Social business brings measurable value
Companies measure the business value of social initiatives, but not their ROI.
- Companies primarily use social technologies for: 1) Marketing/brand experience - 64%; 2) Customer experience/service/support - 47%; 3) Employee collaboration - 39%; 4) Sales - 27%.
- Respondents are most interested in three social interaction in metrics: 1) Customer feedback/preferences - 26%; 2) user, behavioral, and content trends - 22%; 3) ROI - 19%.
- Have you attained measurable business value through your use of social technologies?: 1) Yes, it has already helped me immensely in my role - 17%; 2) Yes, but I haven't used it to its full potential yet - 12%; 3) Somewhat. I
know everyone is doing it, but I'm still a little skeptical - 20%; 4) No, it's a fad and a waste of time - 2%; 5) My firm is limited in its use of social media due to regulations within my industry - 17%.
- Do you currently measure ROI for your social business programs?: 1) No - 77%; 2) Yes - 23%.
- How important is it to your business to analyze and glean insight from large data sets from social interactions happening in real time?: 1) Very important, it's strategic focus for my business - 20%; 2) Important, but not one of
our highest priorities - 22%; 3) Not important - 15%; 4) Don't know - 20%.
Source: Social Software and Big Data Analytics in Business, Mzinga, Teradata Aster, and The Center for Complexity in Business at the University of Maryland's Robert H. Smith School of Business.