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Best Practices for Using Social Media To Drive Business Outcomes Report Summary

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Social Media, the buzzword of this generation, has taken over agendas of many marketing organizations. But is any investment in Social Media a good investment?

This cross-industry online benchmarking study identifies how companies use Social Media tools in their business environment, the opportunities and risks associated with Social Media applications as well as requirements for managing their use. Specifically, the research examines Social Media's impact on customer satisfaction ratings, brand management, sales and marketing metrics, recruiting levels or other business goals.

Some businesses pursue Social Media initiatives proactively to positively impact business outcomes, while others only monitor company-specific content posted on Social Media sites.


KEY TOPICS:
- Companies’ Maturity Applying Social Media
- Key Social Media Tools/Applications
- Impact of Social Media Efforts on Business Objectives
- Policies for Using Social Media in the Workplace
- Effectiveness Measures
- Training for Social Media Professionals

KEY METRICS:
- Volume of Companies Using Social Media Proactively vs. Passively
- Staffing and Training for Social Media Activities
- Importance of Social Media for Specific Business Functions
- Social Media Tools With Greatest Benefit on Business Goals
- Most Used Tools for Monitoring Social Media Content
- Social Media Policy Practices
- Organizational Challenges for Adopting Social Media Strategies

METHODOLOGY:
Best Practices, LLC used field surveys to complete this study on behalf of a Research and Advisory Services partner. In all, 24 companies from mainly the utility, health care and pharmaceutical industries contributed to this study.

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Best Practices for Using Social Media To Drive Business Outcomes Report Summary

  1. 1. Best Practices for Using Social Media To Drive Business Outcomes Best Practices, LLC 1 Copyright © Best Practices®, LLC BEST PRACTICES, ® LLC
  2. 2. ContentsResearch OverviewKey Findings & InsightsEarly Stage Segment:Companies That Limit Social Media Activities to MonitoringMature Stage Segment:Companies That Proactively Manage Social MediaSocial Media PolicyChallenges for Implementing Social Media Strategies 2 Copyright © Best Practices®, LLC BEST PRACTICES, ® LLC
  3. 3. Research Objective, Methodology & Topic AreasThis benchmarking research will provide comparative metrics that marketing andcommunications leaders can use to evaluate their Social Media programs againstthose at other companies. Study Objective & Methodology Key Topic Areas The purpose of this survey is to understand how companies use Social Media tools in Key Social Media Tools and their business environment, the Applications opportunities and risks associated with Social Media applications as well as Impact of Social Media Efforts requirements for managing their use. on Business Objectives Policies for Using Social Media Data was collected through an online in the Workplace survey of individuals responsible for overseeing Social Media activities. Corporate Maturity Levels in Using Social Media Results are segmented into two groups: Anticipated Trends in Social 1. Early Stage—businesses that limit their Media Use activities to monitoring company-specific content posted on Social Media sites and Effectiveness Measures 2. Mature Stage—businesses that pursue Training Requirements for Social Media initiatives proactively to Social Media Professionals positively impact business outcomes. 3 Copyright © Best Practices®, LLC BEST PRACTICES, ® LLC
  4. 4. Benchmark Research ParticipantsParticipants in this benchmarking research included 25 respondents at 24 companiesacross utility, healthcare, pharmaceutical and other industries. ParticipantsParticipants: American Electric Power, Bayer, CenterPoint Energy, Dentsply, Drager, Emerson, The EmiratesGroup, Emsi, GlaxoSmithKline, Grupo Uriach, IMS, Jackson Energy Authority, Janssen-Cilag, Johnson &Johnson, Lucelec, Merck, Mid-American Energy, MSD, N-Tara, Peco, Shieldstream, Takeda, Talyst & TMP Direct. 4 Copyright © Best Practices®, LLC BEST PRACTICES, ® LLC
  5. 5. One-Third Monitor Content Purely to Ensure AccuracyAbout one-third of companies in the benchmark class are passively monitoring SocialMedia content on the web without strategically driving Social Media activities, comparedwith 48% that are engaged in content or activity management. Ensuring content accuracyis the principal goal. Q. Is your organization currently using Social Media applications? 48% 32% 20% Proactive Social Media Passive Monitoring of Dont Monitor or Apply Management Social Media Content Social Media (n=25) 5 Copyright © Best Practices®, LLC BEST PRACTICES, ® LLC
  6. 6. Google, Facebook Are Top Monitoring Tools forEarly Stage SegmentGoogle and Facebook are the tools that the Early-Stage segment companies use mostfrequently to monitor Social Media content on the web. Typically, participatingcompanies in this group use between three and four different tools to monitor activity. Q. What tools do you use to (passively) monitor Social Media content? (Choose all that apply.) Monitoring Tools Google Search 100% Facebook Search 75% YouTube Search 63% Twitter Search 63% Blog Search (e.g. Technorati) 38% MySpace Search 38% % of Companies (n=8) 6 Copyright © Best Practices®, LLC BEST PRACTICES, ® LLC
  7. 7. About Best Practices, LLC Best Practices, LLC is a research and consulting firm that conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. Best Practices, LLC 6350 Quadrangle Drive, Suite 200 Chapel Hill, NC 27517 (919) 403-0251 bestpractices@best-in-class.com www.best-in-class.com 7 Copyright © Best Practices®, LLC BEST PRACTICES, ® LLC

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