The Importance of Social Media in Business Today

The importance of social media in business is growing on an advanced level today. At the same time still barriers exist in the organization and implementation of social media in individual business areas. These are the core findings of a management study conducted by MIT Sloan Management Review and Deloitte.

Compared to 18 % last year now 36% of the companies state that the use of social media in business is important. This relates to the use of social media applications of different kinds for the external and internal communication in different business areas ranging from communications to research and development. More than half of the companies surveyed indicate the use currently is still at an early stage and only 17% indicate the use to be already advanced. The main barriers are a lack of strategies , contrasting objectives and a lack of relevant case studies: Social Business Progression “ Stuck in First Gear „.

In use, the focus is on communication, branding, marketing and management of reputation (80 %), followed by customer service and reputation management (74%) and knowledge management and product development (70%). The biggest danger is seen by misconduct with consequences for the reputation, which becomes managed by increased use of reputation management tools: Which Organizational Areas Are the Most Relying on Social Tools .

The entire study can be downloaded from the homepage of the MIT Sloan Management Review: Social Business shifting out of first Gear.

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