Nearly 2 billion people use social media; evidence shows online engagement converts to sales; yet up at the top, leaders are still lagging when it comes to using or resourcing it. Only 15-30 percent of CEOs have a presence, but most just sign up and don’t use it, a bit like going to a business lunch and standing in the corner.
Why, given its importance for the way we do business, do they hold back?
Many decision-makers are caught up in early myths about social media and if you want to position social media with the boss, you need to bust them.
If so, it’s the longest fad with the highest number of listed companies behind it in the world. LinkedIn is 12 years old and has nearly 300 million users, Facebook is a decade on with a 1.25 billion base and even newcomer Twitter, synonymous with breaking news and managing crises, is now eight. Enough said. It’s here to stay.
Imagine you break for lunch after a 3-hour strategy meeting, turn to your colleague and say "I love these pies." It’s human, it’s appropriate, but it’s not what the meeting is about. The difference? What you say evaporates into thin air; what you snap is forever searchable. See all of this photo sharing (and there’s plenty of it) for what it is—people connecting with other people.
Do you need to know how to make an electronic circuit board because you watch TV? No. You’re interested in what it delivers, not how to construct it. Social media platforms are the same. All you need to know is that they help you do what you love the most—build relationships, the backbone of business. Because these platforms are global they help you reach deeper, further and into new territory. Be engaged, be connected, help your business grow.
The fastest growing social media demographic is 50-plus. In the US, 70 percent of 65-74 year-olds are on Facebook. We’ve all heard stories about teens leaving Facebook because their parents were there. But they were moving from Facebook to other social media platforms like Snapchat, not leaving social media. It’s interior decorating—choosing the right mix of platforms in the same way as you might prefer one kind of smartphone over another brand. Social media is the given.
In 2012, a fake tweet on the hacked AP Twitter account caused the stock market to plummet—billions of dollars changed hands. In the same year, Netflix was pinged by the SEC for making a market announcement on Facebook, even though it had 250,000 followers, including influential bloggers and financial journalists. In 2013, the SEC said social media was a legitimate form of communications. Whose responsibility is social media if in minutes it can impact the share price of a company? Arguably not the marketing intern.
The billion new consumers currently emerging onto the market have never lived in a world without social media. They are a Facebook-first generation who will expect to find you there, not because you’re savvy and cutting edge, but as people once expected a shop to have inventory and a front door. Make sure you are there to be found when they reach out.
Here are the facts on social media that should underpin any new business narrative.
A respected thought leader and pioneer in social media leadership for executives, Dionne Kasian-Lew is the CEO of The Social Executive™. She is an advisor to board and C-suite executives on leadership, innovation and corporate communications strategy in the connected world.
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