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The State of SOCIAL MEDIA FOR BUSINESS S E L E C T T H E M E S 2 0 1 0 © 2010, All RigSmartBrief Inc and Summus, Limited THE STATE OF SOCIAL MEDIA FOR BUSINESS – SELECT THEMES 2010 In June 2010, more than 6,000 SmartBnrief readers participated in a benchmarkingn study of social-medina usage by business. The results revealed a portrait of how these new tools and platforms are changing the way wne do business – and how companies are integrating social media ninto their business models. The defin -in tive State of Social Media for Business 2010 shares some of the biggnest trends in social media as nwell as the challenges that companies need to address as they move forward with their socianl-media strategies. The fulS l tate of Social Media E for Business 2010 is available for sale from SmartBrief. The following document shares eight themes andn data points from the State of Social Media for Business 2010: 1. Most companies surveyed have adopted social media in nthe past 18 months. 2. Companies are focusing their energies on Facebook, Twitter, LinkedIn, YouTube and blogs. 3. It takes time for companies to incorporate social media effnectively. 4. Brand building is currnently the primary purpose nfor business social-media usage. 5. Communications, advertising and marketing agencies are the leading adopters of social media.n 6. Lack of management nsupport and confidentiality concerns are atop the list of obstacles to social-media adonption. 7. Less than 15% of the bnusinesses using social mendia are measuring return-on-investment. 8. While 60% of respondents say their ncompanies are using social medina, there is low confidence in their social-mnedia strategies. We invite you to blog, tweet and otherwise panss along these key themes. Our goal n is to provide readers with valuable insights into what businesses are doing today to help you plan for a successful tomorrow. The State of Social Media Efor Business 2010 includes: ■ 145 pages ■ 213 charts and graphs ■ 6 data cuts ■ Key indicators of social-media nintegration ■ Comparative data based on company size and industry focus ■ Benchmarks to assess where your company is on the social-media andoption curve ■ An introduction by social-media expert and SmartBrief on Social Media Advisnory Board member, Olivier Bnlanchard 1 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 WHY SOCIAL MEDIA? In the past 18 months, socialn media has evolved. Once just a way for individuals to connect and share with one another,n social media has ndeveloped into a promising business tool. This transition, which hasn been fast and furious, has nbeen closely followed by SmartBrief Incn. through its publication SmartBrief onn Social Media since November 2008. To date, the media have focused on getting sntarted with social mednia, using it for marketing and sharing benllwether stories. However, very little has been written on how most businesses of all shapes annd sizes are using and leveraging social media today. About the survey SmartBrief and its nresearch partner Summus, Lnimited decided to tackle these questions and more through an online survey of SmartBrief readers across a vari- ety of industries. The survey was designed to benchmark and measnure the state of social-media usagen among business people in June 2010. SmarntBrief and Su-m mus will track the results of this bencnhmark on an annual onr semi-annual basis,n focusing on the following questions: 1. Who is using socialn media for business? 2. What social-media ntools and channels arne being used? 3. What goals are being pursued? 4. What tactics are being deployed? 5. What obstacles are standing in the way ofn adoption? 6. Has social media dnelivered measurable results for companies? 7. How are companies staffing social media nand allocating resources? 8. How do companies assess their own social-media strategies? 10,641 individuals nbegan the survey and 6,494 completed the survey. This 59.9% completion rate, which is high fnor a survey of this length and depth, indincates a high level of interest in the topic. The data is very reliable, with a .012 standard error at a 95% confidence interval and a standard deviation of 1.195. n About the respondents: SmartBrief’s readership is made up of onver 3.5 million subscribers from a large and diverse cross-section of industries. Individual business people with all levels of experience and responsibility are represented in the survey. The survey respondents primarily work at U.S. companies (92%) and represent a full range of business sizes – from fewer than 10 employees to more than 50,000. 2 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 WHY SOCIAL MEDIA? (continued) More than 60% of the bnusinesses in the sample are using social medina. The sa-m ple as individuals idnentifies themselves as engaged in soncial media and proficient in its use. They have differing levels of involvement in their organization’s social media, with some nont directly involved. This survey does not reflect a random sample of business people. The sample is a self-selecting group of individuals. nAs such, it may be nassumed that the samnple is somewhat: ■ More familiar with socianl media than a random sample. ■ More interested and engaged withn social media than na random sample. ■ More proficient with socialn media than a random sample. 