I came across an article from the blog council today which talked about an interesting report released by the economist intelligence unit. The report explains that 80% of companies out there believe that social media or “web 2.0” has the potential to increase company revenue. Shocker huh? I mean who would have thought that building relationships and interacting with your customers could possibly increase sales? You know what else is funny? Apparently company CEO’s are the folks who are the most excited about social media!
I won’t go over the full report here because I think it is worth your time to look at but here are just a few of the key findings:
“CFOs are the most skeptical about the potential of Web 2.0. Compared to CEOs and the rest of the C-suite, CFOs lag in understanding and support of Web 2.0 initiatives. CFOs are less likely to view Web 2.0 as transformative, less likely to think that it will affect all parts of the business, and less likely say that it will change the company’s business model. They are also less optimistic than their C-suite peers about Web 2.0’s potential to increase revenue and margins.”
“Customers are helping to develop and support products. Nearly 60% of the surveyed companies say that they are inviting customers to contribute content that explains, supports, promotes or enhances their products, or that they plan to do so within the coming two years. About half of companies say they are, or are planning to, treat customers as co-developers of products that are in a constant state of improvement.”
Here is the full article from the Economist Intelligence Unit, I recommend that you read it.
thanks for reading
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