Social networking may be a more valuable business resource than some managers are willing to admit.

A recent survey, conducted by Smartbrief Leadership, found:

• 83% of managers believe social media provides them with a window into what customers are thinking.
• 80% believe social media has the ability to magnify a negative customer experience.
• 40% feel ignoring social media could cause them to fall
  behind competitors.
• 25% admitted they don’t know what their competitors are using their social media pages for.
• 55% agree social media isn’t a waste of resources.
• 75% either understand how social networks operate or they’re currently taking measures to learn more.
• 51% say their company is currently pursuing social media strategies that’ll help boost sales and/or loyalty.
• Only 27% of managers claim they are not using social media as a business resource and have no immediate plans to start.

Source: “How Business Leaders View Social Media,” by Emily Molitor, 4/22/10.

Do you think social networking sites are an effective way to boost sales and loyalty? If so, has your company come up with any unique ways to engage buyers via Twitter or Facebook? Let us know in the Comments Box below.

Tags: Facebook, loyalty, sales, social media, social networking, Twitter