Executive Briefings

Execs Know Importance of Social Media, But Not How to Tap Its Power and Potential

Executives certainly know what social media is. After all, if Facebook users constituted a country, it would be the world's third-largest, behind China and India. Executives can even claim to know what makes social media so potent: its ability to amplify word-of-mouth effects. Yet the vast majority of executives have no idea how to harness social media's power.

Companies diligently establish Twitter feeds and branded Facebook pages, but few have a deep understanding of exactly how social media interacts with consumers to expand product and brand recognition, drive sales and profitability, and engender loyalty.

There are two interrelated reasons why social media remains an enigma wrapped in a riddle for many executives, particularly nonmarketers. The first is its seemingly nebulous nature. It's no secret that consumers increasingly go online to discuss products and brands, seek advice, and offer guidance. Yet it's often difficult to see where and how to influence these conversations. Second, there's no single measure of social media's financial impact, and many companies find that it's difficult to justify devoting significant resources - financial or human - to an activity whose precise effect remains unclear.

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Keywords: Retail, Business Strategy Alignment, Supply Chain Analysis & Consulting, Global Supply Chain Management, financial impact of social media

Companies diligently establish Twitter feeds and branded Facebook pages, but few have a deep understanding of exactly how social media interacts with consumers to expand product and brand recognition, drive sales and profitability, and engender loyalty.

There are two interrelated reasons why social media remains an enigma wrapped in a riddle for many executives, particularly nonmarketers. The first is its seemingly nebulous nature. It's no secret that consumers increasingly go online to discuss products and brands, seek advice, and offer guidance. Yet it's often difficult to see where and how to influence these conversations. Second, there's no single measure of social media's financial impact, and many companies find that it's difficult to justify devoting significant resources - financial or human - to an activity whose precise effect remains unclear.

Read Full Article


Keywords: Retail, Business Strategy Alignment, Supply Chain Analysis & Consulting, Global Supply Chain Management, financial impact of social media