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Big Corporations transforming to Social Business through Social Media

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Large Multi National Corporations are adopting social media slowly

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Big Corporations transforming to Social Business through Social Media

  1. 1. Analysis & OutlookSoci Corporations transforming to Social Business through Social Media BigAccording to 2012 FedEx/Ketchum Social Media Benchmarking Study, presented jointly byFedEx and Ketchum, some of the big corporations have moved beyond just being present onvarious social media platforms and are utilizing the social media platforms to strategicallyengage and strengthen relationship with various stakeholders that include employees, customers(51%) , general public (52%) and partners & suppliers (40%)to not only increase the brandaffinity but also involve them in co-creation which will help them in attaining the business goals.The study is based on quantitative surveys and telephone interviews with a total of 85 executivesfrom companies like IBM, Southwest Airlines, Bank of America, AT&T, Chevron, G.E., Cisco,and Time Warner Cable , etc. and communications “thought leaders.” But for many other bigcorporations this social business transformation is not yet started despite the fact that Socialmedia tools have radically transformed the way people engage with the world around them andemployees are constantly looking for and demanding for such tools within the organizations foruse in their day to day work.All the corporations who participated in the study have a strongsocial media framework and policy in place and are most effectively using social media toenhance brand reputation and awareness, provide customer service and strengthen relationshipsacross key stakeholders. The survey also highlights the fact that 88% of companies keep track ofonline feedback and conversations, and 80% of companies surveyed agree that they are presentlymeasuring social media, with 84% focused on engagement, 69% on impressions, 53% oninfluence, and 51% on tone.The 2012 FedEx/Ketchum Social Media Benchmarking Study also highlighted that not only theexternal engagement with customers, suppliers, etc. but also internal engagement between thecompany and its employees, and empowerment of employees to represent the brand externally asthey are the most passionate and credible ambassadors of the company’s brand have alsosignificantly improved and resulted in employee retention, engagement and productivity.Internally, 85% of companies surveyed have seen employee participation in social mediaincrease over the last year. In terms of goals, 46% of companies are using social media tostrengthen relationships with employees, 44% use it to share expertise and foster collaborationand 38% use it to increase employee participation in programs or initiatives. 64% of participatingcompanies said the structure and roles in the marketing, communications or human resourcesteams have changed as a result of social business. Companies that participated in the study hasrealized that educating and empowering employees and customers to operate as brandambassadors capable of managing the social conversation with the support of social mediapolicies and guidelines will be a definite win-win situation for all. Executive Leadership at thesecompanies understand that social media as an essential component of business success and it hasbecome a strategic part of the decision making and overall strategy formulation.With socialmedia rise both internal and external to organizations, 27% of companies are more concernedabout transparency issues, including employee privacy, legal and compliance issues, andaddressing misinformation that appears on the Web.Rajesh Prabhakar Analyst Bio @ http://socialmediacases.blogspot.com/

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