50% of Firms Don’t Differentiate Social Media Marketing from Social Business

50% of Firms Don’t Differentiate Social Media Marketing from Social Business [STUDY]

Social Business Performance Scale Leader Networks

50% of firms don’t differentiate social media marketing from social business: ten top insights from the 2014 social business benchmark study by the Leader Networks.

The Leader Networks released the results of the 2014 edition of their social business benchmark study.

Those results demonstrate once again that marketing still largely dominates the social media budget in most organisations, big or small, surely with a key focus on paid media leaving earned media under-resourced.

It also seems that social collaboration is still not a priority for most companies and there is still a long way before fully leveraging at all social analytics and the voice of the customer which should both be at the heart of any digital transformation programme.

Social Business Performance Scale Leader Networks

Key Findings – Social Business Benchmark Study

  • Generally, firms do not consider their social strategies to be strong
  • Marketing typically leads the social media strategy
  • Reach/awareness and collaboration with customers are the primary drivers for social strategy
  • Organisations are more focused on using social media to support externally-facing activities such as recruitment, than on supporting staff collaboration needs

Social Business Performance Study Results Leader Networks

10 Top Social Business Insights

  1. 76% reach/awareness is the primary driver for social strategy
  2. 62% collaboration is another primary driver
  3. 60% report that their executives support the social strategy that their organisation has in place
  4. 51% report their social strategies are a competitive advantage
  5. 50% of organisations do not differentiate social media marketing from social business
  6. 50% of the social media strategy is typically led by Marketing
  7. 49% report that they collect social outcomes data but rarely use them to drive change, account for success or failure of a larger strategic initiative
  8. 37% of organisations report having have a useful intranet
  9. 32% of firms run a social business strategy course
  10. 24% of organisations reported have trained key personnel in social media skills

No major surprises here.

CALL TO ACTION

I invite your Senior Execs to do four things:

  1. Check out those two definitions of social business: ‘the deep integration of social media and social methodologies into the organisation to drive business impact‘ and ‘an organisation whose culture and systems encourage networks of people to create business value
  2. Read Andrew Grill‘s recent LinkedIn post ‘Using a broadway show to explain the differences between social media and social business‘.
  3. Read Brian Solis‘ ‘the 2014 State of Digital Transformation
  4. Watch those 20 top social business videos

How do those 10 social business insights compare with your personal experience with social media and social business at your organisation?  What maturity of digital transformation have you achieved so far?

If you enjoyed reading my article or if you wanted to react, I invite you to connect with me here, on twitter (@Visible_Banking) and on google+.

1 COMMENT

  1. I was curious if you were going to bring up the definition of social business because it is often misunderstood. For us, in helping our clients the end-result is: ‘an organisation whose culture and systems encourage networks of people to create business value‘. Building a business case around implementing tools like Yammer, Chatter or IBM Connections have a place in financial services. TD is a great example of how they’ve become a social business to better serve the customer.

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