As President of Sprout Social, I have the privilege of speaking with C-level executives and marketing leaders across a wide variety of brands and industries every day. I hear their timely perspectives, challenges and sentiments on social media and how it fits into their macro business strategies.
Their stories tell us a lot about the current state and future of marketing. I speak to brands at all stages. Some are just getting started managing social through native platforms. Others have dabbled in social media management software but are facing roadblocks that prevent them from getting the most out of social. And some see social as the cutting edge for driving success across all channels and rely on social intelligence to inform their entire business strategy.
Here are some of the most important lessons we've learned about the current state of social media from executives who are using it to its full potential and those who want to achieve more with their brands.
Some executives underestimate the benefits of philanthropy and overestimate the risks.
The most common concerns we hear from executives about social media are 1) that brand crises will spread too quickly and get out of control, and 2) that they won't have accurate insight into the data and insights they need. These concerns lead brands to not properly resource their teams or adequately develop their online presence, which leads to burned-out teams, underperforming results, and dissatisfied customers.
There are countless examples of brands that value customer-centricity in stores and call centers, but then go public by not responding to mentions and direct messages. Leaving customers alone on social media, the channel of choice for customer care, leaves room for competitors to pounce and sends a message of concern to current and future customers. According to the Sprout Social Index™, 76% of consumers care about how quickly a brand responds to their needs on social media, and an additional 70% expect personalized responses.
And ironically, by investing in society, Easier To prevent a crisis from spreading. Social can do something traditional surveys can't: collect real-time data. For example, when the CEO of a large public company recently made a comment about “efficiencies” during an earnings call, some employees misinterpreted it as impending layoffs. Using Sprout, the company was able to identify the source of the spike in social conversations, measure sentiment, and quickly stop misinformation from spreading within the organization.
Social data isn't just valuable in times of crisis. Performance data from social tells you what's working with your audience, what percentage of conversations are trending, and what the return on investment of your social efforts is (including the impact to the bottom line). Many leaders who hesitate to go all-in on social don't realize how much unfiltered insight it can provide.
Forward-thinking leaders want to harness social data across their enterprise.
Some leaders have a clear vision for the role of social media in their company's success. When I met recently with the CEO of a power tool manufacturer, their biggest concern about using our platform was whether the entire company would be able to derive value. The CEO said, “We believe Sprout has the data and technology we need, but most importantly, it's not just about empowering our marketers. It's about empowering the entire organization.”
This leader wanted his product managers to use social listening to uncover what people love about their products and how they would like to see them improved, and he wanted his sales team to have intel on their competitors so they could grab more shelf space by highlighting the right differentiators.
This signals a shift in mindset we are seeing among today's most successful leaders: they are creating a social-first culture and leading with social insights. According to the 2023 State of Social Media report, 95% of business leaders agree that their companies need to rely more on social media data and insights to make non-marketing business decisions, yet 69% report that social data is underutilized.
Having a social-first culture is the single most important factor that determines whether a company, regardless of industry, can get the most out of social. Among our 30,000+ clients, even leaders in transportation, government, higher education, and healthcare have adopted successful enterprise-wide approaches to social. Many have adopted a Social Media Center of Excellence model to ensure social is at the forefront of the discussion, not just in the execution, but in the development of strategy.
AI is top of mind in the boardroom
In today's economic climate, executives are prioritizing new tools that deliver more tangible benefits than simply saving time. When call center executives at a major media company were told by management that they needed to reduce costs by 40%, they were eager to find an AI solution that could streamline costly manual tasks and provide more value without increasing resources.
They're not alone. Many social teams with limited budgets and staffing report being overwhelmed with manual tasks. According to the Social Media Productivity Report, 63% of social media marketers agree that manual tasks prevent them from doing impactful work. The right social media management tool gives marketers back valuable time. According to the same report, those who have a dedicated social media management tool are nearly twice as likely to report that they often have enough time to get their work done than those who don't have a dedicated tool.
Most of the leaders I speak to don't have a clear vision of what AI is for. They just know they need to save money and time. They're looking for ways to incorporate AI into their current workflows without costly restructuring and retraining. They want a partner with a clear view of the future of AI.
When in doubt, go where your customers are
Overall, there seems to be a critical divide among C-suite executives when it comes to social media, with some hesitant, fearing crisis and data challenges, and others embracing social media as a vital tool for growth and insight across the organization.
Companies that prioritize a social-first approach not only effectively mitigate risk, but also empower their teams to innovate and connect with customers in meaningful ways. As we navigate the evolving landscape of AI and customer engagement, it's clear that leveraging social media data is not just a trend, it's a strategic imperative to drive future business success.
If I could share one motivation with my fellow executives, it would be this: Know where your current and future customers are. There are very few companies that can say this isn't on social media. If that's true for your company, how are you going to keep them moving forward?
Want to learn more about how to find a social media management platform that will increase revenue, improve your team's efficiency, sharpen your strategic focus, and outperform your competitors? Social Media Management Buyer's Guide.
