In a study conducted by IBM, it is estimated that only 16% of CEOs are using social media to connect and communicate with their customers. That figure is estimated to spike to 57% by 2017.
The study also published that about 1,700 CEOs from 64 countries and 18 industries have started to digitize their office by joining social networking sites like Twitter. One of the CEOs that is not specifically named in the study but is active on Twitter is Manny V. Pangilinan, chairman of Philippine’s largest telecommunication company.
The study revealed that CEOs are changing the way they work by being more open and transparent to their customers and especially their employees.
In the Asean region, the use of social media is at 25% and is expected to go up to the 68% levels in the coming years as CEOs are transitioning from face-to-face engagement to social media. The usage of phones and e-mails as a means of communication has constantly dropping in exchange for social network platforms.
Social networks allow company leaders to collaborate with others because of the dynamism of the platform. In the study, more than two thirds or about 69% of global CEOs intend to partner with others while in the Asean region the number is higher at 79%.
The openness brought by social media is not without risks however, the study recommends that employees should internalize their the company’s core values and missions to minimize such risks. A case in point is Pangilinan himself, his Twitter account @iamMVP, has only tweeted 10 times and followed onlt three accounts.
- Social media use in the Asean region: 25% and expected to rise up to 68%
- 69% of global CEOs and 79% of Asean CEOs intent to partner extensively with the help of social networking
IBM Statement: “CEOs are embracing new models of working that tap into the collective intelligence of an organization and its networks to devise new ideas and solutions for increased profitability and growth. IBM’s research finds that technology is viewed as a powerful tool to recast organizational structures. More than half of CEOs [global: 53 percent, Asean: 53 percent] are planning to use technology to facilitate greater partnering and collaboration with outside organizations.”
Jack Arambulo, IBM Philippines Country Manager for Global Business Services: “Rather, leaders have seen how extremely dynamic social networks can serve as the foundation of amazing levels of collaboration. Asean CEOs, in particular, are keen to leverage social networks and focus on collaboration—both internally and externally with customers and partners.”
I invite you to check out my ‘list of Senior List of Banking – Financial Services – Insurance Senior Executives on Twitter‘. A few banking CEOs believe in the importance of social media as a customer engagement and leadership tool: like ING Direct’s Peter Aceto, FNB’s Michael Jordaan or American Family’s Jack Salzwedel.
Earlier this month, for the second time Vanguard’s CEO made himself available on twitter and facebook to engage with the investment firm’s clients in a more transparent and engaging way. Check out my coverage of his first ‘social media day’: ‘Was ‘a Day’ on Facebook and Twitter Worth Vanguard’s CEO Time?‘.
Do you agree that it is the role of a CEO to spend some of his/her precious time engaging with the company’s customers and employees on twitter? How big could the impact of such an engaged approach be on the customers and -especially- the shareholders?
Join the conversation here or on our Facebook page.