The Executive Social Media Gap; disconnect between companies’ understanding of social media and the actions they are taking to apply it to their business, 2012 Stanford Social Media Survey

See on Scoop.itDual impact of research; towards the impactelligent university

Less than a third of companies today use social media to support their corporate strategy and risk management practices, according to new research conducted by Stanford University’s Rock Center for Corporate Governance, the Center for Leadership Development and Research at the Stanford Graduate School of Business, and The Conference Board. 

In the report titled “What Do Corporate Directors and Senior Managers Know about Social Media?” the authors detail the results of a survey of more than 180 senior executives and corporate directors of North American public and private companies. The findings reveal a disconnect between companies’ understanding of social media and the actions they are taking to apply it to their business. The report appears in the latest Directors Notes published by The Conference Board.

 

Key findings include: 

 While 90% of respondents claim to understand the impact that social media can have on their organization, only 32% of their companies monitor social media to detect risks to their business activities and 14% use  metrics from social media to measure corporate performance.   Only 24% of senior managers and 8% of directors surveyed receive reports containing summary information and metrics from social media. Approximately half of the companies do not collect this information at all.   Nearly two-thirds of respondents (65%) use social media for personal purposes, and 63% for business purposes. Of those who use social media, 80% have a LinkedIn account and 68% have a Facebook account, demonstrating that executives and board members are familiar with this medium. Still, only 59% of companies in the survey use social media to interact with customers, 49% to advertise, and 35% to research customers. Approximately 30% use social media to research competitors, research new products and services, or communicate with employees and other stakeholders.
See on www.gsb.stanford.edu

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About Wilfred Mijnhardt
RMIMR is my virtual playground, a place to reflect on issues from my professional context, my job as Policy Director at Rotterdam School of Management, Erasmus University (RSM). RSM is the international university based business school at Erasmus University Rotterdam. More info here: www.rsm.nl Here is my list of relevant publications on the topic of my RMIMR weblog: http://www.mendeley.com/collections/694621/RMIMR-Repository/ The rss feed for my RMIMR collection is here: http://www.mendeley.com/collections/rss/694621/ Here is my other weblog on impact of research: http://www.scoop.it/t/dualimpact

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