Over 60 percent of Fortune 500 CEOs have zero social media presence, and that’s a big problem.
Everyone and their pet are on social media these days, except one rather interesting group of people.
A new study from CEO.com shows that the leaders of some of the biggest companies in the world still view social media as a distraction or liability.
Over 60 percent of CEOs of Fortune 500 companies stay away from the likes of Twitter and Facebook, and those who do partake very rarely interact on social media sites.
It’s puzzling, especially when you consider that global data is going in the opposite direction.
More than two billion people regularly use social media, for two hours per day on average. It’s increasingly pushing out traditional media, like print and even television (millennials now watch more YouTube than standard TV). And three out of four social media users admit that what their friends share directly impacts buying decisions.
While every other demographic rushes headfirst towards spending more time on social sites, CEOs are shying away. But if that’s where the customers are – and those customer numbers grow each day exponentially – shouldn’t CEOs be embracing social media?
The reasons for giving Facebook a miss are many. For one, CEOs employ marketing departments and social media strategists to take care of that part of the business. Why try and do it themselves, when they employ the best of the business to do it for them?
Second, social media takes time. Time that many executives lack. And third, Twitter and Facebook don’t have the best reputations when it comes to content. The old stereotype being that social media is for sharing pictures of your lunch, not for business.
There’s also the very real fear of putting up something embarrassing or damaging to the company. But engaging in social media in a meaningful way can benefit your business.
Social Media is a good source of consumer and competitor intelligence, a global channel to re-iterate your company message, and an executive networking tool, all rolled into one.
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The best way to begin making social media work for you is also the simplest. Start the day by looking at a Twitter feed that monitors mentions of your company. This gives you unfiltered access from clients and users, both positive and negative.
No doubt your marketing department monitors social media in a similar fashion, but in this way, social media provides a CEO with a direct line into what customers are doing or thinking.
Don’t underestimate the power of social branding. These days’ people want to connect with the people behind the company, which means the days of CEOs remaining in the shadows are over.
Building trust is important online, and the easiest way to do that is via social media. T-Mobile’s CEO John Legere is a fantastic example, leveraging little social media effort. Through his excellent quips, irreverent photos, and the odd company update, it’s clear that the network is run by a human being, not some corporate robot.
Studies show that this reverberates throughout the entire company. According to a joint report by Weber Shandwick and KRC Research, when CEOs post updates about the company, almost 70 percent of senior professionals say it makes it a more attractive place to work.
Social media can cut through corporate hierarchy, and keep lines of communication with staff open. But it also gives the CEO the ability to broadcast exciting developments straight out to the world directly.
The buzz around a new product launch, for example, can be bolstered by a quick Facebook post. That it came from the CEO’s account only makes it more authoritative, and helps spread the message even further.
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The most compelling argument for having a social media CEO, however, is necessity. The rise of social media isn’t just a technological development; it’s a cultural one.
In the future, social sites won’t be used as a simple communication tool, but in sales and customer service.
In fact, there’re over 1.3-trillion dollars to be made (according to McKinsey researchers) for those able to apply social media technologies outside of communication.
When faced with large numbers like that, it’s going to be no surprise that the future will see ever-more social media-savvy CEOs. Don’t be the last one on the bandwagon.