Though growing numbers of companies are using social channels to connect with their customers, only 12% of business executives say their companies are using social media effectively, according to a study by Harvard Business Review Analytic Services.

Another 45% of business execs say their companies are "getting there" in effectively using social media, and nearly an equal number (43%) rate their use of social media as ineffective.

Such "effective" users are far more likely to use more social media channels—four or more—and report having developed and implemented a social media strategy: 63% say they've done so.

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