Do companies know why consumers interact with their social sites? What is the value of the social enterprise software market? How much value can social business deliver? MIT SMR‘s Social Business — By The Numbers list answers these questions and more.

The general interest magazine Harper's includes a famed feature every issue called the Harper's Index. It's a list of random and yet sometimes connected facts about anything and everything in the world.

Here, our version of an Index highlighting the facts and stats we're intrigued by in the world of social business today:

1st

How high managers rank "Learning about new products" as a reason consumers interact with their companies' social sites.1

6th

How high consumers rank "Learning about new products" as a reason to interact with companies' social sites.2


63%

Percentage of businesses that think consumers interact with their social sites to submit ideas for new products/services.3

30%

Percentage of consumers who say they interact with corporate social sites to submit ideas for new product/services.4


3%

Percentage of surveyed companies that a McKinsey report describes as fully socially networked.5

$1.3 trillion

Amount of value a McKinsey report says could be generated annually from corporate use of social technologies.6


48%

Percentage of CEOs who believe social media is important or somewhat important to their business today.7

24%

Percentage of CIOs who believe the same thing.8


61%

Percentage of businesses that think consumers interact with their social sites to "be part of a community".9

22%

Percentage of consumers who say they interact with a business' social site to "to be part of a community".10


52%

Percentage of managers who believe social software is important or somewhat important to their business today.11

86%

Percentage of managers who believe social software will be important or somewhat important to their business in three years.12


$600 million

The value of enterprise social software market in 2010.13

$6.4 billion

Expected value of enterprise social software market in 2016.14


$1.59 billion

Value of social media advertising spend in 2011.15

$4.995 billion

Expected value of social media advertising spend in 2016.16

 

REFERENCES

1. Carolyn Heller Baird and Gautam Parasnis, "From social media to Social CRM," IBM Institute for Business Value, 2011. Figure 4, p. 9, Accessed August 4, 2012.

2. Carolyn Heller Baird and Gautam Parasnis, "From social media to Social CRM," IBM Institute for Business Value, 2011. Figure 4, p. 9. Accessed August 4, 2012.

3. Carolyn Heller Baird and Gautam Parasnis, "From social media to Social CRM," IBM Institute for Business Value, 2011. Figure 4, p. 9. Accessed August 4, 2012.

4. Carolyn Heller Baird and Gautam Parasnis, "From social media to Social CRM," IBM Institute for Business Value, 2011. Figure 4, p. 9. Accessed August 4, 2012.

5. Jacques Bughin, Angela Hung Byers and Michael Chui, "How social technologies are extending the organization," McKinsey Global Institute, November 2011. Exhibit 4. Accessed August 4, 2012.

6. Michael Chui, et. al., "The Social Economy: Unlocking value and productivity through social technologies," McKinsey Global Institute, July 2012. Accessed August 1, 2013.

7. David Kiron, Doug Palmer, Anh Nguyen Phillips, Nina Kruschwitz, "Social Business: What Are Companies Really Doing?," MIT Sloan Management Review, May 2012.

8. David Kiron, Doug Palmer, Anh Nguyen Phillips, Nina Kruschwitz, "Social Business: What Are Companies Really Doing?," MIT Sloan Management Review, May 2012.

9. Carolyn Heller Baird and Gautam Parasnis, "From social media to Social CRM," IBM Institute for Business Value, 2011. Figure 4, p. 9, Accessed August 4, 2012.

10. Carolyn Heller Baird and Gautam Parasnis, "From social media to Social CRM," IBM Institute for Business Value, 2011. Figure 4, p. 9, Accessed August 4, 2012.

11. David Kiron, Doug Palmer, Anh Nguyen Phillips, Nina Kruschwitz, "Social Business: What Are Companies Really Doing?," MIT Sloan Management Review, May 2012.

12. David Kiron, Doug Palmer, Anh Nguyen Phillips, Nina Kruschwitz, "Social Business: What Are Companies Really Doing?," MIT Sloan Management Review, May 2012.

13. Henry Dewing, et. al., "Social Enterprise Apps Redefine Collaboration," Forrester Research, November 30, 2011.

14. Henry Dewing, et. al., "Social Enterprise Apps Redefine Collaboration," Forrester Research, November 30, 2011.

15. Shar VanBoskirk, et. al., "US Interactive Marketing Forecasts 2011-2016," Forrester Research, September 7, 2011.

16. Shar VanBoskirk, et. al., "US Interactive Marketing Forecasts 2011-2016," Forrester Research, September 7, 2011.