social business: a relationship between value and maturity

Social business:A relationship between value and maturity

Excerpted from the third annual MIT Sloan Management Review and Deloitte social business report

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This year’s MIT Sloan Management Review and Deloitte global survey found clear evidence that companies across industries are creating value with social business.

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The higher respondents rate their companies on a social business maturity scale, the more likely they are to report that social business creates real value.

Social business maturity is related to the level of results companies achieve

Note: percentage indicates respondents who agree or strongly agree






Companies can move up the social business maturity scale by focusing on three primary drivers

Having a leadership visionpremised on the belief that social can fundamentally change the business

Moving social business beyond marketing to realize that vision

Using social business data to help make decisions






Using social business data to help make decisions

Maturing social businesses are not simply “doing social.”

Of maturing social businesses, nearly 80% analyze social data.

And 67% integrate it into systems and processes to improve business decisions and drive social business endeavors.

80% 67%

Companies rated by respondents to be 7 - 10 on the maturity scale are considered “maturing”






“After we aggregate social data, we begin using it to improve our targeting. Then we come up with interactions for customers after they buy to bring them back into the social fold.”

– Bonin Boughvice president of global media and consumer engagement, Mondelēz






Having a leadership vision premised on the belief that social can fundamentally change the business

More than 90% of respondents from maturing social business companies say their leaders believe it can create powerful and positive change.

90%

Note: population represents all respondents

90% of all respondents say their leaders believe social business can fundamentally change the way their organizations work to at least a moderate extent.56%







“Leadership support has been a key success factor since the beginning. Our leadership recognizes the strategic potential of social business and we are seeing senior managers and even board members using connect.BASFto share their thoughts and interact with employees.”

– Cordelia Krooßsenior change management expert, BASF






Moving social business beyond marketing to realize that vision

Maturing companies are infusing social business into multiple functions across the enterprise

87% use it to spur innovation

83% use it to improve leadership performance and manage talent

60% integrate social businessinto operations







“I can honestly say that all of our initiatives are aimed at integrating social into our business. And not because it’s a gimmick. It really gives us an edge over other airlines.”

– Martijn van der Zeesenior vice president for e-commerce, KLM






To help organizations map their steps to social business maturity, leaders should ask three questions






Is the company using measurement and data to understand social business value?

While it will take some effort, maturing social businesses keep moving beyond “clicks” and “likes”

They are using financial and operational metrics to understand the full impact of social business






Are social monitoring tools and data sets linked to CRM and case management tools?

Is there a focal point for the company’s social business efforts?

Is there someone driving organizational empowerment?

Are the CMO, CIO and COO working together?

C-suite alignment is critical if social

business is to permeate the organization

Are company leaders on the same page?






Is social being used to recruit and retain talent and help it flourish?

That attitude is consistent among respondents aged 22 to 52

of respondents say that social business sophistication is at least somewhat important in their choice of employer

22

36

23

9

10

ImportantSomewhat importantNeither important nor unimportantSomewhat unimportantUnimportant

58%






Explore more findings from the 2014 social business global executive study and research project

Download your copy of the Social Business Study today

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Authors

DOUG PALMERprincipal at Deloitte Consulting LLP and leader of Deloitte’s Social Business practice

DAVID KIRON executive editor of the Big Ideas Initiatives at MIT Sloan Management Review, which brings ideas from the world of thinkers to the executives and managers who use them

ANH NGUYEN PHILLIPS senior manager within Deloitte’s U.S. Strategy, Brand & Innovation group; leads strategic thought leadership initiatives

NATASHA BUCKLEY senior manager within Deloitte’s U.S. Strategy, Brand & Innovation group; researches emerging topics in the business technology market

GERALD C. KANE MIT Sloan Management Review guest editor for the Social Business Big Idea Initiative





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About our multi-year research study

To understand the challenges and opportunities associated with the use of social business, MIT Sloan Management Review, in collaboration with Deloitte, has been conducting annual surveys of business executives, managers and analysts from organizations around the world.

Our third year research:

• Surveyed 4,803 executives, managers and analysts

• Involved 109 countries and 26 industries

• Interviewed 79 subject matter experts and leaders

Three surveys have been conducted since 2011 totaling more than 10,000 responses. Annual survey samples are drawn from a number of sources, including MIT alumni, MIT Sloan Management Review subscribers, Deloitte Dbriefs webcast subscribers and other interested parties.










Participate in our 2015 study

We’re kicking off our fourth annual research study with MIT Sloan Management Review.

Help us understand the impact of social and digital business on organizations.

Participate in the survey now!









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About Deloitte University PressDeloitte University Press publishes original articles, reports and periodicals that provide insights for businesses, the public sector and NGOs. Our goal is to draw upon research and experience from throughout our professional services organization, and that of coauthors in academia and business, to advance the conversation on a broad spectrum of topics of interest to executives and government leaders.

Deloitte University Press is an imprint of Deloitte Development LLC.

This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or its and their affiliates are, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your finances or your business. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.

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