It’s no surprise that social media is becoming an important tool for many businesses. Despite this trend, not everyone is hopping on the bandwagon, especially those at the top of the food chain.
CEOs at Fortune 500 companies have been slow to embrace social media, according to a new study sponsored by Domo and CEO.com.
The 2013 CEO.com Social CEO Report, an annual study that investigates the social media habits of business leaders, found that 5.6 percent of Fortune 500 CEOs are now on Twitter, compared to just 3.6 percent last year, a 55.6 percent increase in participation.
Domo and CEO.com also found that 27.9 percent of Fortune 500 CEOs are active on LinkedIn, compared to 25.9 percent in 2012. LinkedIn remains the one social media platform that is actually more popular with CEOs than the general public. Pew Internet found that 20 percent of the adult U.S. population is on LinkedIn.
The report also found that the number of Fortune 500 CEOs on Facebook remains virtually unchanged today from a year ago. In 2012, 7.6 percent used Facebook, compared to just 7 percent this year. The presence of Fortune 500 CEOs on Google Plus is also stagnant, with just 1 percent active on the network this year, compared to 0.8 percent last year.
For those who do join networks like Twitter, getting followers is relatively easy. The study found there are currently 28 Fortune 500 CEOs on Twitter with a combined total of 2,126,564 followers. While some CEOs earned their following through a steady series of tweets, others simply let their star power do the talking. The day billionaire Warren Buffett joined Twitter, for example, he gained about 1,000 new followers every minute.
This raises the issue of quality versus quantity. “It takes a significant investment of time and effort to acquire the quality of social followers that will impact your business,” said Josh James. “CEOs and brands need to focus on quality over quantity when it comes to building a following.”