Bazaarvoice and the CMO Exchange recently surveyed “marketing executives across Europe, to find out how European companies view social today. Forty marketing executives, most of them VP- or CMO-level,” took part.
Here are some takeaways as recently shared by Bazaarvoice’s CMO Erin Nelson: (Quoting these directly from Erin’s email.)
• European CMOs are enthusiastic about the future of social data. 90% of respondents think meaningful customer insights can be extracted from social data. The study shows that CMOs want to make social data more central to their organizations, and believe it will bring them closer to customers.
• However, they’re playing it safe with their social strategies. Despite their enthusiasm, nearly one-third (30%) of CMOs do not feel confident in their understanding of social media. Because of this, many aren’t maximizing the value of the customer conversations they collect. 80% of CMOs use social data to improve marketing and PR, while less than half (45%) use these insights to make decisions about product improvements. Respondents also discussed internal barriers to moving more swiftly with social programs.
• As a result, CMOs aren’t realizing the full value of social data. CMOs are measuring marketing and ecommerce metrics with regard to social, like number of fans/followers, and effects on site traffic. But they’re missing an opportunity to consider the downstream benefits of social data throughout the business – in customer service, product development, sales, and other areas.