Recent Accenture research confirms that while the level of social media activity among hundreds of companies confirms the perception that social media applications can enhance consumer marketing, sales and service practices, few are using social media to its fullest potential across marketing, sales, service and innovation.

Low Level of Engagement
Accenture recently surveyed executives at more than 200 companies to get insights in their social media attitudes and actions. The research revealed that 65 percent of survey respondents considered social media an “extremely important” or “very important” channel and only one in six (17 percent) of executives perceived social media as not very important or not important at all.

In addition to generally appreciating the importance of social media, B2B companies recognized that social media efforts should be driven by “proactive” motivations. More than half of all respondents cited improving customer engagement, enhancing the company’s brand and creating new revenue opportunities as prime motivators for launching a social media program.

Surprisingly, the acknowledgement of general importance stands in stark contrast to the low level of action and investment in this area. According to the research results, only 8 percent of B2B companies are heavily leveraging social media today. On the other hand, more than 25 percent are engaged only slightly or not at all.

From Vision to Reality
Successful social media programs share two important characteristics: 1) They are supported by executives across their respective organizations and 2) they are shaped by a thoughtful examination of what is needed to derive social media’s true value.

The most important factor in creating a successful and effective social media program involves developing a
robust strategy that aligns to and supports larger business objectives. Equally important is the ability of an organization to position social media as a centerpiece of a holistic customer strategy. By optimizing the use of social media and making it part of multichannel customer engagement strategies, companies encourage customers, business partners and other key stakeholders to participate in the company’s day-to-day business operations.

But, there are a number of reasons why B2B companies fail to successfully embrace the power of social media. Topping the list of barriers are the perceived challenges and needs for new tools and technologies, skill development and internal collaboration. Additionally, the research suggests that the lack of companies’ engagement is linked to the lack of confidence they have in making the right investment decisions to achieve their objectives. Executives understand the critical role that social media can play in organizational success. To a certain degree, they have identified the goals they would like their social media programs to address. Yet, many don’t know how to proceed. As a result, their lack of confidence translates into a lack of action.

Although B2B companies generally agree that social media is an important mechanism to bolster interactions, customer loyalty, revenues and brand reputation; few are using social media as a centerpiece of their customer strategy. To bridge the gap between confidence and action, companies need to ensure their social media initiatives align to larger business objectives. They also need to position social media as a cornerstone of a robust customer strategy that pursues opportunities in a variety of areas—from marketing, sales and service to partner collaboration and offering innovation to new areas such as supply chain, procurement and shared services.

To claim the potential value that social media can deliver, it is time to take the necessary steps to capitalize on the promises and overcome the challenges of this powerful medium.

For more information, please read the full research: http://www.accenture.com/us-en/Pages/insight-making-social-media-pay.aspx