Scraps of Thought from The Mighty Copywriter

Tuesday, February 1, 2011

New Measure for Social Media

Bazaarvoice surveyed 175 chief marketing officers in late 2010 and discovered they're measuring social media by a new yardstick.

The survey shows that CMOs still put the greatest faith in two hard measures, sales and revenue.

They also put faith in measures like site traffic, number of fans and number of customer comments.

However, a whopping 93% of CMOs now plan to use "customer-generated content" when arriving at new-product decisions.

The preferred forms of customer-generated content are customer stories, product ideas, polls and customer reviews.

"CMOs have moved beyond fear and skepticism to embrace social media as the source for strategic intelligence that can transform their products, brands and business," says Erin Mulligan Nelson, Bazaarvoice's own CMO.

The survey also found that more than half of CMOs currently don't see any ROI from three of the most popular social media tools, Facebook, LinkedIn and Twitter.

2 comments:

  1. I wonder if the same "hard measures" make sense if you're in the service business. And I think it's a little more complicated to market a service than a product. So social media may mean different things to different folks.

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  2. I think the same measures do make sense both in product and service businesses, and both in B2B and B2C businesses as well. You have to wonder, though, whether new-product recommendations received via social media accurately reflect your customer base. Recall "The New Coke" fiasco.

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