A report by the Center for Marketing Research at the University of Massachusetts Dartmouth states adoption of social media by 500 Fortune companies is static.
How do these findings relate to Australian corporations?
Without conducting the same research in the Australian market, I assume Australian corporate adoption of social media is static as well. You could also draw this conclusion based on the current lack of participation from Australia’s top ten corporations as per the iGo2 Group post Australian Social Business Index – Part 1.
Do ANZ CMO’s feel prepared for social media?
IBM published a study titled From Stretched to Strengthened. This global study surveyed over 1700 CMO’s that also included CMO’s operating in Australia and New Zealand.
I think this finding could explain why the number of Fortune 500 companies and Australian brands hasn’t increased. From the global respondents, 68% thought social media was a challenge they were not prepared for. ANZ based CMO’s stated 72% felt underprepared to manage the impact of social media.
The percentage of ANZ CMO’s that felt they personally had a sufficient level of social media expertise is 12%. That compares to 25% of CMO’s surveyed globally. HT to Jarther Taylor from IBM.
The study also states 72% of ANZ CMO’s feel underprepared to deal with customer collaboration and influence. This compares to 56% of CMO’s surveyed globally.
If Australian CMO’s don’t have a personal competency for social media, how can they effectively assess the value and opportunities it presents their companies?
If a corporation can’t collaborate with customers, how can it effectively leverage the ‘pull’ based dynamics of social media that directly supports ‘customer centric’ objectives.