Three out of every four chief marketing officers (CMOs) say social media efforts are having a positive impact on sales, according to a July 25 white paper from Bazaarvoice.com. Other key findings in the paper, titled Chief customer advocate: How social data elevates CMOs, include:
Social data impacts decisions for nearly all CMOs. Almost half of CMOs have used social data to make predictions or forecasts, and nearly nine in ten say this data has influenced their decisions.
CMOs use data to drive smarter decisions beyond marketing. While marketing teams and agencies most often uncover the data itself, insights are used in product development, customer experience, sales, and C-level discussions.
CMOs believe social data reveals consumer sentiment and improves brand awareness. CMOs are most confident in social data analyses of product/service sentiment and in its impact on overall brand loyalty and awareness.