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

2 Copyright © 2014 Deloitte Development Deloitte University Press | Social business: A relationship between value and maturity | @DU_Press #SocBizStudy LLC. All rights reserved.
This year’s MIT Sloan Management Review and Deloitte global survey found clear evidence that companies across industries are creating value with social business.

3 Deloitte University Press | Social business: A relationship between value and maturity | @DU_Press #SocBizStudy Copyright © 2014 Deloitte Development LLC. All rights reserved.
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
Maturingsocial businesses are not simply “doing social.”
Of maturingsocial 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 maturingsocial 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.”
–CordeliaKrooßsenior change management expert, BASF

Moving social business beyond marketing to realize that vision
Maturingcompanies 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.”
–Martijnvan 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, maturingsocial 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 consistentamong 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
Important
Somewhat important
Neither important nor unimportant
Somewhat unimportant
Unimportant
58%

Explore more findings from the 2014 social business global executive study and research project
Download your copy of the Social Business Study today
Share your thoughts with the hashtag #SocBizStudy
Follow @DU_Press on Twitter
Download

Authors
DOUG PALMER
principal 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

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 Reviewsubscribers, 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 sectorand 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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About DeloitteDeloitterefers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Please see www.deloitte.com/us/aboutfor a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
Copyright © 2014 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited

Social business: A relationship between value and maturity

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Social business: A relationship between value and maturity