Are social media sites a myth regarding business productivity?
Over the last few years the talk has been of Facebook, Bebo and other social networking websites with a number of businesses clamouring to gain exposure to these massive markets. However, a number of companies have now stepped forward to question the actual productivity gains associated with social networking sites with 52% of those replying to a recent Forum of Private Business survey suggesting the likes of Facebook and Twitter were either "not useful" or "useless" to their businesses.
So now we have a situation whereby the billions upon billions of pounds poured into social networking websites with regards to advertising and account setups may well be obsolete and offer a very low, if any, return on investment for businesses. There is also the problem of social networking site access in the workplace with a number of recent surveys suggesting that thousands upon thousands of working hours have been lost because of social networking activity during working hours.
The value of companies such as Facebook is perceived to be in the billions of pounds and the other leading social networking websites are also valued at relatively high levels. If benefits to business are actually less than many people perceive, does this affect the estimated value of leading social networking websites?
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