Study: Yes, there is payback from social networking, Web 2.0

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September 15

Study: Yes, there is payback from social networking, Web 2.0

By Joe McKendrick | Sep 4, 2009 |

Can a company effectively capture and harness the raw, roaring energy from the millions of blogs, tweets, videos, and other Web 2.0/social networking phenomena surging through our organizations and markets? Even the most optimistic analysts say it will take time before a business case can be made from all this craziness.

But evidence is emerging that businesses are already starting to see direct benefits in applying Web 2.0 and social networking in their dealings with customers, partners, and between employees. McKinsey, for one, has just published the results of a survey of nearly 1,700 executives from around the world, which finds that at least seven out of ten respondents (69%) report that their companies have gained measurable business benefits from these new methodologies.

Interestingly, benefits were seen evenly across the range of corporate interactions — between employees, with customers, and with suppliers/partners. These consist of better access to knowledge (68%), reduced communication costs (54%), more effective marketing (52%), increased customer satisfaction (43%), and even increased employee satisfaction (36%).

See the rest of the article – http://www.smartplanet.com/business/blog/business-brains/study-yes-there-is-payback-from-social-networking-web-20/1997/