Research Shows That Companies with Employee Advocacy Programs Grow Faster
Businesses know that there's an opportunity to turn their employees into brand ambassadors via social networks. The practice is called employee advocacy - the promotion of a brand by its employees. But to be successful, it must go deeper. A company must instill a culture of belief in the content they create and active engagement in discussions on social networks.
Employee advocacy isn't new - after all, employees have been developing relationships over appetizers and refreshments at networking events for decades. What's changed, however, is that business associates can act as brand advocates anytime, anywhere courtesy of digital social media platforms.
While many leaders recognize that online employee advocacy has potential, they also worry about the possible downsides of losing control of their brand. Company leaders want to know how valuable employee advocacy is, and whether it's worth instituting a formal program. And then, if it is the right thing to do, how should they go about it?
To find the answers, Hinge Research Institute teamed with Social Media Today. Together, we conducted a comprehensive online survey of 588 professionals who use social media for business purposes. with most (83%) operating in the B2B space. The objective was to explore the potential of employee advocacy so companies like yours could make better-informed decisions on your own process.
Employee Advocacy Adoption
We asked respondents how their firms were approaching their employee advocacy programs. Three out of 10 were not currently considering employee engagement on social media, while over 60% were considering their options for employee engagement. Two in 10 were pilot testing different approaches, and,16.6% had implemented a formal, comprehensive program.
Employee Advocacy Benefits for Firms
Over 96% of respondents identified benefits that they're reaping from employee engagement on social media. Increased visibility and brand recognition were the top two, with brands also noting other measurable benefits including increased web traffic, better search engine rankings, more content downloads and decreased marketing costs.
Those with more sophisticated employee advocacy programs reported that they're seeing more benefits from them. Firms with a formal program identified an average of 5.19 benefits, compared to 2.81 benefits for firms not considering employee engagement on social media.
Does Employee Advocacy Impact Firm Growth?
High growth firms - those with revenue growth greater than 20% - were more than twice as likely as all other businesses to have an employee advocacy program.
High growth firms are also more likely than their slower growing counterparts to say a formal employee advocacy program helps to shorten sales cycles (27.1%). Also, employee advocacy is an important component of social selling - nearly 64% of businesses with formal employee advocacy programs credited them with attracting and developing new business, and nearly 45% attribute new revenue streams to employee advocacy.
Employee Advocacy Is Good for Employees Too
Employee advocacy affects employees in a positive way too. Almost 86% of advocates in a formal program said that being involved in social media had a positive impact on their career.
Two of the most common benefits to employees were expanding their professional networks and enabling them to keep up with industry trends. Other noteworthy benefits include the ability to develop skills that are in high demand, differentiate themselves from their peers and become recognized as thought leaders.
Interestingly, Millennials are more likely to view engagement on social media as an opportunity to enhance their career than Gen Xers or Boomers. Perhaps, for them, it's just the natural way to connect with others.
How to Build an Employee Advocacy Program
If you're ready to implement an employee advocacy program, don't assume that your employees know how to use social media in a business environment. That's where the danger lurks.
Sadly, nearly 75% of respondents said that they hadn't received any training on how to engage professionally on social networks. On the other hand, more than half of firms with formal employee advocacy programs - those most likely to be successful - provide social media training.
When asked to identify what training would be most beneficial, using social media to create engagement topped the list. Other leading educational topics on the wish-list included social media training for specific social channels, content marketing strategy, and generating and nurturing leads.
Respondents also wanted training on how to motivate employees to become brand advocates on social media. So how should you do that? Business associates believe that communicating the importance of social media provides the biggest incentive to participate. After all, employees want to know their efforts will pay off.
To learn more about employee advocacy, get our full research study here as a free download. Register for our free webinar this Wednesday (11/18) to hear Lee Frederiksen, Managing Partner at Hinge and John Tyreman, Research Specialist, walk through the findings of the study and find out how you can establish a powerful program of your own.
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