Deal with It

Test your knowledge of how companies are using social media.
CFO StaffFebruary 1, 2012

As we report in this month’s cover story (“Who’s Out There?”), companies can no longer afford to ignore social media. A recent IBM survey found that most companies are, in fact, doing something in the social media realm. But not always the right thing. See whether you fall into the perception vs. reality gap:

1) The percentage of consumers who have a presence on a social media site ranges from 72% (baby boomers) to 89% (Gen Y). The percentage of surveyed companies with such a presence is:
A. 79%
B. 68%
C. 55%
D. 41%

2) Asked why they go to social media or social networking sites, how did consumers rank “interact with brands” (that is, companies) among a list of the 14 most commonly cited reasons?
A. 5th
B. 8th
C. 10th
D. 14th

4 Powerful Communication Strategies for Your Next Board Meeting

4 Powerful Communication Strategies for Your Next Board Meeting

This whitepaper outlines four powerful strategies to amplify board meeting conversations during a time of economic volatility. 

3) When they do interact with companies via social media, the top reason cited by consumers is to pursue coupons or other discounts. Asked why they think consumers follow them via social media, companies ranked that reason:
A. 5th
B. 8th
C. 10th
D. 12th

4) Almost three-quarters of companies say they think consumers’ top priority in following the company via social media is to learn about new products. What percentage of consumers cite this as a reason to interact with companies via social media?
A. 34%
B. 51%
C. 70%
D. 88%

5) Of companies with a social media presence, the percentage that solicit customer reviews is:
A. 13%
B. 29%
C. 35%
D. 48%

6) Asked which function is responsible for managing and implementing the company’s social media strategy, what percentage of companies said “Finance”?
A. 0%
B. 7%
C. 14%
D. 21%

7) Asked to identify their top three social media challenges, companies cited “establishing ROI strategy” as the top challenge. Coming in second was:
A. Negative brand exposure
B. Monitoring employees’ use of social media
C. Lack of analytics
D. Industry regulation

8) According to a 2011 study from the University of Maryland, the “Facebook Apps Economy” created, at a minimum, how many jobs in 2011?
A. 30,000
B. 90,000
C. 120,000
D. 180,000

Source: IBM, “From Social Media to Social CRM”

Answers: 1–A; 2–C; 3–D; 4–B; 5–D; 6–C; 7–B; 8–D