Social media: New Rules of the Game for Corporate Publishing?
Social media is an attractive and valuable addition to corporate communications. However, it is not a one-size-fits-all communication tool. The latest CP Barometer, conducted by the market research and strategy consulting firm zehnvier on behalf of the European Institute for Corporate Publishing, highlights the opportunities, success factors, and risks associated with social media.
Complement and opportunity
Social media are predominantly seen by companies as a supplement to existing corporate publishing media. Only one in five of the company representatives surveyed believes that Facebook & Co. will replace media such as customer magazines or e-magazines in the future. Companies therefore see social media not as a replacement, but as an extension of existing communication options. From the perspective of the companies surveyed, social media make it possible above all to address completely new target groups and to communicate in an emotional and at the same time cost-efficient way. In the view of the respondents, social media also offer opportunities for enhancing the company's own image, expanding customer relationships and providing better service. They also allow products and brands to be showcased in a way that attracts attention.
Relevance of the content is decisive
The company representatives surveyed agree that certain factors must be met for social media to be used successfully in corporate publishing. Almost all of the companies surveyed (94%) see relevant and attractive content as critical to success when it comes to communication in social media. This may sound trivial, but it is far from it: Especially in social media, it is of utmost importance to offer consumers valuable and special content, offers or information - content that relates to the lives, interests and needs of the users. Consumers also want genuine, ongoing exchange and dialog. That's why 92 percent of the company representatives surveyed believe that up-to-date information and a quick response are crucial for successful use of social media. Also emphasized is the high importance of honest, open communication (87%) and sustained engagement (79%) in order to be truly accepted by users (see figure).
Loss of control feared
In addition to all these opportunities, however, social media also harbor dangers: A full 70 percent of the companies surveyed fear losing control of communications in social media. They worry that they will no longer be able to control the content, topics and tone of their communications. 45 percent of respondents also fear possible criticism from users and are unsure how to deal with any criticism appropriately. Fast-moving communication (43%), a possibly inappropriate communication style (36%) and excessive use of social media as a sales channel (34%) are also identified as dangers. This reveals a fundamental characteristic of social media communication: companies must be prepared to relinquish to consumers some of the control they have claimed for themselves for many years. They must be receptive to users' opinions and interests and learn to moderate the dialog with and between them appropriately. And they must be prepared to communicate honestly and openly and also admit mistakes and problems.
Experiments as a strategy
Companies are therefore well aware of the opportunities and risks of social media. Nevertheless, most companies are entering uncharted territory with their activities - uncharted territory that is being explored with experiments rather than strategically planned. Thus, 85 percent of the companies surveyed share the view that most companies have not yet developed a strategy for the use of social media. In the dynamic and changeable world of social media, however, experimentation certainly seems like a sensible approach. The conventional planning process with analysis planning implementation control falls short here; analysis and planning often simply take too long. Companies will therefore have to continue experimenting in the area of social media in the future. However, it is important that these experiments nevertheless follow a certain strategic framework, a conceptual overall view for corporate communications.
Facebook is ahead
Which specific social media are companies now experimenting with as a priority? The CP Barometer shows that Facebook is named as the social media platform best suited to corporate publishing. With 34 percent of unaided mentions, Facebook is well ahead of the business network Xing (17%), the microblogging service Twitter and the video platform YouTube (11% each). In the view of the study participants, Facebook's high user numbers and the associated reach are the main factors in its favor. Another important plus point is the cross-media character of the platform with the option of integrating multimedia content. Facebook is also particularly attractive for corporate publishing because the platform is strongly content-driven. More than 60 percent of the company representatives surveyed expect Facebook, YouTube and Twitter to become even more important for corporate communications in the future. More than 40 percent of respondents also expect Xing to continue to grow in importance.
Further growing importance of higher budgets
There is also unanimity in the assessment that social media will continue to grow in importance as a communication channel for corporate publishing in the future. Almost 90 percent of the companies assume this growth in importance, which is also reflected in the budget expectations: Around 90 percent of the companies also forecast growing budgets for corporate communications in social media. The CP Barometer thus shows the potential that is attributed to social media for corporate communications. However, it also shows that social media is not an all-purpose communications weapon, but rather a supplement to existing corporate publishing media, whose opportunities and risks must be weighed up and whose special features must be taken into account.
Clemens Koob and Stefan Lohmüller
Authors:
Prof. Dr. Clemens Koob is Managing Director of the market research and strategy consulting firm zehnvier and Professor of Market Research and Strategic Marketing at Erding University of Applied Sciences. Stefan Lohmüller is a project manager at zehnvier, where he is responsible for the CP Barometer.










