CMOs fail to cope with real-time brand conversations, says IBM
The majority of chief marketers admit they are not sufficiently aware of real-time conversations about their brands, according to an international study of more than 1,700 chief marketing officers (CMOs) by IBM.
The IBM research found that marketing chiefs from 64 countries and 19 industries recognised a shift in the way they engage with customers, but questioned whether their companies were prepared to manage the change.
Though 82% of CMOs said they plan to increase their use of social media over the next three to five years, only 26% are tracking blogs, 42% are tracking third-party reviews and 28% are tracking consumer reviews to help shape their strategies.
Carolyn Heller Baird, CRM research lead for the IBM Institute for Business Value, said: "The inflection point created by social media represents a permanent change in the nature of customer relationships.
"Approximately 90% of all the real-time information being created today is unstructured data.
"CMOs who successfully harness this new source of insight will be in a strong position to increase revenues, reinvent their customer relationships and build new brand value."
Though the business landscape is rapidly changing, the majority of CMOs lack the necessary influence to help their companies deal with the explosion in social media, IBM said.
Less than half of the CMOs surveyed have sway over key parts of the pricing process and a similar amount have impact on new product development and channel selection.
Follow @mattchapmanuk on Twitter
This article was first published on marketingmagazine.co.uk
- Mobile's share of retailers' Christmas traffic predicted to triple
- Think BR: What marketers can learn from baseball
- Brands see social media as long-term investment, finds study
- Russell Davis: Big Data is about to change the way we measure the world
- Interbrand's top 100 global brands 2011: Coca-Cola still top but Apple gaining fast
- IBM films look back at 100 years of achievements
- planning Director Twist Recruitment £80000 - £100000 per annum, London
- Digital Account Manager [Beauty Account] - Excellent London Agency - to £30k Fill Recruitment Ltd to £30k + great benefits, Central London
- Account Manager - Superb Central London Agency - to £30k Fill Recruitment Ltd to £30k, Central London
- Trading Sales Mnager, major RTB platform Ultimate Asset £40000 - £50000 per annum + +20-30k bonus, London
- Agency digital trading desk Account Manager Ultimate Asset £40000 - £50000 per annum + agency bens, London
- Nature Valley awards integrated business to start-up
- LMFM challenges bakers to be Brave on World Baking Day
- Samsung strikes placement deal with The Wanted
- Blippar connects disjointed families, says MEC executive
- Fans take on Jo-Wilfried Tsonga in Twitter-powered tennis game
- Jaguar readies global campaign for F-Type launch
What we can all learn from how Daft Punk won the web