Businesses misunderstanding potential of social media, says Altimeter

Businesses not capitalising

Companies are still failing to get to grips with how to best make use of social media sites, despite the growing popularity of networks like Facebook, Twitter and LinkedIn (reports StrategyEye). A study of almost 700 social media execs by Altimeter Group found that just 12% of companies have mapped out their social strategy beyond the next year, suggesting that firms are not incorporating social media into their overall business plan. Top execs also don’t seem to be taking social seriously, with just half of respondents thinking their bosses are informed, engaged or aligned with their plans.

Altimeter Group analyst Brian Solis says the results highlight “a great misunderstanding of social media and the opportunity  it presents”, despite the fact that the majority of businesses now have a presence on at least one social site.

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