A new study, authored by The Economist Intelligence Unit and Pulse Point, interviewed 329 US and Canadian executives (C-level to CEO) from 19 different industries to glean their perspectives on engaging customers “in meaningful conversations-enabled by social technologies-so both parties benefit.” The good news? Social media amoung the C suite is catching on. Executives agree that social media engagement has tangible economic benefits including increased market share, improved product/ service quality, improved collaboration with partners, and improved marketing/ sales effectiveness.
Specific to stakeholder engagement, there is value in stakeholders speaking out:
- 69% said customers speaking out via social media increases sales
- 67% said suppliers connecting via social media raises their game
- 54% said employees speaking out helps attract talent
Building upon this study we leverage insight from the Innovation Excellence post, Social Media is the Glue of Innovation. Drilling down into the value drivers of social media success in forward-thinking cultures, this article explains how traditional knowledge management is being expanded as a driver of social media strategies:
- To make innovative ideas visible and accessible
- To allow people to have conversations
- To build community
- To facilitate information exchange
- To enable knowledge sharing
- To assist with expert location
- To power collaboration on idea evolution
- To help people educate themselves
- To connect people to others who share their passion
- To surface the insights and strategy that people should be building ideas from
Moving beyond tradition business value drivers, using social media for sustainability communications we find the leading “socially-geared” companies are combining social media and business objectives/ metrics in the following ways:
- Cascading business sustainability strategies down through organizational and individual performance goals.
- Informing, motivating, and actively engaging employees in the company’s business sustainability programs.
- Integrating Key Performance Indicators (KPIs) into the business processes, corporate performance, and employee recognition.
- Actively engaged with key stakeholders on sustainability issues, including employees to understand how sustainability issues are affecting the business.
- Performing transparent reporting on sustainability concepts and sensitive issues, with both positive and negative results.
Sustainability and social media together offer a refreshing and innovative approach to business. In fact, socially engaged enterprises see 4x better returns. At Taiga Company, we provide information and services to help your business discover the value of social media for sustainability. Visit us at Taiga Company to learn more.