A couple of days back we presented a report on the increasing roots of the social business among the entrepreneurs to enhance their success levels and now the recent report published by the Fortune 500 has further entrenched this trend by revealing that the top gun companies are now increasingly embracing to the same social media platforms – especially Facebook Inc. (NASDAQ:FB) and Twitter Inc. (NYSE:TWTR) – which was regarded as a promulgating pulpit by the budding marketers.
The Center for Marketing Research (CMR) at the University of Massachusetts Dartmouth has been releasing studies on social media adoption by the Fortune 500 companies since 2008 and this year’s study also included the fastest expanding social media pulpits – Instagram, Google+, Foursquare and Pinterest, the enterprise network platform LinkdeIn and also the gauges of acclamation – Twitter followers and Facebook likes – which finally deduced that the realms of social media has taken a driving seat among the corporate within the Fortune 500 in the past 12 months with Twitter turning out to be the most preferred platform by 83% business elites.
The steady escalation in the usage of YouTube and Pinterest coupled with Instagram depicted that visual media, graphics are also drawing increased attention of the top noches. The main firms which were lucrative in this year’s study were Facebook which saw a revival of 10% from 2013 grabbing a share of 80%, Twitter grasped 83%, whereas Instagram, Pinterest and YouTube revived by 12%, 27% and 20%, respectively.
The Key Findings
- Twitter was chosen as the best platform by the endorsers to promote and expand the growth of their business. 413 companies in the List of fortune 500 possessed a Twitter account with a tweet in the past 30 days which saw an upsurge.
- In 2014, 157 companies, almost 31%, owned corporate blogs which recorded a decline of 3% in the use of this tool as compared to the previous year.
- Foursquare enjoyed the largest ratification levels with a proportion of 42% companies adopting it.
- Almost two-thirds of the companies in 2013 started to prioritize mobile customers even with the provision of downloadable apps or optimizing web contents for mobile.
- Facebook consecutively for the second year retained the spot of having the maximum number of followers on twitter, followed by Starbucks, Walt Disney Company,Whole Foods Market, Inc., Nike, Inc., and Intel Corporation.
- The use of LinkedIn is virtually universal among the F500 (97%). This is clearly a platform that provides undisputed utility for them in terms of access to vendors, customers, potential employees etc.
Twitter as the most preferred platform among corporate
Twitter has always been the favorite among the American corporate since long and Nearly 95% Of Fortune 500 Firms On Twitter follow at least 1 User Brand Humanization which turns to be vital for Sustaining Long-Term Association. Based on the ratings of industry, almost 100% of food product companies in the Fortune 500 hold active accounts on Twitter, commercial banks own 94% and chemical industry holding 93% of micro blogging profiles are the highest placed firms on these stats.
Also the ranking of companies appears to persuade the usage of Twitter by the F500 companies. 7 out of the top 10 indexed firms on this list owned a corporate twitter account. 42% of the twitter accounts belonged to the companies in the top 200 of the list while 38% belonged to the bottom category and the similar rank pattern is prevalent in blogging as well.
The comparison of Fortune 500 with Inc. 500
The first report of CMR deduced that 8% of the Fortune companies’ blogged in contrast to 19% of the Inc. 500 and this trend remained almost stagnant for the next seven years. Since then both the groups have been trying to effectively and increasingly employ this profitable tool and now in the present scenario the stats for the same stand as 52:34 for Inc. 500 blogging vs. Fortune 500 blogging.
The F500 have consistently favored Twitter over Facebook while the Inc. 500 has been following just the opposite trend. However, the band-gap between them seems to be narrowing with the passing years because as compared to the last year’s ratio of 70:77 of the number of corporate on Twitter to Facebook , this gap now has now reduced to 83:80 for the same.
The behemoths of business are continuously experimenting with newer social networking tools such as Pinterest, Foursquare and Instagram. With these emerging groups perfectly fulfilling their expectations, we can hope for the corporate in near future to develop more dynamic relations which would definitely strengthen their position in the industry.