Some thoughts on Social Media as an effective business communications tool according to a survey of 200 chief executives by public relations firm Burson-Marsteller and PRWeek.
48% say they lack relevance to the target stakeholder groups
37% voice concern about losing control of their message
28% worry about return on the investment
23% blame a lack of knowledge and capability within the company
While 62% see social media as having an impact on a company’s reputation, only 48% say it can change sales.
I would argue that companies that are not recognizing and fully exploiting the potential of Social Media will eventually be left in the dust of their competition. Any medium that can impact your company’s reputation can also impact your company’s bottom line. Ideas spread as fast as scandal. While you’re thinking that it lacks relevance, your competitors are exploring ways to harvest and act on innovative ideas and emerging trends.
I agree with you. Social media can have a huge impact on your company’s bottom line. That being said, you can lose control over your company’s message, unless you hire new media specialists that are in charge of handling it. In order to get the most out of it, and keep control of it, it takes a full-time position working on that specific aspect of marketing the company. As you said, if a company ignores social media all together, they will get lost in the dust. As we know, most company’s have websites, or at least they should, as I mentioned in one of my posts at http://www.datexmedia.wordpress.com, and social media is a huge part of promoting the website, and the company in general.
Good point Scott. Once the importance of Social Media is recognized, strategy implementation via a social media specialist is a key to driving results. Thanks for adding to the conversation.