The statistics on social media popularity continue to grow and grow. Facebook, Twitter and LinkedIn set new benchmarks on a monthly basis, and with the rise of sites like G+, Pinterest, Yammer and others, you might think that there is a social networking site for EVERYONE that could ever want one.
Well, one demographic has apparently stayed away from the fray: Fortune 500 CEOs.
A new, fascinating study by the consulting company Domo indicates that approximately 70% of the heads of the world's largest companies choose not to participate in the marketing juggernaut that is social media. In addition:
- 38 Fortune 500 CEOs are on Facebook (Michael Rapino of Live Nation Entertainment has the most friends with 1,723).
- 20 Fortune 500 CEOs who have opened Twitter accounts (5 have never tweeted).
- The average number of followers for Fortune 500 CEOs with Twitter accounts is 33,250 (Rupert Murdoch has the most with 249,000 followers)
- 10 Fortune 500 CEOs have more than 500 LinkedIn connections, while 36 CEOs have 1 LinkedIn connection or none.
- Six Fortune 500 CEOs contribute to blogs
- Zero Fortune 500 CEOs are on Pinterest.
As an organization that covers all sides of the marketing world, three thoughts came to our minds after reading this:
- You can "observe" social media without "participating" - CEOs may not have social media accounts for personal or professional reasons, but having a wife/husband that has an account to keep in touch with friends and family, and a staff member maintain one concerning the business serves the same purpose.
- A CEO's fame is different than a celebrity's fame - A Fortune 500 CEO is famous for the mere fact that they head their company, but unlike the Hollywood mantra that "all press is good press," a CEO not only doesn't need to saturate the internet with their every thought to gain fame, but if they do, it can cause unexpected repercussions (e.g. a swing in stock price).
- Over the next 5 years, this statistic will inevitably and drastically change - For all that is said about the ability social media has as a marketing tool, the platform started as a communications tool for college students, and then branched out from there. When measured against the fact that well over 60% of current Fortune 500 CEOs are over 50, it shouldn't be a surprise that a majority of these executives have chosen to use more established means to communicate. However, the next generation of CEOs are being groomed right now, and they have made their way up the career ladder partially due to networking, both in-person and online.
This survey, while intriguing from a biographical perspective, is missing a truth. While all these individuals may not be utilizing social media, they understand that others are. So, they are making sure that their companies are using it as a listening tool, a customer service tool, a branding tool, etc. So, while you might not see status updates or family vacation pictures of some of the most well-known business men and women on earth, you can be sure that they know that is how you use social media, and they want to use that to their company's advantage.
The Tray PML Way is the blog for Tray, experts in the printing, mailing, logistics and promotional products. You can learn more about our capabilities by visiting our website, as well as our Facebook and Twitter pages. For information about the company and its successes, visit www.traypml.com
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