A new report from the Internet Advertising Bureau (IAB) and global marketing and technology agency, LBi, has revealed the extent to which companies in the United Kingdom have modified their business structure so that it better incorporates social media.
In the past 12 months, more than half (55 percent) of the firms polled said that their organisation had made changes to their business in order to become more social. However, less than one in five say that they are able to successfully record their return on investment (ROI) from these tools.
The research was conducted by YouGov and consisted of an online survey of over 600 senior managers at UK consumer businesses across retail, finance, travel, manufacturing, telecoms and pharmaceutical sectors.
Other key findings from the report:
- 45 percent of marketing and sales departments use social media to raise awareness of their brand
- Just 28 percent use these tools to engage directly with customers
- Almost one in three (27 percent) do not know how the success of social media is measured, with only 17 percent saying that they are recording ROI
“We wanted this piece of research to really identify and get under the skin of what UK businesses are struggling with when it comes to adopting social media into their strategies,” said Hannah Bewley, IAB’s research manager. “It’s clear to see that resource, budgets and confidence are key challenges. However, the biggest challenge faced by organisations relates to difficultly in measuring success. The survey revealed some companies are attempting to measure performance, with a quarter undertaking benchmarking against previous campaigns and 17% reporting that they capture ROI.”