Why the C-Suite Needs to Understand Social Media

Head-in-the-sand-blog

 

 

 

 

 

 

 

This quarter’s C-Suite Survey measured the advance of social media among Canadian businesses. The survey interviewed 129 executives between June 4 and June 24, 2014.

The survey is absolutely worth the read, but here are the highlights and my opinion upon reflecting on these results.

Key Takeaways:

  1. There has been an increase in engagement from half of Canada’s top companies who are now tweeting.
  2. Executives are more likely to be on Twitter and LinkedIn, than Facebook. That may be a comment on personalities: Facebook is about community, whereas Twitter is more of a megaphone.
  3. Relatively few see social media as a transformational force. Only a minority of companies has shifted resources from traditional, paid media or communications. Those that have done so have reassigned only 20 per cent of their media budgets.
  4. Nearly half of executives said they do not know how online media can help them, and almost half of those engaged in social media doubt that it helps their company’s bottom line.
  5. Executives agreed that social media opens up companies to reputational concerns. They are more likely to be put off by the downside of social media than they are to embrace the opportunities.

Take a look through the entire C-Suite Survey as it also highlights how beneficial social media are and the main value of using social media vs. traditional forms of communication.

My Advice:

It’s true that social media does not perfectly align with all business models, but it was surprising to me that the survey found so many companies and smaller firms avoiding using this inexpensive media. As a marketing advisor with almost 20 years in the business, I know corporate reputation is just too important to ignore and social media can play a pivotal role in building supporters, quick reaction and interaction as well as branding and offers a huge opportunity to take part in online conversations. Social media does produce results, but like any tactic, it needs to begin with a strategy. If, for example, you want to increase brand, then a social media strategy needs to be created with this objective in mind. The strategy will indicate frequency, and use of which networks, measurement, types of campaigns, etc.

I don’t want C-level executives to be disenchanted and discouraged by the power of social media. It can have an impact on your bottom line, but to see impact will take time, commitment, and a solid strategy.   You may want to enlist the help of a marketing advisor or agency. Plan your social media no differently than you would any other media spend and give it time to grow and see the ROI.

NOTE: The quarterly C-Suite Survey was conducted for Report on Business News Network by Gandalf Group, and sponsored by KPMG.

What do you think about the survey? Do you think it reflects the sentiment at your company? Please let me know what you think in the comments below.

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