Almost 60 per cent of businesses struggle to determine how social media value can make a difference to company revenue, according to a new study by Hootsuite.
The Hootsuite Social Business Benchmark showed that the majority of organisations surveyed believe social media is critical to staying competitive and engaging audiences, yet they face challenges in deriving value from the data they mine from social and aligning departments.
The survey, which questioned more than 750 businesses in the US, Canada, UK, Germany, Australia, Indonesia, Singapore and Malaysia, found that 88 per cent agree that social media is important to maintain a competitive edge.
Less than half (40 per cent) of these organisations said they were using data gained from social media to improve their bottom line, while 60 per cent stated they were challenged to find actionable use for data collected.
The report also found that social media is becoming more widespread across all departments, yet departments are not always working together.
Nearly three in four respondents (72 per cent) agreed that the number of departments using social media is growing, while a majority (64 per cent) of respondents whose social media strategy is at least somewhat aligned, stated that aligning strategy across departments was difficult.
“While social media is a part of everyday life for consumers, effectively integrating social in the workplace hasn't been as easy,” said Ryan Holmes, chief executive of Hootsuite.
“Nearly all survey respondents agreed that social data can improve the bottom line, yet turning that data into something actionable can be a challenge.”
On the back of the research Hootsuite has also launched its Global Agency Partner Program with more than 250 global agencies worldwide.
As a partner, agencies will receive access to Hootsuite Enterprise, tailored training workshops, a designated relationship manager and become a member of the Partner Advisory Council to help them deliver operational strategies and technologies to their clients.