iMediaWorksConnect by @iMediaMichelle

RESEARCH: The Social Media Habits of the Fortune 500

We’re on the verge of 2010.  A decade ago the World Wide Web was starting to catch on within our society and soon after brand marketers claimed they “just needed a website”.  The rules of Web 1.0 boasted by self-proclaimed experts were straight forward and simple – “build it and they will come”.  Well, for those of us who were rolling up our sleeves and getting our hands dirty with global content management systems and complex e-commerce integrations, that mantra quickly proved to be false.  Websites needed dynamic content and specific calls to action.  They also required intuitive search to drive traffic and smart interactive design and editorial programming to attract users and keep them engaged on sites.

Now ten years later, social media is on a similar rise, with most brands “just needing a Facebook Fan Page and a Twitter Account”, believing their fans “will just come”.  But instead of a single digital domain that brands absolutely control, the Web has evolved into a multi-dimensional conversation with scores of voices and influence that brands no longer dictate.  The digital world is now run by everyday individuals, many of whom not only have access to, but actually have a direct hand in creating the innovative tools and rich content that are shaping the Integrated Social Web.  Hmmm…I’m starting to hear those familiar Twilight Zone sounds, are you?

Social media is the next frontier brands are aspiring to master and master it they should.  We are already starting to see that good social media habits matter in 21^st century marketing along several areas:

• Customer Satisfaction - consumers are increasingly using social channels such as Blogs, YouTube, Facebook and Twitter to express their satisfaction levels with specific brands and seek problem resolution. (Airlines in particular are learning this; some are excelling and others are learning lessons the hard way)
• Cost Savings - consumers freely share tips, best practices and other product and service how-tos with one another, helping to reduce strain on customer call centers as well as resources needed to create and maintain self-help content
• Direct Sales - consumers are proactively seeking out new channels within social to research, shop and purchase discounted goods and services. (Dell has demonstrated the power of social shopping with sales through its Dell Direct Twitter Account)
• Revenue Generation - unique social campaigns that become viral are sparking branded searches that help drive users to a brand's social as well as Web sales channels
• Brand Love - as social media increasingly becomes part of the mainstream, more consumers are relying on a brand's participation within social media to serve as a benchmark for its personal credibility and immediate relevancy (see my previous post, JCrew, Whoops: Your Personal Shopper is Socially MIA)
  

Earlier this summer, I became increasingly curious about how large brands are utilizing the Social Web and the audiences they attract through their key channels.  Were there thriving communities or desolate graveyards in the F500 social landscape?  Were F500 brands and their agencies learning anything, or just repeating the same patterns from Web 1.0?  To answer these and hundreds of other questions, I began an independent study on the Social Media Habits of the Fortune 500.  My research examines eight social media habit dimensions, within eight key social media channels, across sixteen industry segments.  Some interesting highlights so far on the F500:

• Over 6 million people are engaging F500 brands in key social media channels
• LinkedIn, Facebook and Twitter are the most prevalent channels amongst F500 brands
• YouTube, iPhone applications and Podcasts are the most heavily used to promote product usage and sales
• Over one third of F500 key social media channels have been inactive for over six months
• Facebook Fan Pages drive 77% of the Fortune 500 audience within their key social media channels
• Photos and blogs are primary channel sources for brand mentions for 59% of the F500
• Facebook Groups are the largest source of negative branding for F500 brands
• Only 18% of the F500 are integrating their key social media channels
  

You can view more of my initial summary observations via my SlideShare Presentation.  Over the coming weeks, I’ll be sharing additional snippets of the benchmark data, along with my and industry peer’s analyses on the implications for brands on their road to social.  Stay tuned for upcoming segments on specific industries, channels and habit best practices – as always, your comments and questions are welcome.  For my readers, a little poll to kick off the discussion – which industry, do you expect to have the “best” social media habits and why?  Please tag your posts/tweets with #getsocial.

Episode 3: The Social Network Promised Land: Welcome to the Data Stream

Last week I continued my series on brands use of social media with Peter Fasano, Principal and Lead Catalyst of Mass-Logic.  The early part of our conversation examined some of the history of social network usage by consumers and brands – Peter explained his view using a nifty magazine metaphor which I’ve captured below.

 

I won't tell you who we pegged as the "National Enquirer" of the Social Network world (hint, listen to the podcast), but it is interesting to see how some of these channels are becoming segmented.

Our discussion also touched on brands that were creating a positive relationship with their audience over the long-term as well as key missteps that marketers should avoid when approaching constantly evolving platforms like Facebook.  I asked Peter to gaze a bit into the crystal ball and provide some thoughts on the future direction of social networks and the potential role brands can play in it – I was not disappointed – he gave an excellent summary which I’ve highlighted here:

Bye, bye destination – hello data stream:  Brands need to get comfortable with being part of a data-stream by social aggregators such as FriendFeed in the real-time web.  No longer is their presence predictably published and controlled, but highly filtered and distributed (think RSS feeds).  Your messages need to be findable, sharable content chunks that stand out from the crowd.

Balance Community with Business: Like any good relationship, consumers want to get to know you first, then open themselves up to what you have to say and ultimately what you can offer them.  Designate elements within your social network space for community and others for promotions, branded marketing events and other business-oriented activities.  Brands can play a significant role by responding to the community’s needs and ensuring they are well nurtured before presenting their own messages and offers.

In order for brand marketers to successfully become a part of the data stream, Peter strongly recommends listening to the audience as a participant (so the brand can fully understand the where, what, when and how of the conversation), NOT as a remote eavesdropper.  But more importantly, he stresses the critical need to know the platforms and understand the development roadmap, potential outages and updates, less one become blindsided by rapidly evolving technologies.  Brands can achieve this by engaging the resident developer communities early on and learn about the data architecture and policies that will continue to govern their presence inside social networks.

But will brand marketers be able to truly tap in and realize the fruits of MySpace, Facebook and LinkedIn?  Consumers, employees and partners alike have come to the virtual table, but in many cases the brand organization is silent.  Infrastructure and governance constraints appear to be keeping many brands from participating in communities that have already formed as Fan Pages, Groups and Profiles.  But in others, I sense plain old-fashioned unawareness about their brand presence may be the culprit.  If you are a brand marketer, I encourage you to type your brand name and sub-brand names into these networks.  At the very least, you need to be aware of what’s happening.  Based on my research to date, there is a good chance that you may not like what you find.  The only way to help change how your consumers engage with your brand is to become part of the community that is forming around it and participate.

You can listen to the full podcast episode here. http://www.blogtalkradio.com/MichelleBatten_iMediaWorks

Thirty-minutes barely gave us time to discuss the Three Majors, much less scratch the surface of many other social networks such as Hi5 and MyYearbook or social network enablers such as Ning.  I hope to have Peter back for a future episode so we can provide marketers a view into what is happening within these growing entities.

This week, our series continues with “PART 4: YouTube: Everyone’s Doing It So Why Not Me?”, at 4pm (EDT) on Thursday, July 2nd.  My guest will be Dan Greenfield (@bernaise) of Bernaise Source Media and board member of the Atlanta Chapter of The Social Media Club – be sure to listen in.