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Why with so much evidence about the value of social media do so few executives use it? They're anchored to 6 damaging myths about social media that hold them back. Here are the truths.
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Boston Consulting says social media will be worth $4.2 trillion by 2016, a Capgemini-MIT Sloan study shows digitally mature businesses are 26% more
profitable than less mature peers & the Sensis Social Media Report says of searches done
nearly 70% convert to a sale…
And YET …
Only 30 percent of CEOs are social but mostly because they’ve signed up to LinkedIn
(& not necessarily using it) -
The eruption of social media seemed so fast and was so visibly associated with teen geekery that an
inaccurate but influential narrative has taken hold.
The professional business network LinkedIn was founded in 2002 and now has 260 million users from
200 countries.
When people think of Facebook, they think of the baby-faced
college kid, Mark Zuckerberg. But Facebook is over a decade old.
Even relative newcomer Twitter has been around since 2006 &
handles 500 million tweets & 1.6 billion search queries every day.
Look at Instagram and it’s no surprise people think social media is about posting photos of what you ate
for lunch.
Imagine you’ve had a four-hour meeting &break for lunch, someone delivers a tray of sandwiches and you
turn to a colleague and say
“oh chicken sandwiches.
I love them.”
Photos in social media record a moment in time -
“I was here … this is what I saw that caught my
attention”…
Networks allow you to reach out to people around the world with great ideas or who share your interests but who you don’t know exist
until the algorithms work that out -
On LinkedIn two professionals join a second (under 25?)
on Twitter the fastest growing demographic last year - adults aged 55-65,
Facebook? 55-65 year olds …
But because marketers are creative & experimental many
recognized its potential early and hopped on board.
Social media creates an expectation that cannot be
delivered under legacy business structures - immediacy.
You can build indicators for – Finance: Has revenue/profit increased or costs decreased? Brand: Have consumer attitudes about the brand improved? Risk: Are we better prepared to respond to problems that affect reputation? Digital: Has the company enhanced its digital assets?
Having said that in 2013 Business Insider said brands were moving away from metrics because they
recognized that social media is not transactional.
If you want to find out more thenplease sign up to be notified by
WILEY when my new book The Social Executive –
why executives need social media & how to capitalise in it is launched globally July 2014.