CEO Information Consumption:How Business Leaders Stay InformedInformation has been called the new gold, the new oil, even the new soil. But how exactly doCEOs consume information? What are they searching for? What forms of media do theyprefer? What are their favorite websites? What media brands still matter? Do any of them stillread those giant, smudgy newspapers? 350 chief executives, bringing you thelatest research on where, how and on which devices business leaders are devouring news,trends and other information to help them (and their companies) succeed.increasingly digital. A 2011 Harvard Business Review study found that the average CEO spent4.88 hours/week on email alone.1 In our survey, 88% of CEOs said they found themselvesonline looking for business-related information at least once a day. They search for every-thing from technology trends to virtual tradeshows, they read The Wall Street Journal (thoughmaybe not the same way they did 10 years ago) and they LOVE email newsletters. 3/4 of CEOs under 50 say they ABOUT THE SURVEY “mostly consume We surveyed more than 350 chief executives with a wide information online” range of age, industry and experience. About half of the respondents were leaders of (for over 50, it’s not quite 2/3) businesses earning less than $10 million in annual revenue. You can read more details at Under 50 the end of the report or Over 50 click here if you want to read the long version now.How do they want all this info served up? Read on to see what we discovered.
What Forms Of Media Do CEOs Prefer? “You basically just want to press the ‘entertain me’button and that’s what [podcasting] does…especially when you’re on the go, you’re doing other things.” 2 -Noah Shanock, CEO of Stitcher INFOGRAPHICS 18% (skewed strongly younger) PODCAST 2% (skewed slightly toward companies over $10M) VIDEO 8% NO PREFERENCE 22% CEOs across the board seem 70% say they watch more video than to be becoming increasingly they did a year ago “information agnostic.” They care less and less about what format their information comes in, as long as it is immediate and consumable. 70% also say they seldom actually *read* online, preferring to ee gr scan for main points isa rD ee re e No gr ee e sa gr gre t Ag gr ee t Di isa ly A ha rA ha ly D (skewed slightly older) ew ew TEXT 57% Stro ng Som Neit he Som Stro ng but for a follow-up question (“when I consume information online, I prefer text”) only 14% had a strong preference one way or the other. But while the preference for text over more interactive content may not be as strong as it once was, when forced to choose just one format, the majority of CEOs still prefer it. Which Devices Are CEOs Using? - tion. Mobile adoption has outpaced any communications innovation before it, and executives are certainly riding the wave.
“What people do on their phones isoften a daily habit...I pulled the listof what people do on their phones in rank order of frequency. If you 89% use a laptop every day ignore things done by carriers--voice, text, and maps…the list lookslike: e-mail, check the weather, the 57% consume business info news, share photos, get nancial on a smartphone every day quotes, sports scores, and games. We all have these daily habits." 3 35% spend as much time -Marissa Mayer, CEO of Yahoo! on a tablet as a laptop What Information Are CEOs After? Google and Forbes, in the 1500+ face-to-face interviews they conducted last year for their “Rise of the Digital C-Suite” study, found that the majority of execs say “I check Google News a they conduct 10+ business-related Internet searches each day, or at least one lot, and I have Google each average working hour. 4 alerts set up for topics I’m especially interested in… For 4 out of 5 CEOs we surveyed (across age, experience and business size) I also read a variety of “business news” was the content they accessed most frequently. websites and blogs, which Google search.” 5 -Eric Schmidt, former CEO of Google Top 10 Business-Related Searches For CEOs 1 Business News 2 Market / Industry Trends For CEOs of companies over $10M, this is # 1 3 Business Insights / Expert Advice 4 Technology Trends For CEOs under 50, this is # 3 5 Marketing Trends 6 Competitor Analysis For CEOs with less than 5 years experience, this is # 4 7 Case Studies 8 Executive Lifestyles For CEOs over 50, this is # 6 9 Webinars / Virtual Tradeshows / Events 10 Speeches / Panel Discussions
Which News Sources Do CEOs Like Best? Ten years ago, the gold standard (with nearly 20% of the vote on an open-ended question) was The Wall Street Journal. Much to its credit, and despite a decade of paradigm-shifting media upheaval, that preference now strongly favors the online over the print edition. news source now and a decade ago—both the frequency of each response and how the Top Ten list of popular sources has changed. Grey sources were on the list a decade ago, but not today. Black sources made both lists. And blue sources are on the list today, but not ten years ago. The larger the logo, the more popular the response. Most Preferred CEO News Sources Then And Now... is the #1 choice in Entertainment Still on the List New to the List News for CEOs newspapers Industry Newsletters TV magazines “On the iPad I have the Wall Street“I don’t know about you, but I was the last guy in the world who ever got rid of my and CNN. Ill read those every day." 7 physical newspaper, because I loved it.” 6 - , CEO of Tumi -John Donahoe, CEO of eBay TV, Newspapers and Magazines (which nearly a quarter of respondents said they relied on most a retain strong attention shares while others (like AOL) have become irrelevant to CEOs. Several of the new additions to the list are established outlets that maintain both print and online editions: Forbes, Harvard Business Review and Financial Times. Other new additions (like Twitter and Flipboard) largely represent an up-and-coming generation of CEOs and the new ways they interact with information in general—social media in particular.
