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Marketing is moving at a break neck speed. CMOs and a few other members of the C-Suite are starting to increase the allocation of resources for vital social media marketing and monitoring activities. Although they believe it is a good start because they’ve enlarged their budgets and added a few more people to their staff, their retroactive changes are woefully inadequate for today’s demanding and extremely savvy consumers who have stormed the castle walls. And this is only the beginning.
Even so, recent polls of Chief Marketing Officers and the most senior-ranking marketing executives in the United States and United Kingdom revealed the percentage of their organizations that are effectively utilizing monitoring tools to track brand or measure campaigns is in the single digits.
Even fewer marketing executives use these technology-powered tools to proactively adjust their campaigns. These were not scientific polls, so the data definitely skews high; and the percentage of CMOs who consider their practices to be ‘world class’ is likely much lower – more like 2-3 percent at best.
This simply won't do...
There's a plethora of data across the entire Internet which must be monitored to gain insightful knowledge. There's no shortage of robust offerings for social media monitoring; the most robust one by far is available from Spiral16.
With toolsets like the ones offered by social media monitoring / listening platforms readily available, one should wonder why more companies aren't arming themselves with highly relevant data to make data-driven decisions that will lead to improved ROI.
I'll tell you why; it's no secret.
The vast majority of companies have no strategies in place and don't even know where to begin regarding social analytics. And since they don't know what to do, they simply need to start by learning, and they need to start right now. If you don't know what to do yet, there is no shame. But get help!
Organizations that choose not to develop strategies for social media monitoring to enable insights for making data-driven decisions are going to suffer. It's extremely likely competitive companies all around the globe are getting organized, developing solid strategies, examining customers' sentiments and perceptions, observing customers' activities, as well as engaging customers where they work, live and play with relevant content across multiple channels. They're also engaging these customers in meaningful dialogues to better understand not only what they want, but what they actually value. If your company isn't doing all of these things, you really shouldn't be surprised when your customers have become your competitor's customers.
The continuous creation of value is imperative for brand engagement and relevance.
Irrelevance = Extinction
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