While 88% of organizations understand the importance of using social media to stay competitive, many admit having trouble turning the data captured through social media use into actionable items that could enhance the bottom line, according to a new study released by Hootsuite.
The Social Business Benchmark 2014 survey was overseen by Harris Poll. It involved more than 750 respondents from enterprise organizations with an eye on delving into the behaviors, outlooks and challenges faced in regard to social media use.
Hootsuite uses the survey to help tailor educational programs to help businesses effectively leverage social media use. The survey also aims to help Hootsuite streamline its product to better serve corporate clients.
Some 84% of respondents said they understood the value of using social media outlets to foster relationships with customers. About 79% also saw the value of social media for monitoring external conversations related to their companies.
A majority, however, (67%) admitted to finding it difficult to assess the effectiveness of their social media use while another 60% say they struggle with transforming data from social media into actionable items. That, study authors say, puts a spotlight on missed opportunity for leveraging social media technologies to enhance the bottom line.
Social Media Features That Matter
While most respondents said transforming analytics into action was problematic, they still pointed to data-gathering features as being among the most important to them on social media management platforms.
Respondents who said they used a social media management platform told survey takers these analytics-related features were of importance to them:
- General analytics – 80%
- Measuring campaign results – 78%
- Ability to manage multiple accounts – 79%
Ending the Data Disconnect
While respondents agreed analytics were important, the survey revealed that the majority of companies are not using the data insights gained to improve their bottom lines.
Only about 40% said they were leveraging data to boost business. It is Hootsuite’s aim to make leveraging analytics more feasible for companies.
“Our focus on building an intuitive platform and education solutions is to address this problem and help organizations unlock the rewards of social media across the enterprise,” CEO Ryan Holmes said.
Those rewards, Hootsuite pointed out, add up to about $1.3 trillion in potential annual business value, according to a recent report from the McKinsey Global Institute.
Please Leave A Comment
Related posts:
Parents are Turning to Social Media for Advice and Support
Social Media in the Office? Businesses Still Prove Hesitant
Study: Instagram Dominates Other Social Media for Engagement
Millennial Females Bring in the Most Referral Traffic through Social Media
Survey Shows Growing Importance of Using Social Media for Business