According to a recent conducted in-depth study on the usage of social media in fast-growing corporations by The Center for Marketing Research at the University of Massachusetts Dartmouth, the Inc. 500 (the fastest-growing private U.S. companies compiled annually by Inc. Magazine) was outpacing the revenue based Fortune 500 in their use of social media.
In 2007, research showed that 8% of the Fortune 500 companies were blogging compared to 19% of the Inc. 500. This trend continued in 2008, 2009 and 2010 with half of the Inc. 500 blogging and only 23% of the Fortune 500 in 2010. The new data shows adoption of blogging is declining for the first time since 2007 among the Inc. 500 companies, and may have peaked as a primary social media tool in the US business world.
The study finds the incorporation of new platforms and tools including Facebook, LinkedIn, Twitter, YouTube, texting, downloadable mobile apps and Foursquare while noting the reduction in use of blogging, message boards, video blogging, podcasting and MySpace.
Social Media Tools Used By The Inc. 500 (% of Respondents) | |||
Social Media | 2009 | 2010 | 2011 |
61% | 71% | 74% | |
- | - | 73 | |
52 | 59 | 64 | |
YouTube | - | - | 45 |
Blog | 45 | 50 | 37 |
Online video | 36 | 33 | 24 |
Text | - | - | 15 |
Mobile apps | - | - | 14 |
Podcast | 12 | 16 | 6 |
Myspace | - | 6 | 1 |
Source: UofMass, Dartmouth Center for Mktg.Research, January 2012 |
Some of the tools marketers are abandoning, however, are still reported to be highly effective. Message and bulletin boards, along with blogging, got the highest success ratings of any tools, among companies that use them for marketing. While a strong majority of respondents indicated they were having success with Twitter (86%) and Facebook (82%), this was lower than several other, less-popular services.
The original 2007 questions probed the familiarity of respondents with six prominent social media tools. As familiarity became almost ubiquitous, studies began to focus more on adoption.
Changes over the years include dropping wikis (used more as a collaboration tool than a communications/engagement tool) and changing the social networking category into more specific platforms including Twitter, Facebook, MySpace, LinkedIn and Foursquare. In the 2011 survey, the use of LinkedIn, YouTube, corporate texting along with the use of discount sites like Groupon and downloadable mobile apps were all investigated.
Successful Social Media Tools Used By The Inc. 500 (% of Respondents) | |||
| Percent of Respondents | ||
Media Tool | 2009 | 2010 | 2011 |
Message/bulletin boards | 91% | 93% | 96% |
Blogging | 88 | 86 | 92 |
Mobile apps | - | - | 91 |
Online video | 87 | 93 | 90 |
- | - | 90 | |
Discount sites | - | - | 88 |
YouTube | - | - | 87 |
82 | 81 | 86 | |
Texting | - | - | 84 |
54 | 85 | 82 | |
Podcasting | 89 | 71 | 80 |
Foursquare | - | 75 | 68 |
Myspace | - | 36 | 0 |
Source: UofMass, Dartmouth Center for Mktg.Research, January 2012 |
Findings highlighted in the study include:
For additional information about the study and additional charts and graphs, please visit the UMass site here.