Social business - why does it matter?


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Social business is a new buzz word, but why should you consider adopting a social business strategy? Find out in Volume's infographic.

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Social business - why does it matter?

  1. 1. Social Business... Why does it matter? Social media is transforming the way organisations are talking to customers88% of CEOs think “getting closer to the customer” is the most important factor in realising their strategy in the next five years. One out of every six minutes spent online is on a social network So communicating with customers across social media is not an option but a necessity However, to communicate effectively with your customers, you must first communicate effectively with your stakeholders YOU NEED TO BE A SOCIAL BUSINESS A Social Business is an enterprise that has incorporated social-engagement processes and technology across all areas of a business to maximise value and profitability BY 2014 the market for social-enterprise tools, software and services is predicted to reach US$4.6 billion worldwide RIGHT NOW Companies waste Two out of three5.3 hours per employee people can’t find per week the help they know because of inefficient is out there processes 98% of CEOs say they need to restructure the way their organisations work THE WORKFORCE IS SOCIAL Increase in social usage over the past 70% two years at work 52% MILLENNIALSEXECUTIVES Use at least one 82% social network 58% for work 45% Are often logged into social network 50% at work So why not socialise with them?Research by Gallup and others shows that engaged employees are more productive, profitable and less likely to leave. Engaged workforces have an earnings per share 3.9x higher than other organisations in the same industry. 74% 69% 58% 47% of social-technology adopters in 2011 Increased speed to Increased Increased Reduced access customer effectiveness internal knowledge satisfaction of communication internally marketing costs A study of 900 53% US-based execs revealed 57% believe that they have expect an increase in to adopt Social Business revenue or sales after or will fall behind implementing Social Business Real-time response and engagement = More satisfied customers Dynamic Higher communication engagement = = Improved Increased revenue performance BUSINESS VALUE Over 50% of organisations now consider Social Business applications to be imperative or significant to their business goals Socially Transparent mobilised workforce knowledge flows = = Increase in Empowered collaboration and workforce productivity Relevant human brand engagement = Increase in advocates eSocialMedia, 2011 Jive, 2011 McKinsey, 2011 Siemens, 2007 Harris Interactive and Tacit Knowledge Systems, 2003 IBM CEO study, 2008 comScore, 2011 Useful Social Media, 2011 Altimeter Group, 2011