In my last post, I had given reasons why small businesses don't use social media, so this post I decided to see how the big business fair in Social Media.
Tata Consultancy Services (TCS), India's giant IT service company, conducted a survey of 655 global companies from mostly $1 billion+ consumer companies in June and July 2013 in its report titled: 'Mastering Digital Feedback: How the best consumer companies use Social Media' .The average revenue of our respondents was $15.6 billion (median of $4.9 billion).
There are many issues relating to Social Media according to TCS, but the company felt that these are the 10 most important issues:
1. Some 38% of consumer companies report a positive return on their social media investments – more than double the number of companies with a negative ROI –but 44% haven’t measured the return
2. Companies with broader benefits from social media are more likely to have a large internal ‘social circle’ with multiple functions working closely together on social media
3. Industries with greater benefits from social media are more likely to sell products and services that consumers are passionate about.
4. Leaders at social media go far beyond creating company pages on public social networks; a majority of them have blogs, online communities for consumers, mobile apps, and company video channels.
5. Leveraging social media requires corporate cultures to be more transparent – both externally and internally.
6. The best consumer companies at social media on an average spend double of what the worst companies do; but the leaders are nearly four times more likely to get a positive return on their social media investment.
7. Only three business functions are actively involved in monitoring what consumers say about their firm through social media: marketing, customer service and sales.
8. Other functions that should be actively listening largely are not: R&D and product management.
9. Marketing most frequently controls social media, but most companies aren’t satisfied with how these activities are structured.
10. Companies are investing fewer resources on social media than they are on big data.
A detailed report can be found here.