9 Jan 2011

Companies Benefit from Social Media

Your company or organisation does benefit from Social Media. In a recent study from SAS Institute and Harvard Business Review companies all over the world (2,100 in this survey) are certain that their company or organisation are getting value from their Social Media investment. This is supporting my earlier blog post in which companies claimed to be satisfied with their Social Media ROI.

In the survey, half the companies in North America, Europe, Middle East and Asia think Social Media are increasing awareness.

What have been the three primary benefits that use of Social Media has brought to your organization?

Increased awareness of our organization, products, or services among target customers                   50%
Increased traffic to website 30%
More favorable perceptions of our organization, products, or services 26%
Ability to monitor what is being said about our organization 23%
Development of targeted marketing activities 21%
Better understanding of customer perceptions of our brand 20%
Improved insights about our target market 19%
Identification of positive/negative comments 18%
Increase in new business 11%
Identification of new product or service opportunities 11%
Have not derived any benefits at this point  11%
Ability to measure the frequency of discussion about our organization  9%
Early warning of potential product or service issues  8%
Source: SAS Internet (2010)

And it doesn't stop here. In the future, we'll see companies investing more in Social Media.

Which of the following social media analytic activities do you plan on doing in the next two to three years? (Check all that apply)?

Integrate your social monitoring solution with other marketing solutions                   41%
Conduct customer sentiment analysis on feedback collected via social media 36%
Use a social media monitoring solution 33%
Use predictive analytics 27%
Measure the impact of online conversations 26%
Maintain a repository of social media/online conversations 18%
Analyze social media across multiple languages 12%
Other 10%
Source: SAS Institute (2010)

Social Media is a valuable marketing tool which needs to be integrated into the marketing activities and the analytics part needs to be improved. In the survey just half (51%) are aware of Social Media Analytics, which are the tools used for measuring, analyzing and interpreting the results of interactions between brands and consumers across digital channels. However, among the experienced users 75 per cent are aware of the concept.

Download the report The New Conversation: Taking Social Media from Talk to Action at SAS Institute.

1 comment: