The vast majority of CMOs (89.4%) say social data (related to customer use of social media) has affected at least some of their business decisions, and 21.3% say such data affects at least 1 in 5 decisions they make, according to a new report by Bazaarvoice and The CMO Club.
Moreover, CMOs agree that social data* reflects business and consumer trends, and that it's at least somewhat effective in indicating the following:
- Discernible trends that may impact the business: 83.3%
- Consumer demographics and/or psychographics: 80.7%
- Consumer sentiment toward product lines: 79.7%
- Influence of individuals or groups on the purchase decision: 77.9%
- Consumer sentiment toward a brand or company: 72.8%
Below, additional findings from the study titled "Chief customer advocate: How social data elevates CMOs," by Bazaarvoice and The CMO Club.
Social data can also hint at future consumer sentiment and campaign success: 47.3% of CMOs surveyed have used social data to make predictions or forecasts, most commonly to project sales.
Sharing Social Insights
Some 97% of CMOs share insights from social data with other C-level execs at least annually, 67% share such insights at least monthly, and 25% share them at least every week.
In addition, CMOs say their marketing teams share access to social data with other departments or teams, including the following:
- Brand management: 59.6%
- Sales: 36.8%
- Customer experience/Web design: 36.0%
- Product management/development: 35.1%