A new study released by enterprise wiki provider Wetpaint and theAltimeter Group shows that the brands most engaged in social media are also experiencing higher financial success rates than those of their non-engaged peers. To determine this relationship, the study focused on 100 companies from the 2008 BusinessWeek/Interbrand Best Global Brands survey and the various social media platforms they used like Facebook, Twitter, blogs, and other social sites.
After examining the companies and their social media activity levels, the brands were ranked on an “engagement scale” where scores ranged from a high of 127 to a low of 1. Those brands that were the most engaged saw their revenue grow over the past year by 18% while the least engaged brands saw losses of negative 6%.
The top 10 brands engaged in social media, the mavens dominate the list. All of the top 10 are mavens and have seen financial success even in a down economy:
1. Starbucks (127)
2. Dell (123)
3. eBay (115)
4. Google (105)
5. Microsoft (103)
6. Thomson Reuters (101)
7. Nike (100)
8. Amazon (88)
9. SAP (86)
10. Tie – Yahoo!/Intel (85)
If Social Media continues to help companies then why aren’t more of them doing it? One of the excuses we hear all the time is the complexity of it. Most companies just don’t get it.
The first step is to get over the fear of the unknown. It’s really not that difficult. Marc Harty who has over 25 years experience in marketing/advertising says Social Media is actually easier to use then other forms of marketing.