Do CEOs Find Value In Social Media? “I love Flipboard—I dont have magazine subscriptions anymoreThe Social Generation Gap because why would I?” 8% of CEOs who consider these -Nancy Lublin,social platforms “very valuable” to CEO of DoSomething.orgtheir businesses Under 50 Over 50 “The main way I discover information is my Twitter feed and my Facebook news feed. If people were honest, I think they would give more credit to Facebook and Twitter.” 9 -Jonah Peretti, CEO of Buzzfeed While twice as many CEOs under 50 nd Facebook “very valuable” for business information than they do Google+, the smaller, newer network actually outperforms Facebook by 30% among CEOs over 50.When it comes to social media as a source of business information, there’s a strong generationgap. More than twice as many CEOs under 50 categorized Twitter, Facebook, RSS feeds, blogs,converged in their estimation of the usefulness of LinkedIn (with the younger crowd still 40%higher) and Google+, which less than 15% of CEOs in either age category found valuable in theirbusinesses at all.What Other Info Sources Do CEOs Find Valuable? 96%Aside from news and social media, CEOs’ answers to ourquestions about which general information sources theyfound most useful in their businesses had some surprises of CEOs sayfor us as well. CEOs Sing The Praises Of: email newsletters 1 Email Newsletters 58% say they’re happy to pay for useful content are valuable 2 Online Trade Pubs in their work. 3 Industry Forums “very valuable”)
What Are CEOs Doing To Create Information? and well, it is clear that the up-and-coming generation of executives are not the only ones getting used to obtaining information instantly and from an ever-expanding number of sources. Their seasoned counterparts are also getting more tech-savvy and more familiar with social media. But these CEOs are not just passive consumers of information. Like most everyone in the digital age, they create information as well. Over The Past 6 Months... 60% participated in a webcast or video31% wrotea blog post 16% were part 87% participated in a social network of a podcast In short, the way business leaders consume information is changing. Sheer volume increases daily. Faster access and more transparency are the new normal. And mobile consumption and social media are defnitely here to stay. But there are echoes of a world before the information age a century remain the standards today—especially those that have managed to change with the times. And as executives continue to adapt themselves to ever-changing media, markets and consumer needs, it’s certain their information consumption habits will continue to evolve as well. About Domo And CEO.com CEO.com is sponsored by Domo. Domo and CEO.com give chief executives access to information they care about all in one place. To learn more, visit domo.com.
About The Survey Sample...We dont love relying on reports where were kept in the dark about the data sample, sohere’s what you need to know about our respondents:How many?How old? Age distribution followed a classic bell curve with the mean at 50 years. Nine percentHow experienced? From what kind of companies? Our respondents represented a wide variety of industries. And while just under half of those Under 50 surveyed were leaders of businesses with less than $10 Over 50 million in annual revenue, the rest were spread fairly evenly across the other revenue tiers. es om ale rvic elec in g es tio n < 5 years Experience ng Se re /T ur ol ta isi tion ial ca ch a ct h es or t c lth Te uf /W sp r > 5 years Experience ver uca an a gh an tail rvic an he Ad Ed Fin He Hi M Re Se Tr Ot Under $10 million $10-49 million $50-99 million $100-499 million $500 million+Notes:1. “Rise of the Digital C-Suite” http://www.forbes.com/forbesinsights/digital_csuite/index.html2. “This Week in Startups: Noah Shanock” http://thisweekin.com/startups/noah-shanok-founder-and-ceo-stitcher/ http://www.businessinsider.com/marissa-mayer-lays-out-her-vision-for-the-future-of-technology-and-yahoo-2013-14. “What Do CEOs Do?”5. “What I Read: Eric Schmidt” http://chiefexecutive.net/john-donahoes-transformational-adventure