Survey Finds Businesses Globally Struggling to Leverage Social Media Data
A recent survey by social media management company Hootsuite has revealed that nearly 60% of businesses globally are finding it difficult to determine how social media affects company revenue.
The Hootsuite Social Business Benchmark found that the majority of organisations (88%) they surveyed believe social media is important to maintain a competitive edge, yet they are not clear on how to derive value from the data they gather from social and related departments.
Less than half (40%) of the businesses that took part in the study were able to use the data they gained from social media to boost their bottom line, while most at 60% admitted they were finding it a challenge to find effective usage for collected data.
Chief Executive of Hootsuite, Ryan Holmes, commented: "While social media is a part of everyday life for consumers, effectively integrating social in the workplace hasn't been as easy. Nearly all survey respondents agreed that social data can improve the bottom line, yet turning that data into something actionable can be a challenge."
The survey questioned more than 750 businesses in the UK, US, Canada, Germany, Australia, Indonesia, Singapore and Malaysia.