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44% of multi-billion dollar firms yet to measure social media success
More big companies are employing staff dedicated to managing social media activities, according to a new report from IT firm Tata Consultancy Services, but few are measuring success.
According to the Indian IT firm's survey of 655 consumer-facing companies with multi-billion revenues, averaging $15.6 billion, the average spent on social media is $19 million with 56 dedicated staff.
However, despite the hype behind social media, just one in ten claim to have seen significant benefits while 44% have yet to measure their return on investment. Of the 56% who have measured performance most say it has been positive.
Incredibly, 12% have no plans to measure the success, or failings, of social.
'Mastering Digital Feedback: How the Best Consumer Companies Use Social Media' (free download) found that social media success was most prevalent among companies for which consumers had a real passion.
The survey included companies across many categories including retail and banking. It found the industry that benefits the most from social media is travel as consumers take to social to share travel information and recommendations.
Marketing, customer service and sales were, for the most part, the only departments actively involved in monitoring social media activity and customer sentiment. For a third of the companies surveyed by Tata, only marketing departments were responsible.
"Despite ready availability of digitized consumer to consumer interactions in social media, its use by companies is today largely limited to being a mechanism for B2C marketing," says Tata VP and Global Head of Digital Enterprise Satya Ramaswamy
Image via Shutterstock
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