But in spite of this clear opportunity, marketers have not allocated time or resources for engaging customers over Social Media channels. According to a survey of 124 chief marketing officers by The CMO Club and Hill & Knowlton, more than four out of five (84 percent) chief marketing officers (CMOs) allocate less than ten percent of their budgets to experimenting through social media and non-traditional communications channels, with more than half (55 percent) allocating just five percent or less. To the question "Does your brand have a web 2.0 communications policy?" almost half said either they don't have or are currently developing one. Only 14% CMOs said that they were "proactive" about creating external brand advocates and leveraging them (detailed findings of the survey here).
In another study by Weber Shandwick for evaluating how effectively Fortune 100 companies used Twitter to its full potential as an engagement platform, it was found that "for the majority of Fortune 100 companies, Twitter remains a missed opportunity. Many of their Twitter accounts did not appear to listen to or engage with their readers, instead offering a one-way broadcast of press releases, company blog posts and event information. This falls short of the opportunity that Twitter offers as a valuable communications channel and strategic social network."
Results of a study by Burson-Marsteller on Fortune 100's use of key Social Media Tools and another study on Use of Social Media tools by CEOs of Fortune 100 companies are equally disappointing.
Findings of studies referred above clearly indicate that even large companies don't get it when it comes to Social Media. Marketers are not having their eyes and ears on Social Media channels that are going to drive their business going forward.
It is very important that all senior executives (and especially the CMOs) start taking Social Media initiatives seriously. They should lead from the front when it comes to use of Social Media, as survival and growth of their business rests on how effectively they leverage emerging tech tools. As a first step in this direction, I strongly recommend that CMOs should:
One of the biggest mistakes that businesses make when it comes to their CRM software is the features they don’t use. This happens because they invest in CRM with a handful of problems in mind, so they’re content as long as it solves them. But if you want to maximize your ROI, you should be utilizing every feature available to you. more
Would you believe that 89% of businesses expect to compete primarily on customer service in the upcoming years? With that in mind, it’s no surprise that CRM software is becoming such an integral part of business operations. But not all solutions are created equally, especially when it comes to the value they deliver to your business. more
There’s some big things happening with CRM software that you should to be aware of. Technological advancements and changes to business processes have led to developments and new features that are making CRM more valuable than ever. Things like mobile capabilities and greater integration with other software are at the front of this progress. more
A good SMB CRM system can be an incredibly valuable asset for your business. As more businesses recognize this value, the amount of SMB CRM vendors is expanding quickly. Navigating the pricing plans, features, and service terms of all these can be a decision-making nightmare. more