Social needs to be better integrated into the marketing strategy if it's to be a major revenue generator
A 2016 survey of 289 US based CMOs by cmosurvey.org found some interesting if disappointing results regarding the value of social media. Although 4/5ths reported at least some contribution by social media to their companies performance, very few thought it was a big contributor.
There are two possible explanations for this.
- CMOs aren't giving social a chance. Perhaps CMOs aren't giving social much in the way of budget or resource, and so it's not making much headway when it comes to overall performance. If you only devoted 5% of the marketing budget to social, it would be unfair to then expect it to contribute very highly to the companies performance. It's not just about budget. Even if social is well funded, it won't make a big difference if it's not integrated into the overall marketing strategy. All the channels need to pulling together, rather than seen as separate entities.
- Social isn't all it's hyped up to be. This explanation, peddled by people like Mark Ritson who think tradition advertising is underrated and new techniques are mostly hype, needs to be examined. Although there are plenty of companies who've reported great success with social, maybe for some sectors social will always remain a fairly minor revenue driver. Don't put all your eggs in one basket and don't over-rely on social to deliver revenue. Social is more about building a community to help with engagement and retention. It's not always cut out to be a big revenue driver.
- Source: CMO Survey
- Sample: 289 US CMOs
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