TAILIEUCHUNG - Putting social media to work

Pat Quinn was born and grew up in Dublin. He qualified as an Engineer at the College of Technology, Bolton Street and in 1956 emigrated to Canada where he was a founding partner of Quinn Dressel Associates. His firm became one of Canada’s foremost structural engineering firms responsible for many landmark buildings throughout North America, Europe, the Middle East and Asia including Calgary City Hall, the Elf Aquitaine Tower in Paris and Shanghai Stock Exchange. Pat has been President (twice) of the Professional Engineers of Ontario, is a Fellow of the Canadian Academy of Engineering and a Fellow of the. | Early adopters are gaining real economic value from their investments in social media. Customers who engage with companies over social media are more loyal and they spend up to 40 percent more with those companies than other customers. Putting social media to work By Chris Barry Rob Markey Eric Almquist and Chris Brahm BAIN COMPANY Chris Barry is a partner in Bain Company s Los Angeles office. Rob Markey and Eric Almquist are partners in Boston. Chris Brahm is a partner based in San Francisco. Copyright 2011 Bain Company Inc. All rights reserved. Content Global Editorial Layout Global Design BAIN COMPANY Putting social media to work Early adopters are gaining real economic value from their investments in social media. Customers who engage with companies over social media are more loyal and they spend up to 40 percent more with those companies than other customers. Five years ago few general managers outside of the tech industry had heard the term social media. As social networking services such as Facebook and Twitter broke loose on the mainstream business scene the majority of companies stood on the sidelines trying to make sense of it all. Despite the proliferation of corporate Facebook pages and Twitter accounts during the last couple of years most businesses still effectively remain on the sidelines. The gap between the early adopters and those waiting to take the plunge has actually widened. While the average billion-dollar company spends 750 000 a year on social media according to Bain Company analysis some early adopters such as Dell Wal-Mart Starbucks JetBlue and American Express invest significantly more. In some instances the investment is tens of millions of dollars. Who is right the early adopters or the companies still waiting it out Our research shows that several early adopters have captured real economic value from their investments. But the social media scene is so turbulent and frothy that many others have poured good money after bad in their .

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