I was shocked to find out recently that 70% of CEOS at Fortune 500 companies have no social media presence on Facebook, Twitter, LinkedIn, Pinterest or Google+.
According to an article on MarketingProfs.com, a new study sponsored by Domo and CEO.com found that LinkedIn was by far the most popular social network among Fortune 500 CEOs – 26% use the network compared to just 20.15% of the US general public.
But the fact that Fortune 500 CEOs prefer LinkedIn as a social network doesn’t surprise me. It is, after all, the most popular professional social network in the world. What surprises me is the lack of social presence on other networks.
What is it about social networks that repel these Fortune 500 CEOs? Only 7.6% are on Facebook, compared to more than 50% of the US population. And only 4% of theses CEOs are on Twitter, while 34% of the US population uses the microblog.
Reasons behind why these Fortune 500 CEOs aren’t using social media include:
• Social media seems overwhelming
• All mistakes are magnified
• Not enough time for social media
• Risk of sharing the wrong info
• Unfamiliar with how to use social media
• Too much commitment to justify
• Feel too old for social media
I would really be interested in finding out the age of the Fortune 500 CEOs, because it seems to me that age may play a factor here. So, I looked it up. According to statisticbrain.com, the median age for a S&P 500 CEO is 55. But people 45 and older make up 46% of Facebook users. (54% of Facebook users are under the age of 45, according to Mashable.com).
But no matter your age, social media can be a useful tool for your company.
Social media can
• Help boost sales
• Increase brand awareness
• Encourage word-of-mouth advertising
• Increase customer loyalty, which can be especially helpful if or when something goes wrong later
And that’s if you do it right.
Perhaps Fortune 500 CEOs don’t need social media to survive, but social media is here to stay and it’s becoming more and more important for brands and businesses. I predict that in five years, many more Fortune 500 CEOs will have made the switch to social and be glad they did. Until then, I think social media is doing just fine without ‘em.
How do you use social media for your brand? Tell us in the comments.