87% of global businesses see social media as critical: survey

Social media management platform Hootsuite recently released its Social Media Barometer Report, a global survey on the importance and use of social media within small, medium and enterprise (SME) organisations across industries.

Examining data from more than 9,000 responses across 19 countries, the annual report found social media to be a critical platform for global businesses to maintain competitive advantage, with social media expected to continue to grow in importance for their businesses and customers, particularly as social media’s use grows beyond marketing to drive value across the organisation.

“Our social media barometer report confirms what we’ve been hearing from customers large and small; that social media has become a critical channel for delivering a consistent customer experience across a business,” said Penny Wilson, CMO at Hootsuite. “With social increasingly how customers consume media; conduct research, ask questions and seek recommendations; make purchase decisions, engage with brands for support and show our loyalty, this is not a surprise. More organisations are discovering the value of social media within and beyond marketing, and the resulting direct impact it has on their bottom line.”

APAC research findings indicated that 90% agree that social media is important to staying competitive, and 74% of respondents agree that social media will increasingly contribute to their company’s bottom line, with 62% of organisations noting social has moved outside the marketing team.

Additionally, 92% of organisations in the region are using social to build brand awareness; 78% to manage their brand reputation; 78% for building and managing an engaged community; 66% to increase lead conversions and sales; 56% to gain market and customer insights; 49% for delivering customer service; 33% to attract job applicants; and 25% to identify crisis and manage communications.

However, 54% of executives in APAC struggle to understand and interpret social data, and 52% struggle to stay on top of key social media trends.

While historically, the US has led the charge in social media adoption, Hootsuite said it has become apparent that regions like Asia-Pacific are quickly gaining ground.

The Social Media Barometer Report was distributed to more than a million social media customers worldwide, sourced from Hootsuite’s database. Respondents must have been responsible for or have oversight into social media strategy and/or execution for their organisation. Conducted between February and May this year, the report summarises responses from 9,278 individuals on their organisation’s use of social media.