“Delay is the deadliest form of denial.” –C. Northcote Parkinson
De · ni · al: a river in Egypt; refusal to admit the truth or reality. (Merriam-Webster)
There isn’t any upside to denial at all other than blissful apathy until the realization of what the denial has wrought. It really is bad news all around.
In business, denial will most likely lead to financial failure. Yet businesses are still in denial regarding not only the need but the necessity of social media on a daily basis. Harvard Business Review Analytics Services report “The New Conversation: Taking Social Media from Talk to Action” [Report PDF; sponsored by SAS] discovered that most of the commitment to social is future-oriented. The report went on to say, “Although 79% of the 2,100 companies surveyed are either using or planning to use social media channels, a measly 12% of those firms feel that they are using them effectively.” Only 12%. Pitiful, when you think about how brands are being represented on Facebook, Twitter, and Pinterest, to name a few.
But is it just the non-use of social media that makes business efforts ineffective or the fact that there is still not an “all in” belief in the necessity of social? Rob Ployhart, a professor of business administration at the University of South Carolina’s Darla Moore School of Business, believes there is a “skepticism” in social media because companies haven’t seen the data showing the return on investment from social media. Ployhart says the ROI data will most likely be available within the next three to five years, making social media more credible in the eyes of some businesses.
Until then, what does a company have to do to engage in the social impact of business? Believe. They have to put their faith in it and engage in it daily or they’ll be left standing on the sidelines in their cynicism.
The facts are all there. Businesses engaged in social media are investing in their own future. Ployhart says, “In today’s world, we are all interconnected. Companies that are thinking about this proactively are the ones that are probably going to have an advantage in leveraging this technology. I’d be surprised if the first few companies that get in there don’t have a lasting competitive advantage.”
The experts are all saying the same thing: businesses that are engaging in social media have the upper hand.
It’s almost 2014. What’s on the horizon, then, for engaging in social media in business?
According to Simon Mainwaring, New York Times bestseller We First and social branding consultant to Fortune 100 brands, “Every company or institution must now function as a social brand due to the mass adoption and penetration of social media in our lives as citizen and customers (and by social brand I mean an organization that uses and engages in a real time dialogue with its customers using mobile, social and gaming technologies to build its reputation, profits and social impact.)”
So, if you are in business and you are in denial of the social media bull breathing down your neck, don’t turn around. Just get on the social media train and ride it all the way into the station. That’s where you’ll find relevant business being done. Welcome to the new world.