What is social business and where’s the ROI?

In a social business, the culture and systems enable the organisation to use its communities (whether internal or external) to encourage people to create business value and yield real business results including increased profitability, loyalty and advocacy.

Here at UBM, we’re already able to measure and analyse how our brands’ social media engagement is influencing the conversion rates at our shows, but how does this translate to social engagement internally?

“Before social business, companies were very hierarchical, and information was shared hierarchically, and people’s contributions were determined partly by their geography and partly by their relationships,” says Nick Blunden, SVP Digital, Economist Group. “But what social business does, putting people at the centre of conversations, allows you to create much greater levels of engagement and participation at every level of the organization.”

Research from McKinsey has shown that improved communication and collaboration through social technologies could raise the productivity of interaction workers by about 25%.

Enterprise Social Network provider Jive (supplier of the Hub here at UBM), has helped customer companies increase employee productivity by 15% and drive 2-4% incremental top-line value annually.

Use of the platform also sharply reduced employee turnover and drove major improvements in a range of business areas, including corporate strategic alignment, marketing planning and execution, sales team effectiveness and customer service.

Researchers commissioned by Jive found that platforms like the Hub:

> Improve productivity by 15%
> Grow top-line value by 2-4%
> Reduce email load by 21%
> Reduce meetings by 16%
> Reduce the time to find knowledge, expertise and best practices by 34%

The research demonstrates that when you have a company of people who are sharing knowledge between themselves, you have an amazing powerhouse.

What’s not to like?

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