The 2014 Social Business Benchmark Study offers valuable insights into the use of social media by businesses. A key finding is that 88% of companies are now using social media to some extent, with 78% of these businesses finding it to be an effective tool. Despite this, only 41% of businesses have a formal social media policy, and just 26% have a dedicated social media team.
The study also reveals that the most common use of social media by businesses is for marketing purposes, with 91% of businesses using it to promote their products or services. This is followed by customer service (86%) and sales (72%).
In terms of the platforms used, Facebook is the most popular, used by 94% of businesses. It is followed by Twitter (77%), LinkedIn (49%), and YouTube (48%). Interestingly, only 22% of businesses use Instagram, despite its growing popularity.
The study concludes that while businesses are increasingly recognising the value of social media, many are still not fully utilising its potential. This is particularly the case for businesses without a formal social media policy or dedicated team.
The study suggests that businesses can improve their use of social media by developing a formal policy, dedicating a team to social media, and exploring less commonly used platforms.
Go to source article: http://customerthink.com/highlights-from-the-2014-social-business-benchmark-study/