Among a list of 12 social media success enablers, the ability to react and adapt quickly to change is ranked as the most important factor for succeeding in today's social media environment, according to a new survey from Booz & Company and Buddy Media Research.
Among surveyed Fortune 500 marketers, 94% cite the ability to adapt quickly to change as the most critical enabler of social media success, followed by having an in-house social media champion (93%), clearly communicated executive support (90%), a solid education on social media (90%), and a culture of experimentation (88%).
Applying an integrated approach to social marketing (86%) ranks sixth among success enablers, followed by the training staff who are unaccustomed to social media (83%), a strong PR capability (80%), unique content that's exclusive to audiences on various platforms (79%), and the ability to coordinate multiple service providers (62%).
Budgets and staffing rank lower among leading marketers: 53% cite having a dedicated social media budget as a key enabler of success, while 50% say having a senior-level company-wide head of social media is critical.
Below, additional findings from the report titled "Campaigns to Capabilities: Social Media and Marketing 2011," based on a survey of 106 Fortune 500 marketing executives, conducted by Booz & Company and Buddy Media Research.
Among the report's key findings:
- 32% of leading companies say their brand presence on platforms such as Facebook and Twitter is becoming more important than their own website.
- Advertising and promotions (96%), public relations (88%), and customer service (75%) are among the top 3 ways such companies are using social channels.
- Marketing departments oversee social media initiatives in most (81%) leading companies with 35% having a senior-level executive dedicated to social media.
- 35% of companies say they have a senior-level executive who is responsible for social media company-wide.
Benefits in Upper Stages of Purchase Funnel
Asked in which areas they are realizing benefit from social media, marketers cite brand building (90%), followed by interactivity (89%), buzz building (88%), and mining consumer insights (81%).