I think the one thing that always amazes CMOs and marketers in general is the huge amount of market data that resides on social media channels. Traditionally, market research has been a relatively slow process taking weeks or months and costing a good chunk of change. Today, we can use monitoring tools to analyze that data very quickly and efficiently to identify areas where product innovation and marketing opportunities can lie.
This is such a huge shift in the way that market research is happening that I think most people don’t even know where to begin. People are talking about what they like and dislike about all sorts of products, companies and services. We are NOT talking about engagement here. We are simply saying that there is information out there that can be used for your organization’s next marketing campaign, product launch or price promotion.
For me, that’s really powerful. It means that organizations need to embrace social media not only because they want to talk to their customers, but because they want to LISTEN.