In 2003, Linkedin launched, and the site has forever changed the way we connect and network professionally. A major rollout came in 2012 which allows users to endorse colleagues for professional skills. CEOs often have hundreds of endorsements for management, leadership, public speaking and business strategy.
Despite those endorsements, there is one critical skill that most CEOs cannot seem to figure out—social media. In fact, only about 9.8 percent of CEOs understand this social media endorsement. The evidence is in the numbers—fewer than 1 of 10 CEOs listed on LinkedIn have even a single endorsement for social media skills. It’s important to note that only about one-third of Fortune 500 CEOs even have a Linkedin profile.
Consider this: Social media users consist of about 3 billion people (half of the population). Those people include your employees, customers, competitors, investors, partners and stakeholders.
However, this may be changing due to President Trump and his heavy use of social media.
President Trump has called out many companies publically via Twitter. Such examples include Lockheed Martin, General Motors, CNN, Macy’s and Nordstrom. And, these Twitter exchanges have led to real-world economic problems. When Trump called out Lockheed Martin for a cost increase on the F-35 fighter jet program, Lockheed Martin’s stock price fell by 5 percent, resulting in a $4 billion loss. A similar situation happened with Boeing; however, Boeing responded to Trump in a few hours. Stock prices went down briefly but rose again directly after the response by Boeing’s CEO.
It’s clear that in today’s world, companies may lose billions from an error or lack of response on social media. Contrary to that, it’s been proven that CEOs can use social media to change the world for the better. Thus, it’s vital that company leaders truly understand social media and how to use it to their advantage.