According to a new CMO Council study to be released in October with Dun & Bradstreet, just 34 percent of 230 North American marketers surveyed in mid-‐2013 have access to social media intelligence to personalize outreach and develop richer customer profiles. Some 38 percent say analyzing social media conversations, postings and likes is a primary area of customer insight they would like to improve in furthering customer intelligence.
In another CMO Council study with Lithium, 67 percent of marketers said their top concern with social media was that it required resources and time they didn’t have at their disposal. Despite this, 80 percent of marketers say leveraging of social media has moved up their priority list over the last 12 months. However, only 6 percent say social media helps them increase revenue.
A report by Wishpond notes that 77 percent of business-to-consumer marketers say that they have acquired a customer through Facebook, while 34 percent of marketers have generated leads using Twitter, and 20 percent have closed deals using the microblogging site.
Social media guru Kim Garst emphasizes that the key objective of any social media strategy is to generate leads. “Attracting quality prospects is paramount, and social media is, hands down, one of the best ways you can do this.” She points to the following data points to underscore the effectiveness of using social media for lead generation:
- Social media lead conversion rates are 13 percent higher than the average lead conversion rate (source: HubSpot’s 2013 State of Inbound Marketing report)
- Social media produces almost double the number of leads of trade shows, telemarketing, direct mail, or PPC (source: HubSpot’s 2013 State of Inbound Marketing report)
- Companies who use Twitter receive 2x the number of leads per month than those that don’t (source: Inside View)
The ability to glean richer media consumption, psychographic, lifestyle and personal interest information from Facebook, Twitter, YouTube and other social network member postings, likes and rich media content sources, gives brands a unique ability to better select media and resonate further with the most appropriate and relationship‐receptive consumers.