The Brand Science Institute (BSI) conducted a study lasting seven months and was conducted
in twelve European countries to understand what “What goes wrong?” when launching a social media initiative. 563 marketers representing 52 brands participated and this is what they found:
- 81% of all companies don’t have a clear social media strategy!
- Corporates tend to take twice as long as start-ups for social media projects
- Only 7% understand the real value of customer interactions
- Only 27% have a clear understanding of their customers
- Social media projects are there times more under control
- 73% had to show money after 12 months
- 76% feel that legal departments hinder social media projects
- 87% had to correct their social media expectations
- 72% thought social media must be viral
- 68% never heard of the 1-9-90 rule
- 84% compare social media performance with standard media measures
- 76% don’t moderate social media projects accurately (if at all)
- Only 7% understand the CRM value of social media
- 91% allocate budgets the wrong way!
- 37% think that social media is a media buy
- 53% were stepping into the geek-trap
- 92% are not aware of their FB dependency
- 71% take expensive upfront investments to secure technical functionality
- Only 11% have social media guidelines
- 86% don’t have a clue how to handle a social media backlash
- Only 4% share their social media experience throughout the company
Personally, I am not too surprised with these results. It does go to show however, that a clear lack of planning and goal setting can result in poor results. If you had to benchmark your company with these results, how would it stand?