Is Social Media a Fad?

Social Media energy is sweeping through businesses large and small. Is it a fad? Does it have relevance for businesses around the world? According to a recent survey by Regus published in July 2010, the answer is a resounding yes! 40% of companies surveyed successfully leveraged social media for new customer acquisition. Dell credits their Twitter presence with generating $6.5 million in revenue last year; Starbucks gains valuable product ideas by encouraging consumer suggestions; Pepsico has created significant positive brand image through its Refresh Project, which makes grants based on consumer votes. Brands that do not pay timely attention to social media have experienced negative repurcussions. Dave Carroll's song about failing to get United Airlines to pay for damaging his guitar was viewed by over 4 million people worldwide on YouTube, negatively impacting their brand. More recently, the Twitter spoof account @BPGlobalPR with nearly 10 times the following of BP's official Twitter acccount, BP_America, has undoubtedly done its bit to whip negative brand sentiment. Curious about which brands are leveraging social media effectively? Wondering how your brand is doing? Check out which global brands are most engaged from this report by wetpaint and Altimeter Group.