According to IBM, companies with better stock prices, profits and business results are 57% more likely to use social techniques. These social businesses use social networking and media tools to connect people and information inside and outside their organizations more efficiently. For many the concept of a social business is new but for those embracing the shift, it is proving a source of significant growth.
I spoke with experts from IBM, Jive Software and LiveWorld to understand how businesses are becoming more social and leveraging social as a new growth engine. Here are some highlights from the interviews which are featured in sparks, a digital Q&A publication that I edit and produce for Catalyst Strategies:
IBM’s own social business efforts led to these 2010 results:
- 50% productivity improvement in some areas of the business
- $4.5 million in savings using inside collaboration
- Savings of $700,000.00 per month in travel using video collaboration
- Significant reduction in e-mail server costs
A 2011 Jive survey of its social business software customers showed these results:
- 31 percent increase in customer retention
- 28 percent decrease in support call volume
- 34 percent more feedback and ideas from customers
- 27 percent increase in new customer sales
LiveWorld community client American Express has seen:
- Hundreds of thousands of unique visitors per month to its Open Forum community
- Increases in American Express cards issued and in transactions per card which correlate to the activity in the Open Forum community
Share your experience. What results have you heard about or seen from social businesses?
Filed under: American Express, IBM, Jive, LiveWorld, Social Business, Social Experience, Social Marketing, Social Media, Social Networking, social sharing Tagged: American Express, IBM, Jive, LiveWorld, social business, social media, social networking, social sharing
