Surf's Up!
Internet use is much more frequent among CEOs and similar top executives than previously expected, a new study proves. Top managers are increasingly relying on their own web searches for key information.
Gone are the days of the heavy briefing folders top execs used to carry. Groveling assistants with notes piled high also seem to be a thing of the past. Today's top managers prefer unfiltered information, or rather that which they have found themselves. They no longer need a mediator: Instead, they google what they need themselves.
However, they still rely on their top management peers to shape their opinions. To leading executives, they remain the most trustworthy source. Politicians and the ever-nosy business journalists are at the very bottom of their credibility scale, according to a new Roland Berger Strategy Consultants study. One hundred top managers all over Germany were interviewed for the purpose of the study. The results are set to be published on February 14, 2008 in a book entitled "Elite marketing – How to reach decision makers".
Business leaders thus prefer to search for information themselves rather than rely on the support of their employees. On average, German executives spend about 18 hours a week gathering and evaluating information.
"As their level of responsibility increases, the amount of time that managers can spend consulting media decreases. CEOs and executives, in other words corporate leaders, only have about 14 hours a week to gather and evaluate information. And even that amount of time requires a huge commitment and a great deal of energy," says study author Torsten Oltmanns, Global Marketing Director at Roland Berger.
Only a click away
On average, Germany's top managers spend four hours a week – or about 22% of the time they spend consulting media – on the Internet. In their search for information, they use news portals, the websites of specialized information services, research institutes and even blogs. Apart from the Internet being mentioned often as an important medium, its role in the process of gathering information is also surprising. A majority of top managers use it as their main source of information. 69% of respondents indicated that they begin their research on the Internet.
"We found this to be surprising, as the Internet was not considered a medium for decision makers in the past. Some marketing strategists will have to change their approach as a result," the marketing expert says.
Gone are the days of the heavy briefing folders top execs used to carry. Groveling assistants with notes piled high also seem to be a thing of the past. Today's top managers prefer unfiltered information, or rather that which they have found themselves. They no longer need a mediator: Instead, they google what they need themselves.
However, they still rely on their top management peers to shape their opinions. To leading executives, they remain the most trustworthy source. Politicians and the ever-nosy business journalists are at the very bottom of their credibility scale, according to a new Roland Berger Strategy Consultants study. One hundred top managers all over Germany were interviewed for the purpose of the study. The results are set to be published on February 14, 2008 in a book entitled "Elite marketing – How to reach decision makers".
Business leaders thus prefer to search for information themselves rather than rely on the support of their employees. On average, German executives spend about 18 hours a week gathering and evaluating information.
"As their level of responsibility increases, the amount of time that managers can spend consulting media decreases. CEOs and executives, in other words corporate leaders, only have about 14 hours a week to gather and evaluate information. And even that amount of time requires a huge commitment and a great deal of energy," says study author Torsten Oltmanns, Global Marketing Director at Roland Berger.
Only a click away
On average, Germany's top managers spend four hours a week – or about 22% of the time they spend consulting media – on the Internet. In their search for information, they use news portals, the websites of specialized information services, research institutes and even blogs. Apart from the Internet being mentioned often as an important medium, its role in the process of gathering information is also surprising. A majority of top managers use it as their main source of information. 69% of respondents indicated that they begin their research on the Internet.
"We found this to be surprising, as the Internet was not considered a medium for decision makers in the past. Some marketing strategists will have to change their approach as a result," the marketing expert says.
The advantage of the Internet compared with other media lies in the scope and depth of information available, as well as the speed at which it can be found when immediate information is needed. In particular, the longer "shelf life" of information – it is often online for years – and the ideal archiving possibilities that the Internet offers are clear advantages over conventional trade publications. 62% of corporate leaders – the premier league among top managers – use the Internet to conduct an initial scan of information from a variety of sources. "This makes the Internet the only medium with which companies and institutions can communicate with decision makers in a direct and unfiltered manner. All other sources of information make their way through several company levels before they reach the boss' desk," says Oltmanns.
New insights
"Based on these study results, we were able to develop a new approach to decision-maker communication. We examined the set-up of Web 2.0 and also had a close look at how communication takes place on the Internet, and how web communities are created. Our findings allowed us to draw interesting conclusions on how to successfully communicate with the elite," Oltmanns says of his project.
If you have questions or comments regarding this, or any other story, please do not hesitate to contact us:
New insights
"Based on these study results, we were able to develop a new approach to decision-maker communication. We examined the set-up of Web 2.0 and also had a close look at how communication takes place on the Internet, and how web communities are created. Our findings allowed us to draw interesting conclusions on how to successfully communicate with the elite," Oltmanns says of his project.
If you have questions or comments regarding this, or any other story, please do not hesitate to contact us:
Language
English | German
More news
A world without agents?
Imagine a world without insurance agents - It is hard to picture, but some in the European insurance... >>
Pricing in wealth management
Times in wealth management have been difficult since the recent developments in the financial... >>
New restructuring study from...
German businesses have come out of the financial and economic crisis in good shape: 63% expect to... >>
Roland Berger Strategy...
As new Partner and Competence Center head, Martin Erharter has been working on pharma &... >>
IN DIALOG - Prof. Dr. h.c....
In an interview with Germany's "Top Career Guide Automotive", Roland Berger, Founder... >>
Have we whined enough? (Die...
In an interview with the German daily newspaper Die Welt, Burkhard Schwenker, Supervisory Board... >>
