Business View of Social Media

Nora Ganim Barnes, Chancellor Professor of Marketing & Director, Center for Marketing Research, University of Massachusetts talked at the Gilbane conference about a recent social media study of Inc. 500 companies.  Interesting stats based on familiarity and use of six forms of social media — blogging, message/bulletin boards, online video, social networking, podcasting, wikis.  In 2007 56% were using at least one type of social media and in 2008 77% were — a big jump.  Much bigger than Socialtext’s study of corporate blogging in Fortune 500 companies — 8% in 2007 and 12% in 2008.  With Inc. 500 study, blogging was 19% in 2007 and 38% in 2008.  The Inc. companies current measures of social media success: hits/page views, awareness, customer satisfaction, feedback/comments, lead generation, revenue, sales, word of mouth.  Reasons for getting into social media: communication, add value, product/brand awareness, keep up with trends/competitors, product demos, more cost effective and productive form of marketing.

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