Social data has become one of the most important parts of the decision making process for CMOs and CEOs, according to the results of a new study by Bazaarvoice. Almost half of CMOs have used social data to make predictions or forecasts, and some nine in ten say that their decisions were strongly influenced by the data.
Social data is generally defined as any data given up by individuals that is anonymous in nature and only adds color to a company, a trend, or certain topics. It’s mainly derived form the web and its popular social networking hubs, such as Twitter, Facebook, and LinkedIn. As the business world re-centres around new ways to serve and interact with consumers, CMOs are seizing the opportunity to use social data to transform their role and organisations, the study finds. Social data reflects business trends and using it correctly can help to identify consumer traits and patterns that impact brand loyalty and awareness. CMOs seem most confident in social data’s effectiveness in analysing consumer sentiment toward individual products and product lines, rating their confidence level 6.4 out of ten, on average. As a whole, most CMOs believe social data is at least effective in indicating evident trends or patterns that may impact the business. Some 82.3 per cent of CMOs assume that their social efforts have a measurable impact on brand awareness, while 81.5 per cent are confident that they have a measurable effect on brand loyalty. It’s not only CMOs who have made customer centricity a priority – some 61 per cent of CEOs now say that they must exhibit “customer obsession”, according to the 2012 Global IBM CEO Study. At the same time, CMOs continue to rapidly invest in new technologies to achieve this goal. Gartner reported in a January 2012 Webinar that “by 2017 the CMO will spend more on IT than the CIO.” Erin Mulligan, CMO of Bazaarvoice, commented on the data. “In a consumer-obsessed C-suite, the CMOs are the chief customer advocates and social data is their ultimate weapon. Social data lets CMOs truly know their customers and predict consumers’ future needs before they even have them.” “Nearly all CMOs now use this data to drive decisions. As the business world re-centres around serving and delighting consumers, social data is turning CMOs into customer champions – and heroes within the C-suite. And as an industry, we have just started to tap into the potential of social data.”
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.