Interesting results from the Harvard Business Review study The New Conversation: Taking Social Media from Talk to Action.
The survey was conducted among HBR magazine and newsletter subscribers during July 2010. The participating organizations were mainly based in the US and in Asia.
The following is a summary of the main findings
- The average amount of time spent on social networking sites increased 82 percent last year and two-thirds of the companies in the survey predicted their use of social media would grow significantly over the next few years.
- In many companies, social media will move from a “one-off initiative” to an important, integrated tool in marketing and communications strategies.
- 75% of the companies in the survey said they did not know where their most valuable customers were talking about them.
- Nearly one-third do not measure effectiveness of social media.
- Less than one-quarter are using social media analytic tools.
- Only 7% of participating companies are able to integrate social media into their marketing activities.
So we can clearly see that use of social media within organizations will require a shift in thinking about how to measure the effectiveness of their social media strategy.
Those companies who are most effective in social media now are using multiple channels, creating metrics to measure effectiveness and using new tools to understand how to enter into a new conversation with their customers.