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Social Media: Despite Widespread Use, Social Tools Have a Vast Amount of Untapped Potential
Over the last fifteen years, on-line social networking has grown from virtually zero to now more than 1.5 billion people worldwide. Roughly 80 percent of all on-line users are also users of social networks. McKinsey estimates that 70 percent of businesses are using some type of social technology, and 90 percent of those companies report that they derive some benefit from social technologies.
But while social technologies have spread quickly, they are still very young and have potential to make a much bigger impact than they already have. McKinsey, for example, speculates that even the current generation of Social Media tools has enormous as-of-yet untapped monetary potential — on the order of $900 billion to $1.3 trillion.
McKinsey identifies areas where social media may be able save or earn dollars:
- Businesses could use social technologies to better engage with consumers, creating better insights into what consumers want and deriving better market intelligence. As a result, McKinsey estimates that about one-third of consumers could be influenced by ‘social shopping’
- Social tools could improve the quality of enterprise communication and collaboration by a factor of two
- Social tools could improve the productivity of knowledge workers by a factor of 20-25 percent
- Individuals benefit from social tools because they are able to consume better products and at cheaper prices
