The sudden knock of a CEO at the door worries every CMO. The CEO walks in and says the company is trending on social media because a recent campaign received a high amount of "likes."
Due to that rise in popularity, the CEO requests information on how the like are affecting sales leads. "Get this to me first thing in the morning," the CEO adds and leaves.
In the morning?
The CMO doesn't have the resources to provide this information in the next few days, let alone a couple of hours. All the money is being poured into social media, and the CMO is not equipped with the tools to measure it or deduce what the return on investment is.
To find the answer, the CMO invests in social media analytics.
Does that scenario sound familiar? Out of 288 CMOs, a mere 13% report they can successfully and efficiently measure social data accurately, according to a Duke University survey.
Moreover, almost 90% of CMOs cannot determine the ROI of social media investment on business performance.
Many CMOs experience the situation described above. Some 61% of marketers feel pressure from CEOs and boards to calculate social data's impact, according to the survey. Meanwhile, investments in social media are expected to continue exponentially growing, from 10% of marketing spend currently, to 22.4% in only five short years.
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