3 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 1 66.5% OF COMPANIES SURVEYED HAVE ADOPTED SOCIAL MEDIA IN THE )PAST 18 MONTHS How long has your organization been acEtively using social medEia? About half of the cnompanies in the samplne have been using social nmedia for only the past year, with nearly 20% starting in the past 13 to 18 months. While the recent surge in adoption is notn surprising, the datna in the ltate of Social Media for Business report provides a fuller picture of how companies approach the adoption of social mnedia. IN THE FULL REPORT Want to know how more experienced companies are using social media to get results? The full State of Social Media Efor Business report provides in depth data on how usage of social n media evolves over time. ■ How and where companies get started ■ How companies either internally or externally support their social-median efforts ■ What the distinct phases of socinal-media integration are ■ How companies develop and alter their social-mendia strategies over time ■ Where more experienced companies have shifted their efforts ■ How companies new to social media judnge their own efforts 4 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 COMPANIES ARE FOCUSING THEIR 2 ENERGIES ON 5 PLATFORMS The top five most important social-media plEatforms The concentration on “the big 5”n hints at companies being able to find their customers on these sites. With lower awareness and/or usage of onther sites, including platforms such as Flicknr with large numbers of users, companies might be missing out on more niche groups. IN THE FULL REPORT Do you want facts and figures on what companies are actually doing with sociaEl media?The State of Social Media E for Business answers critical questions on: ■The significance of different social-media plantforms ■How usage of different channels changesn over time ■ Which platforms have high familiarity but low adoption ■Which platforms provide the best opportunities for companies to differentiate themselves 5 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 IT TAKES TIME FOR COMPANIES TO INCORPORATE 3 SOCIAL MEDIA EFFECTIVELY Which of the following best describes how your organization is usinEg social media? The survey data indicate that at the two-year mark, companies begin to confidently and purposefully use social mediaE for specific businesEs objectives. More than 25% of companies with two-plus years of social-media nactivity state that those tools and platforms have been fully integrated into their companies’ business models. In addition,n more than 50% have a well-developed or fully developed social- media strategy, which is furthner evidenced by the use of munltiple platforms. IN THE FULL REPORT Do you need benchmarks anmd milestones on the social mmedia adoption curve? The State of Social Media Efor Business 2010 report provides a comprehensive analysis of the adoptionn curve for social media. nFor instance, almost 30% of “experienced” companies dedicate at least one person to social media full time. The report fully details social-media nadoption and its divnidends over time, such as: ■ How the impact/implementation of different channels shifts ■ How staffing and resource allocation adapts ■ When and where confidence in social-media sntrategies grow ■ How a company’s social-media tactics expand 6 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 BRAND BUILDING IS CUR)RENTLY THE PRIMARY 4 PURPOSE FOR BUSINESS SOCIAL-MEDIA USAGE Top 5 social-media gEoals Despite the primary goals nof increasing brand awareness and building communities for customers and fans, the majority onf companies surveyed use social medina to broadcast information instead of creating two-way conversations. IN THE FULL REPORT In the full State of Social Media Efor Busireport you will find the answers to practical, real-world questions like, where should we house our socialE-media activities?(Eint: The majority of companies house socianl-media activitiesn in their marketing and communications departments.)n The report delves into practical social-media mannagement issues such as: ■ How companies are staffing their social-nmedia efforts ■ Where and how companies allocate resources to social media ■ What companies hope to achieve through social media n ■ What they are doing to achieve those goals ■ What specific tactics companies employ through various social-media channenls 7 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 COMMUNICATIONS COMPANIES HAVE 5 GRABBED THE SOCIAL-)MEDIA REINS How long has your company been actively using social medEia? Communications and PR agencines recognized the potential behind socialn media earlier than most industries. Likewise, advertising and marketing firms have realized the potential of identifyinng and reaching target audiences relatively early as compared with other industries. Despite their early presence in social media, ncommunications and PR firms nare not the chosen source of advice or consultation on social mednia for companies. Instead, the majority of companies are using internal resources for developing and implementing their social-median strategies. IN THE FULL REPORT Where does your industry stand versus others? What can your company do to stand out? TheStateofSocialMediaforBusiness report illuminates how 20 different industries stack up when it comes to social media adonption and usage. ■ How communications has pulled ahead of other nindustries ■ Which industries have distinguished themselves in the social-media arena ■ Which industries are behind the curve on social media How does your industry compare? Are there opportunities for your organization to distinguish itself amonng its peers? 8 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 LACK OF MANAGEMENT SUPPORT AND )CONFIDENTIALITY 6 CONCERNS TOP THE LIST OF OBST)ACLES TO SOCIAL-MEDIA ADOPTIO)N 6 biggest obstacles hindering sociaEl media for business Taking a closer look at the one-thirEd of businesses in the sample that have not adopted social media, wEe see that confidentiality concerns and lack of mEanagement support are among the top reasons. One-third of the respondents note they are not decision makers. Combined with thne 14.7% citing managenment resistance, this indicates an overall lack of managemnent support. In addition,n 33.1% cite confidentiality issues as a primary obnstacle. Taken together with the prnohibition of socialn-network use at work, the data show that many companies are concerned about how their staff would use these sitnes. IN THE FULL REPORT What other factors keep businesses from moving forward with social media? Check the full State of Social Media Efor Business report for the full list of obstacles that companies face. 9 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 LESS THAN 15% OF THE BU)SINESSES USING SOCIAL 7 MEDIA ARE MEASURING )RETURN ON INVESTMENT ) Chart: Is your organization measuriEng your return on social-media invEestment? Connecting social mendia efforts to bottom-line results is a skill nthat escapes most businesses that are using social media. Less than 15% of the businesses in the sample using social media nreported that they are measuring