Three facts and 6 myths about Web 2.0

The three facts:

  1. Forrester’s 2008 Technographics research found that over 50% of the members of all major age groups are actively engaged with at least one Web 2.0 application, including blogs, user reviews and social networks.
  2. A 2008 McKinsey study of over 1900 large enterprises around the world found that only 28% were applying at least one Web 2.0 technology or tool.
  3. Of those companies surveyed by McKinsey that had applied at least one Web 2.0 tool to their business in 2007 and 2008:
    • 21% were very or extremely satisfied with their investments
    • 22% were very or extremely dissatisfied with their investments

 Yes, more businesses were dissatisfied with their investment in Web 2.0 tools than were satisfied.

The six myths:

  1. My customer (or employee or business partners) base is too old to engage with Web 2.0 and social media tools. This makes a lot of sense for businesses that cater to a younger population, but not for us.
  2. Our business is in a serious industry where privacy is very important. Therefore using Web 2.0 tools would not be appropriate.
  3. Web 2.0 is a fad and it will go away.
  4. Less than 30% of businesses are using Web 2.0 tools; if it doesn’t fade away, the next person in my job can deal with it.
  5. Social media applications do not need to be “launched” either internally for employee applications or externally with customers or partners. You should just put them on the web or your intranet and if they are valuable, people will use them. We tried an experiment and nothing happened, all of the above are correct.
  6. No one has been able to measure the business impact or the ROI of investing in social media technology.

Data and case studies to support 1-6 to follow in future posts.  Let me know your favorite myths.