The Social CMOAre CMOs gearing up for the Social Media Revolution?
Shifting trends for CMOs• CMOs recognize the critical and permanent shift occurring in the way they engage with their customers.• They identify that the ROI will be the primary measure of the marketing function’s effectiveness.• CMOs are seeing increasing responsibilities in managing marketing returns, but have highly any influence over promotion, products, place and price.
Social Media Data Elevates CMOs• Social media data influences decision-making of CMOs and almost 50% of them have used it to make predictions or forecasts.• CMOs use social media data to impact decisions beyond marketing. The customer insights are used in product development, customer experience, sales, and C-level discussions.• CMOs trust social media data to reveal consumer sentiment and improve brand awareness. They also are very confident of the impact of social media on brand loyalty and awareness.
Marketing loves Social Media Data • The number one use of social data by CMOs is now brand management. CMOs are leveraging social media data to understand and to respond to their customers needs more effectively driving sales and enhancing their reputation. 59.60% 36.80% 36% 35.10% 34.20% 25.40% 17.50% 9.60% 0.90% Executive Brand Customer Product Customer Sales HR IT Management None Managent Experience Management Service Team 59.60% 36.80% 36% 35.10% 34.20% 25.40% 17.50% 9.60% 0.90%Source: The CMO Club
Social Media Reflects Consumer Sentiment • CMOs believe that social media data reflects business trends. They also strongly agree that social media is effective for identifying distinct trends among consumers. Social media data is clearly credited for indicating - Trends or patterns Consumer sentiment Influence of Consumer sentiment that may impact Consumer towards groups/individuals on towards business demographics products/services purchase decisions company/brand 17.7 17.7 19.3 22.1 27.2 77.9 72.8 83.3 80.7 79.7 Agree Disagree Agree Disagree Agree Disagree Agree Disagree Agree DisagreeSource: The CMO Club
Social Media Impacts Sale CMO today are confident that social media impacts awareness and loyalty and that social efforts have a measurable impact on - Brand Awareness Brand Loyalty Sales 17.7 18.5 23.8 82.3 81.5 76.2 Agree Disagree Agree Disagree Agree DisagreeSource: The CMO Club
Takeaways for CMOs• Social data can give hints to future consumer feelings about a product.• Using social data drives better results in departments other than marketing. Monitor conversations about your brand on key social media channels to identify areas to improve on, products or services to develop, or consumer complaints to address.• Insights from social data should be used in customer experience, product development, sales and brand management departments.• Constantly monitor consumer behavior to identify new tolls and behavior to effectively track to manage the brand’s reputation.
The Challenges• Data explosion: CMOs are having a tough time managing and analyzing the increasing data points from new digital sources, in addition to traditional sources such as sales data and market research, to extract the meaningful insights.• Proliferation of new technologies: With the growing number of new marketing channels and devices, from smart phones to tablets, CMOs are struggling to boost their digital proficiency.• Globally Connected Consumers: As the interconnected consumers have broken down the barriers between global and local, the challenge is to adapt new strategies to give global consumers a delicate balance of local, regional and global campaigns.• Multi Channel communication: Most CMOs feel that marketing activities are not fully integrated across digital and traditional channels. They are underprepared to real the benefits of cross-channel experiences.• Organizational silos: CMOs are responsible for the integrated marketing of their organization’s products, services and brand reputations but lack significant influence in other departments such as product development, pricing and selection of sales channels.
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