in the traditional advertising, marketing and PR manner. It is not surprising that Facebook is the favorite tool for most companies (92%). I bet you can find many examples where they do not reply to customers.
The reason? Social Media is not used and understood as a customer service tool. Most companies (and often their management teams) don’t want to believe in conversation as being the catalyst for making business. And sometimes it is uncomfortable to give feedback to some critical words. Although there might be found the next generation of their brand advocates. But only bright CEOs will figure that out…
Is Social Media really going corporate? What is your view why CEOs of corporates don’t embrace Social Media? Why do they hide away?