Social Media Reality Check by SocialVolt

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Social Media Reality Check by SocialVolt

  1. 1. WHITE PAPER SOCIAL MEDIA Reality Check w w w.socialvolt.com
  2. 2. Reality CheckExecutiveOverview2012 Corporate SocialMedia SurveyThough those surveyed are generally active in social media, risk – like establishing a social media policy and ensuring thatSocialVolt’s 2012 Corporate Social Media Survey found that most employees adhere to it – should certainly concern security and riskmarketing folks are not currently taking proactive measures to managers within their organizations.ensure compliance and minimize risk when it comes to social Although this survey shows that there is a lack of awarenessmedia – even those from highly regulated industries. around corporate social media policy and regulations, there isOne-quarter of financial services companies do not have a social promise for the future. Let’s take a closer look.media policy in place, and 75% do not conduct any training.Three-quarters do not have a way to provide a detailed audit trailof social media activities. Perhaps most surprising is that 37.5%say they don’t have to comply with any federal regulations and “Most marketing folks12.5% are unsure. are not currently takingWithin healthcare organizations, although 28.6% say theymanage social media for multiple brands, 42.9% don’t have proactive measuresa social media policy in place and 85.7% don’t conduct any to ensure compliancetraining. And, a whopping 42.9% are unsure whether they have tocomply with federal regulations. and minimize riskIn this day and age, when a company’s brand can make it or when it comes tobreak it online via tweets and Facebook posts, the fact that mostmarketers are not taking simple proactive measures to minimize social media – even those from highly regulated industries.” Social Media Reality Check: SocialVolt’s 2012 Corporate Social Media Survey .2.
  3. 3. Reality CheckMethodology& RespondentProfileThis online survey was conducted in April 2012 by SocialVolt Corporate Breakdownand generated more than 140 qualified responses from U.S.companies in a variety of industries. Survey respondents repre-sented senior-level marketing and social media titles at a variety Of the 81.7% of respondents that were from corporations (non-of industries. The majority of respondents were from corpora- agencies), the majority identified themselves as a Marketingtions and brands, while 18.3% represented agencies. Companies Manager (38.3%), Social Media Manager (25.2%) or CMO/VP/participating included Ameriprise Financial, CareerBuilder, Drury Director of Marketing (10.4%). Thirty-four point eight percent areHotels, Merrill Lynch, Mutual of America and many others. Health- small or medium-sized businesses, while 30.3% have more thancare/pharmaceuticals and financial services represented the toptwo industries, aside from agencies and consultants/profes- 5,000 employees. Three-quarters (74.8%) are privately held. Thesional services. vast majority (92.2%) engage in social media, yet 49% don’t have a policy in place. Agency Breakdown Of the 18.3% of respondents that were from an agency, the major- ity were from marketing agencies (38.5%); other types of agencies included interactive (23.1 %), integrated (23.1%), advertising (11.5%) and public relations (3.8%). Forty-two percent are CEOs/owners. The majority work with either just B2B or both B2B/B2C clients (42.3% each). Over three-quarters do manage social media on behalf of their clients (79.6%), yet 85% don’t have a policy in place. Social Media Reality Check: SocialVolt’s 2012 Corporate Social Media Survey .3.
  4. 4. Reality CheckSocial MediaActivitiesOnly eleven percent characterize their social media activity as“very active” – the majority (63.2%) consider their level to be“moderate” and 25.6% consider their level to be “active”.Forty-one percent say they are managing social media for morethan one brand or client, with 68% of those folks managing anaverage of two-to-five brands or clients. Seventeen percentmanage social media for more than ten brands or clients.When asked why they use social media, 89.6% said “tocommunicate with customers”; 80% to “promote goods andservices”; 70.4% to “generate new prospects”; 60.8% to “monitorcompetitors and listen to conversations”; and 47.2% to “stay ontop of industry trends”. “Forty-one percentThe majority (57.6%) have two-to-five employees involved in social manage social mediamedia activities. for more than one brand or client, with the majority (68%) managing two-to-five.” Social Media Reality Check: SocialVolt’s 2012 Corporate Social Media Survey .4.
  5. 5. Reality CheckSocial MediaCompliance Top Risks& Risk Respondents are most concerned with their company’s reputation when it comes to social media risks – 56.2% cite “embarrassment or brand damage” as the most worrying risk. Marketers are not concerned about the risks of being non-compliant, as demonstrated by only 3.3% noting concern about employees notSixty-two percent either don’t have or don’t know if they have complying with federal regulations and 1.7% expressing concerna social media policy in place; 38% say they do have a policy in about associated financial penalties.place. Forty percent are unsure of if they have to comply withfederal regulations, while 39.7% say they don’t and 20.7% saythey do. Among highly-regulated industries, 12.5% of financial What corporate social media risk are you MOST worried about?services companies and 42.9% of healthcare/pharmaceutical Embarrassment or brand damage 56.2%companies do not know if they are supposed to be complyingwith regulations. Misrepresentation 14.0% Accidental disclosure of confidential information 10.7%Sixty-eight percent do not conduct any social media training. Employees not adhering to company’s policy 7.4%Companies with more than 500 employees are more likely to Hacked accounts/fraudulent posts 6.6%conduct training than those with fewer than 500 employees –40% compared to 23.2%, respectively. Employees not complying with federal regulations 3.3% Financial penalties 1.7% Accidental disclosure of IP 0.0% Top Challenges How challenging are the following corporate social media tasks? Measuring effectiveness of 3.3% Measuring the effectiveness of social media social media activities 49.6% 42.1% 5.0% 0 