Harvard Business Review Analytics Services Studies Social Media

Although more companies are testing out social media as a way to have a new conversation with customers, most of them don’t have any way to determining of their efforts, according to a report by Harvard Business Review Analytic Services. Even fewer of them say they are using social media effectively, the study added.

Tags: analytics, Harvard Business Review, social media, . marketing,

hbr_01Although more companies are testing out social media as a way to have a new conversation with customers, most of them don’t have any way to determining of their efforts, according to a report by Harvard Business Review Analytic Services.

HBR’s report, done in conjunction with SAS, surveyed 2,100 companies to identify if and how they were using social media channels. The study found nearly two-thirds of respondents said they now use social media channels, or they plan to in the near future.

“Most organizations are in discovery mode when it comes to social media,” said Alex Clemente, Managing Director of HBR Analytic Services, said in a statement. “But the significant participation in the survey of more than 2,000 senior executives demonstrates how important the topic is—and it’s one they are working hard to figure out.”

“Most organizations are in discovery mode when it comes to social media… and they are working hard to figure out.”

Alex Clemente
Managing Director
Analytic Services
Harvard Business Review

 

HBR’s research also found:

  • Three-quarters (75%) of the companies did not know where their most valuable customers were talking about them.
  • Nearly one-third (31%) aren’t measuring the effectiveness of social media on the business.
  • Less than one-quarter (23%) are using social media analytic tools.
  • A small number (7%) of participating companies are able to integrate social media into their marketing activities.


Despite the board interest in and adoption of social media by companies, only a small minority (12%) said they felt they were using it effectively.  Those that were, the HBR study found, were likely to have these characteristics:

  1. Use multiple channels
  2. Use metrics for reporting
  3. Have a written strategy for using social media, and
  4. Integrate social media into their overall marketing strategy

Many of the respondent said their companies focused on using social media to promote themselves to customers and potential customers. They were not using social media to listen and analyze customer conversations or to use information to improve their businesses, Clemente added.




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