Wednesday, September 16, 2009

McKinsey Report Shows Business Impact of Social Media

McKinsey & Company released the results of a global survey in the McKinsey Quarterly. The survey polled companies about the effectiveness of "Web 2.0" tools and their impact, both within the company and externally. The study revealed that many technologies were not only useful in relationship building with clients and external partners, but also with employees.

Internally, video sharing was the most effective, with 48% of respondents seeing benefits. However, blogs were the most useful tool for external relationships, with 51% claiming to have benefited for customer-related purposes as well as for working with external partners and suppliers. Social networking also ranked high, with 48% seeing customer-related benefits and 49% reporting benefits related to external partners and suppliers. RSS, wikis, and podcasts ranked above 35% in all categories.

52% of respondents said Web 2.0 tools increased marketing effectiveness, 43% reported higher customer satisfaction and 38% said Web 2.0 reduced their marketing costs. The high-tech/telecom industry (unsurprisinly) reported customer-related benefits most frequently (65%). However, business/legal/professional services firms were not far behind, at 60%, revealing that the benefits of social media can and do extend beyond the tech industry.

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