their rneturn on investment while over 33% are not measuring return on investment at all. Among those innovators who are measuring social nmedia, most focus on usage and incoming traffic but not traditional business metrics. IN THE FULL REPORT Need direction on how to measure your social media REOI? The State of Social Media Efor Business 2answers pressing questions and provides baselines for companies that are considering social-mnedia measurement. ■ See how other companies are measuring ROI ■ Find out the most common metrics for evaluating your social-media strategy ■Learn how companies are using third-party analytics tools 10 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 COMPANIES HAVE LITTLE CONFIDENCE) 8 IN THEIR SOCIAL-MEDIA) STRATEGIES Social-media strategy indicators Companies are critical of their socialE-media strategies, with only 14.2% describing E their strategies as “very effective” and only 7.3% describing Ethem as “very revenue generating” on average. This low level of confidence in social-media sntrategies indicates that companies are not confident that socialn media is useful inn meeting business goals. In time, cnonfidence in their social-mednia strategies rises. As wnith other measures, we see the biggest jump at the two-year mark. IN THE FULL REPORT How would your organization stack up? The full State of Social Media for Business report paints a somewhat critical picture of how respondents rate their companies’ social- media strategies on: ■ Creative/original ■ Fun/engaging ■ Buzzworthy ■ Thought provoking ■ Community building ■ Brand enhancing ■ Cost effective ■ Targeted/niche 11 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 THESTATEOFSOCIALMEDIAFORBUSINESS–SELECTTHEMES2010 These select trends and data points provide a snapshot of wnhere businesses are in their social-median usage, confidence and measurement. The fulS l tate of Social Media for Business 2010 report provides a deep and autnhoritative look at how businesses of different sizes, industries and foci are using social medina. The State of Social Media Efor Business 2010 provides information not available anywhere else. Take advantage of this data and, set baselinesn and position your business on the most productive path for social-media sunccess. The State of Social Media Efor Business 2010 includes: ■ 145 pages ■ 213 charts and grnaphs ■ 6 data cuts ■ Key indicators of social-media nintegration ■ Comparative data based on company size and industry focus ■ Benchmarks to assess where your company is on the social-mendia adoption curve ■ An introduction by social-media expert and SmartBrief on Social Media Advnisory Board member, Olivier Blanchard TABLE of CONTENTS I. Introduction II. What Companies Are Doing III. How Companies Manage Snocial Media IV. How Companies Track Success V. How Long It Takes to Integrate Social Media VI. Which Industries are Ahead VII. How Business Professionals Use Social Media Appendix 1: Analysis by Business Focus 12 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 IN THE FULL REPORT INFORMATION OF SPECIAL WHAT YOU’LL FIND: INTEREST TO: ■ How businesses are using social medina Agencies and consultants ■ Wheretheycouldusehelpinstrategyandexecution ■ What are the top-of-mind questions about social media for companies ■ The context needed to create an effective social-media strategy ■ CEOs How are other companies in your industry using social media? ■ How can social media helnp differentiate your company? Brand managers ■ What tools and tactics are under-utilized? ■ How to make your brand stand out from the crowd Social-media manageErs ■ How are other companies of your size staffing social media and alnlocating resources? ■ What are the emerging social-media plnatforms? ■ How are companies using socianl media for staffing and training? ■ HR/Careerists What are the biggest platforms for professional development? ■ What are the biggest opportunities for professional development via social mendia? 13 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010 SOCIAL MEDIA FOR BUSINESS – SELECT THEMES 2010 About Summus Limited: Summus is a unique ninformation-based consulting firm that nspecializes in bu -si ness-to-business and executive research. Using qualitative and quantitative tech- niques, we help companies better understand the complex environments in which business decisions must be made. With a nfocus on strategy, positioning and nor-ga nizational behavioral alignment, Summuns has worked with many top tier comp- a nies in a number of nindustries, including finanncial and professional services, food and consumer products, media and cnommunications, restaurants and retail and business services. Our proprietary research methods have been used to assess corporate culture and align large multi-unit businensses; map the customer e-x perience; assess new customer needs and product/service gaps; refine branding and positioning; idenntify new opportunities for growth and/or efficiencnies. To learn more about Summus, please visit our website www.summuslimited.com. About SmartBrief: SmartBrief is a media company on a mission to save you time and keep you smart. The premise behind SmartBnrief is simple: there’s too much information out there and too little time in the day tno read it all. Our ednitors hand-pick the most relevant and important news from all over, summarize it, nlink to the original sournces and deliver it – for FREE – in one-stop-shop e-newsletters. Nearly 3.5 million busi- ness decision makers count on SmartBrief neach day to provide “must-read” news in 25 key industries. Subscriptionsn are free of charge, offered in partnership with more than 100 leading trade associations, professional societies, nnon-profits and corporations. In addition nto the industry-focused briefs, SmarntBrief offers a suite of best practices newsletters to keep busy professionals smart aboutn their jobs – including SmartBrnief on Social Median. As a trusted, targeted vehicle for rch- ing influential businenss professionals on a daily basis, B2B advertisers depend on SmartBrief to reach their target audiences and produce measurable results. To learn more about SmartBrief,n please visit our websitewww.smartbrief.com. 14 THE STATE OF SOCIAL MEDIA FOR BUSINESS - SELECT THEMES 2010