Business leaders across the world believe that advances in alternative energy, biotechnology, nanotechnology and other fields far beyond Information Technology are transforming products, operations and business models and has created new industries, fundamentally disrupted some of the existing industries. 71% of 1,700 CEOs surveyed by IBM expect technology will be the number one factor to impact their organization's future in the next three years. Social networking sites have drastically changed the way people communicate and collaborate with friends, family, businesses and businesses are realizing its role in reaching their existing & new customers. According to IBM Global CEO 2012 Study in which 1700 CEOs from 64 countries and 18 different industries were interviewed, currently only 16% of the CEOs are actively using social media channels in engaging business and customers but 57% of CEOs will actively engage with their customers through social networking websites and social media will rank number two in most utilized channels to engage audience in the next five years as it is presently the least utilized of all customer interaction methods.
Traditional methods of customer interaction that are most preferred by CEOs are face-to-face interactions, followed by websites, channel partners, call centers, traditional media, advisory groups, and social media. Presently CEOs believe that Social Media is a platform to obtain information about customers, collaborating with customers and a two way communication platform. Most of the CEOs particularly in the traditional industries like industrial goods are very apprehensive about the Social media hype and are not comfortable with the fact that their brands are in the hands of customers and employees. Control is shifting from institutions to individuals according to IBM Global CEO Study. Another critical factor highlighted by some CEOs is that Social media has seen tremendous growth in the past few years but industry knowledge on how to use it in the various industries has not evolved and most of the industries are struggling to find success stories and case studies within their industries that have profited from social media adoption and engagement. Very few CEOs are actively engaged on the social media platforms as they still believe that social media as marketing platform and most of the other CEOs are judging social media and its relevance without having firsthand knowledge of using it in their businesses.
Most of the CEOs are more than 50 years old and look at technology as a way of collaborating and communicating with employees and other stake holders, connecting with friends and socializing but the young generation people in their 20s work and think about social media in a totally different way as they look at it as a way of life. Young people use social media in all aspects of their personal lives and also looking for ways to use it in their professional live in terms of using it in performing their jobs within the organizations they work and are demanding for social media like platforms. They are well versed at using social media but not the CEOs and other senior managers who are still not totally comfortable with social media and need more evidence that it is one of the highly successful medium for engaging with the customers. As highlighted in the IBM Global CEO study, CEOs will shift their focus to using social networks as a way for direct engagement with customers from the existing modes of using e-mail and the phone as primary communication modes. Social media will help CEOs build closer connections with customers, partners and a new generation of employees in the future.
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