A recent study of 100 CMOs by Bazaarvoice reveals that nearly half of CMOs have used social data to make predictions or forecasts. The survey asked members of the CMO Club (a forum for top marketing executives) how they value social data, as reported by MIT Sloan Management Review.
In general, CMOs surveyed expressed a high opinion about the value of social data. Over 82% believe that social data has a “measurable impact on brand awareness.” Nearly 9 in 10 (89%) say social data has influenced their decisions. However, CMOs are not (yet) frequently relying on social data for decision-making: only 21% of those surveyed said social data affects at least one in five decisions they make.
The survey also asked CMOs when social data is the most effective: 83% said when indicating “discernible trends or patterns that may impact the business” and 81% listed “consumer demographics and/or psychographics.”
CMOs also may be using social data “to enhance their influence and improve their personal brand within the organization,” says MIT Sloan Management Review. The study authors concluded that CMOs use social data to drive discussion in the C-suite, which makes them “owners of the brand-consumer relationship.”
Social data may be an “unexpected and potentially new source of legitimacy in the C-suite,” concludes MIT Sloan Management Review. Do you agree?
Survey respondents were all among the 600 members of the CMO Club, which is focused primarily in North America. It includes executives in both B2B and B2C companies, and over 80% of members represent brands valued at over $50 million.