NEWS27 October 2014
US — While 88% of businesses recognise the competitive importance of social media, they struggle to translate its benefits into financial gain, according to a new study.
Less than half ( 40%) of the businesses surveyed by Harris Poll for Hootsuite’s Social Business Benchmark report said they used data gained from social media to improve their bottom line. 60% agreed that it was a challenge to find actionable use for the data collected.
However, 84% of the 750 businesses surveyed said they felt social media could add value to enhancing relationships with existing customers, 81% said it provides the means to learn about a company’s reputation and 79% that it allows them to monitor external communication. Many agreed that aligning social media strategy across different departments was difficult.
“While social media is a part of everyday life for consumers, effectively integrating social in the workplace hasn’t been as easy,” said Hootsuite CEO, Ryan Holmes. “Nearly all survey respondents agreed that social data can improve the bottom line, yet turning that data into something actionable can be a challenge.”
- In addition to this research, Hootsuite has announced its new Global Agency Partner Programme: “a new initiative for equipping large, global agencies with the education, tools and support to accelerate enablement of social business across their enterprise clients.”