It has recently been revealed that, after surveying CMO’s in the US, as much as 49% have failed to display the impact of social media on their business. This could be due to the fact that 14.5% claim that social media is “not at all integrated” into their marketing strategy. With only 8.2% stating is was “very integrated”.
The lack of integrated social media in businesses, found by this survey, could be explained by the low figure of 5% of B2B product marketing budgets being spent on it. However, this is set to rise over the next few years, with an expected 15.8% of marketing budgets being spent on social media by 2018, which could see an improvement in ROI.
This comes after our recent article demonstrating the benefits of a social media listening system in business. Where we indicated how closely monitoring social media and using marketing analytics and many other tools can bring a wealth of improvements particularly an increase in ROI.
However, this research has stated that many businesses and CMO’s are far behind in this regard. Only 3% of CMO’s revealed that marketing analytics were contributing ‘very highly’ to their companies’ performance. Many admitted they have not yet begun to collect customer behaviour data online. It seems that many CMO’s understand the importance of data-driven marketing, but haven’t got to grips with or even begun using it yet.
This could be a dangerous waiting game. The longer you delay the further behind you will be from the social media bandwagon, and the more and more you will miss out on the benefits it can reap for your business.
Want to see social media impact on your business? Want to act now?