CEO City

Social Media Necessary for CEOs

By SiliconIndia   |   Monday, August 6, 2012   |    1 Comments
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The new report from and business intelligence firm DOMO notes that social media is more pervasive than ever among consumers: 50 percent of the population currently uses Facebook, and more than 37 percent use Twitter. Yet among Fortune 500 CEOs, the report says, only 7.6 percent are present on Facebook, only 4percent use Twitter, and less than 1percent use Google Plus. LinkedIn is the only social network where CEOs are slightly ahead of the general populace, the study concludes: Twenty-six percent of CEOs surveyed use LinkedIn, compared to 20.15 percent of the population at large as said by David K. Williams and Mary Michelle Scott on Harvard Business Review.

The recent report shows CEOs' unwillingness may be changing. IBM recently surveyed 1,709 CEOs, it found just 16 percent currently participating in social media. But its sure that the percentage will increase to 57 within a span of 5 years and social media will become one of the two most important forms of engagement with employees and customers.

The change is necessary and now the corporate leaders, large company CEOs are at last realizing that using social technologies to connect with clients, suppliers, and even with their own staffs enables their companies to be more adaptive and lively.

This is a principle we take to heart at our own company, Fishbowl, as well. For example, we maintain a Facebook group for our customers of our inventory control software that allows them to interface directly with our engineers. This allows customers to send complaints, praise, ideas and requests for new features to our programmers through a forum the entire world can see. We also make it a practice to share our competitors' information freely and to praise their successes as well as our own.

There are many who don’t agree but in many aspects, social media is becoming the "universal university" that allows all of us to learn from each other through remarks, comments, advice, criticisms and forceful dialogues. Leaders believe, social media will cost more but a positive return on investment is a must.

Consider one more piece of recent research: The BRANDFog 2012 CEO Survey says more than 82 percent of respondents are likely or much more likely to trust a company whose CEO and team engage in social media. The study also reports that 77 percent of respondents are likely or much more willing to buy from a company whose mission and values are defined through their leaderships' involvement in social media.

Evidently social media is becoming fundamental for business.  However, the principal rewards are available for companies whose commitment to social media comes from the top.

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Posted by:kaily - 17 Jan, 2013
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