The significance of social media in driving business growth is expected to overtake that of traditional ways of communication over the next three to five years, according to results from a massive survey of CEOs across 64 countries and regions.
The ramping-up of social media has increasingly gained traction from decision-makers, with the more than 1,700 CEOs interviewed across the world firmly believing that social media will become one of the top methods to engage customers within five years, read the findings from the survey unveiled on Tuesday by IBM.
Currently only 16 percent of the CEOs interviewed see social media as one of the top priorities for customer interaction, although this percentage is set to rise to 57 percent in the next five years, according to the results. This compares to a decrease seen in traditional media from 39 percent to 15 percent.
The same trend is also found in China, with the reading of choices from 67 Chinese CEOs even starker when compared to the global level. The Chinese CEOs’ attaching importance to social media will jump to 51 percent in five years from the current 13 percent, while their interests in traditional media is to fall to 18 percent from 51 percent.
Global CEOs have been growingly aware of such a trend, but those who have really brought social media into their business operations remain a small fraction, said Zhao Lifang, senior partner at IBM Global Business Services for China, while announcing the results.
But the amount of Chinese businessmen engaging in social media will grow rapidly in years to come due to their growing tech acumen, Zhao remarked.
“Applying social media in interacting with consumers has become very important. We have already been adjusting our business strategies to cater to the social media craze among movie fans, such as turning to more injections in social media ads while reducing the advertisement budget on traditional media,” said Ye Ning, general manager of Wanda Cinema Line Corp, the largest cinema chain in China.
PwC: Entertainment & Media Spend Was $1.6 Trillion in 2011; Will Rise To $2.1T By 2016 With Digital Leading Growth
Full Story: Tech Crunch