Indian firms a have long way before maximising benefits of social media: study

The medium is still in the nascent stage in the country

At a time when corporations are using various ways of social media for doing business, Indian companies are way behind in maximizing the benefits offered by the medium.

Many Indian companies face challenges in understanding the way social media interacts with consumers, enables product and brand recognition, and drives customer acquisition, retention and loyalty. With social media in its nascent stages here, there is an undeniable opportunity for companies to create a well-established, customer-centric image.

According to the study by market intelligence, social media and data analytics organisation, Blueocean Market Intelligence, engaging consumers across channels will work well to drive greater volumes of conversations, and effective campaigns. The study also observed, good chartered social media planned strategies that are in sync with the core business objectives will have the greatest influence over customer experience.

Kumar Mehta, Global CEO, Blueocean Market Intelligence, said, “the company has conducted the most comprehensive study designed to evaluate social media effectiveness and identify the top performers among India’s top companies. This exclusive Indian index captures the full gamut of social media, providing deeper understanding of how these efforts drive brand recognition (equity), customer acquisition and retention.”

The study included sectors including IT, ITeS, BPO, Oil & Gas, automotive, apparel, FMCG, metals & mining, infrastructure, and auto components. The study titled ‘2013 Social Effectiveness Index (SEI) 20’, revealed Tata Steel, Tata Motors, Dell India, Tata Consultancy Services, Bosch as top five performers.

“The top performers truly understand how social media can be used to achieve business goals. Business of all sizes can benefit from their experience and learn how to provide high quality customer engagement on digital channels by focusing on metrics that typically have the greatest business impact,” Mehta added.

According to the study, greater volumes of conversations and effective campaigns that worked well towards engaging consumers across channels drove higher social effectiveness rankings, the study observed. Well-defined social media strategies that tightly align with core business objectives have the greatest influence over customer experience, it added.

The SEI 20 ranking methodology is designed to measure business impact by integrating analytics, measurement, and monitoring.