IBM CMO Study

Last year IBM conducted a study interviewing 1,700 CMOs across the globe. Some key finding from the report –

“Our interviews reveal that CMOs see four challenges as pervasive,universal game-changers: the data explosion, social media, proliferation of channels and devices, and shifting consumer demographics. But CMOs from outperforming organizations address these challenges differently from other CMOs”

I was curious to know what the successful CMOs do different. And lo and behold, there are three things that we keep on teaching to our students all the time and still many never seem to appreciate them –

1. The most proactive CMOs are trying to understand individuals as well as markets

2. CMOs in the most successful enterprises are focusing on relationships, not just transactions

3. The outperformers are committed to developing a clear “corporate character”

Finally, something my marketing analytics students will appreciate –

“Our research shows the measures used to evaluate marketing are changing. Nearly two-thirds of CMOs think return on marketing investment will be the primary measure of their effectiveness by 2015. But proving that value is difficult. Even among the most successful enterprises, half of all CMOs feel insufficiently prepared to provide hard numbers.”

Read the full report here –

A Framework for Social Analytics

Jermiah Owyang wrote a post about a new report from Altimeter about social media analytics. As a marketing impact measurement researcher, I always think that social media ROI should be a priority. The businesses are realizing this as well. You can download or read this report below

Social Media Usage by Small Businesses

Check this report about small businesses.

Some snippets from the report –

The main accomplishments from using social media include:  staying engaged with customers, developing higher awareness of the company, and identifying and attracting new customers.

Mobile marketing is still looking distant for small businesses –

Despite their use of mobile devices for routine interactions with social media, small businesses are skeptical that a broader use of mobile marketing can provide tangible value to their businesses right now. Most owners consider mobile marketing to be “ahead of its time” (24 percent) for small business or “cutting edge” (36 percent). Only 15 percent of small business owners believe that mobile marketing would be “extremely” or “very valuable” to their enterprise, and another 20 percent feel it would be “somewhat” valuable. This attitude is largely unchanged after owners hear more about detailed uses of mobile marketing.

Social Business Forecast 2011

Earlier I had shared a report by Altimeter’s Jeremiah Owyang. Below is the presentation from the same report. It will help you in understanding the key points if you don’t have time to read through the entire report. My students should look at slides 19 and 20 carefully where the priorities in social media domain are depicted. Not surprisingly ROI calculation is the most critical issue.

After the spring break, we are going to spend time in understanding social media and web analytics. The students will be setting up dashboards to monitor and evaluate the performance of their social media campaigns. Personally I am quite excited about this because performance metrics is my research area!

 

Want to be a Corporate Social Strategist?

Altimeter Group recently released a report (below) on the career path of corporate social strategists. Since many of you are interested in a possible career in social media, I thought that you will find this report helpful.

The Corporate Social Strategist is the business decision maker for social media programs – who provides leadership, roadmap definition, and governance; and directly influences the spending on technology
vendors and service agencies.

A critical insight from the report is that the social strategists took the initiative to implement social media programs in their organizations. This confirms my belief that at this point the firms that have successfully deployed social strategies have entrepreneurial spirit. The report warns that career path may just end up in a reactive role behind the “social media help desk!”

I will write more about the background of a typical social strategist. Not surprisingly many of them have marketing background.