Social Business Survey and Infographic: 83% of Executives Leverage Social for Work
As a data geek, I was super happy when Jive announced the results of our 2011 Social Business Index report. Penn Schoen Berland, which was commissioned by Jive, conducted a study May. The company surveyed 301 executives, 301 working millennials and 300 general knowledge workers at both large (1000+ employees) and mid-size companies (500 – 999 employees) across various industries.
We identified three key findings:
- Social Business is a top executive strategic imperative;
- App Stores are gaining traction in the enterprise; and
- Email usage is growing but is not solving communication challenges in the enterprise.
Today, I’m going to focus on Finding #1: Social Business Is a Top Executive Strategic Imperative.
The study showed that Social Business is increasingly becoming a strategic initiative for enterprises, especially among executives and millennials. Over half of the executives interviewed believe that their companies would face moderate to high risk if they failed to adopt a Social Business strategy.
Specific findings include:
- Sixty-six percent of executives believe that social applications for business represent a fundamental shift in how work will get done and how companies will engage with customers;
- Fifty-three percent of executives believe they must adopt Social Business or risk falling behind;
- Sixty-two percent of executives cite the potential to achieve “better customer loyalty and service levels” and 57 percent anticipate “increased revenue or sales” as a result of implementing a Social Business strategy;
- Sixty-two percent of all respondents think that businesses need to leverage social software inside and outside their organizations in order to remain competitive;
- Online communities are an important source of information for making purchase decisions, especially for millennials. Fifty-four percent of millennials said that they are more likely to rely on and make purchase decisions from information shared via personal contacts in online communities versus 33 percent more likely to use information from “official” company sources; and
- Eighty-three percent of executives leverage at least one social network for work use.
Despite the urgency around Social Business, only 17 percent of executives think that their companies are “ahead of the curve” in terms of adequate adoption of a social strategy. A closer look at company sizes included in the survey reveals that executives at mid-size companies are more confident in their social strategies than executives at large companies.
For more information on the survey, view this press release.
Do these results surprise or confirm your beliefs?