According to a survey that was conducted by Bazaarvoice and The CMO Club, Chief Marketing Officers want to be able to better measure their social media activities next year.
The survey results show that CMOs are planning to invest more in social media in 2010 but not because ‘others do too’.
As is the case with marketing in general these days, CMOs want to know the return of their spend across various media and channels. And of course social media is just one of them, albeit the main one for 2010.
The survey further found that 81% of respondents expect to link up to 10% of their annual revenues to their social media investment in 2010, up from just 44% in 2009.
Social media marketing and the bottom line
The social media measurability survey, completed by members of The CMO Club with both domestic and global P&L responsibility, found “that social media measurement will become universal in 2010 as CMOs continue to invest more in social media and focus their social initiatives on driving revenue”.
The good news is that social marketing metrics that focus solely on web goals such as traffic, page views, fans, followers etc. will begin to be supplanted by metrics like conversion, revenue, and average order value that track to the bottom line
In this context, the study provides essential insights and benchmarks for prioritizing the quality of social interactions and gauging social media’s direct impact on business metrics, both organisations say in their press release.