activities is the biggest challenge that those Monitoring competitive posts 26.4% 46.3% 15.7% 11.6% surveyed are facing, with 91.7% citing it as Posting relevant content/engaging in 26.4% 57.0% 14.0% 2.5% relevant conversations either “extremely challenging” or “somewhat Integrating with our CRM system 21.5% 20.7% 12.4% 45.5% challenging”. Forty-three percent find “managing Responding to posts in a timely, 4.1% social media in accordance with policy (and appropriate manner 19.0% 42.1% 34.7% proving it)” to be challenging, while 45% find Monitoring all of the company’s 16.5% 52.1% 24.0% 7.4% social media accounts “establishing and adhering to a corporate social Managing social media in accordance 7.4% 35.5% 27.3% 29.8% with policy/regulations (and proving it) media policy” to be a challenge. Establishing and adhering to a 7.4% 38.0% 33.9% 20.7% corporate social media policy EXTREMELY CHALLENG ING NOT CHALLENG ING SOMEWHAT CHALLENG ING N/A Social Media Reality Check: SocialVolt’s 2012 Corporate Social Media Survey .5.
  6. 6. Reality CheckCorporateSocial MediaSolutionsThe group is evenly split between those who do have products/systems in place to manage corporate social media activities– 50.4% do and 49.6% do not.Of those who do have a system in place:• “Of those who have 32.7% do not have a way to enable staff to author content, but retain control over passwords and account information• 48.1% cannot provide a detailed audit trail of social media activities a system in place,• 57.7% cannot provide management or federal examiners with access to data 48% cannot provide• 61.5% cannot backup and archive data a detailed audit trail ofWhen asked what the top attributes are in a corporate socialmedia management system, the top five were: social media activities1. Schedule and publish posts and 62% cannot2. Manage Twitter, Facebook and LinkedIn interactions from one location backup and archive3. Monitor conversations across multiple social media sites and blogs social media data –4. Track positive, negative and neutral sentiment this can present a5. Monitor responses in real-time huge risk.”However, when asked to rate how their current system performsin those same areas, the majority of respondents said that theirsystems are in need of improvement. Social Media Reality Check: SocialVolt’s 2012 Corporate Social Media Survey .6.
  7. 7. Reality CheckLookingto the Future Raising Awareness for Social Media RiskThe number one top priority for the coming year is to “better The majority (65.8%) say that conducting a social media riskengage/interact with customers using social media”, with 98.2% assessment in 2012 is important. Creating a policy and trainingsaying it was either very or somewhat important. Regaining control employees will also be important as marketers look to the futureover corporate social media accounts was the least important – 67.6% say that establishing a corporate social media policy isobjective, with 48.1% of respondents claiming it is not important. important and 75.9% plan to train employees and raise awareness for their corporate social media policies. Likewise, practicing compliant social media will gain momentum in 2012 – 69.4% think it’s important to have an audit-ready trail of social media activities and 59.3% want to ensure that social media activities comply with federal regulations. Please rank the following social media objectives in terms of priority for 2012: Better engage/interact with 84.3% 13.9% 1.9% customers using social media Get one consolidated view of all 45.4% 43.5% 11.1% corporate social media activity Train employees and raise awareness for 36.1% 39.8% 24.1% our corporate social media policy Establish a corporate social media policy 29.6% 38.0% 32.4% Minimize breaches and 28.7% 37.0% 34.3% reduce fraudulent posts Regain control over our corporate 28.7% 23.1% 48.1% social media accounts Ensure social media activities 24.1% 35.2% 40.7% comply with federal regulations - readyHave an audit- trail of 22.2% 47.2% 30.6% social media communications Conduct a social media risk assessment 16.7% 49.1% 34.3% VERY IMPORTANT SOMEWHAT IMPORTANT NOT IMPORTANT Of those who consider it important to comply with federal regulations, only a fraction (4.4%) anticipate their social media activities to decrease as a result of those regulations – 42.2% plan to increase social media activity, while 53.3% anticipate their level to stay the same. Social Media Reality Check: SocialVolt’s 2012 Corporate Social Media Survey .7.
  8. 8. Reality CheckConclusionAlthough this survey shows that the majority of marketing titles arenot currently taking proactive measures to ensure compliance andminimize risk when it comes to social media, there is hope for thefuture. “Companies andCompanies and agencies – especial those in heavily regulatedindustries – need to arm themselves with the proper tools andinformation to engage in social media in an intelligent, compliantway. Marketers need to get on the same page with their agencies – especialorganizations’ risk and compliance officers to ensure that socialmedia activities are within the constraints of their specific industry those in heavilyregulations – without completely stifling the creative, genuinenature of the medium. Though this can be a difficult balance tostrike, it can definitely be achieved. regulated industries –Step one is simply taking the time to develop a corporate social need to arm themselvesmedia policy and making employees aware of it. Even the mostregulated industries can successfully participate in social media with the proper tools and information toif they adhere to internal policies and regulatory guidelines bybuilding security and control into their social media programs. By engage in socialmaking sure a complete and thorough social media policy andsystem is in place, every company can start to recognize the valueof compliant social media. media in an intelligent, compliant way.” Please refer to SocialVolt’s recent whitepaper, “Social Media for Regulated Industries,” for more information on social media’s impact on heavily regulated industries like financial services, healthcare and pharmaceutical companies, and best practices for creating a compliant social media policy. Social Media Reality Check: SocialVolt’s 2012 Corporate Social Media Survey .8.

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