Notes on Social Media

At The CMO Club Summit today, I moderated a discussion among 35+ CMOs about social media. It was really a lively conversation representing the range of experiences of these CMOs. The group divided into three segments, from novices to making their way to “kicking butt and taking names.” David Spark provides a quick overview of the discussion on TheCMOClub site (yes, the very same social network that Renegade helped create!) but I thought add some more detail given the broad interest in the topic.

Introduction to Social Media
Here’s the definition of social media marketing from Frog Design’s blog that I used to start the discussion:

Social media marketing is all marketing that utilizes the social graph of both marketer and audience (in fact, the interesting thing is that they can be one and the same) to facilitate and cultivate a conversation. Social marketing is whenever more than two individuals collaborate online or offline for content generation and distribution. Social marketers harness the viral power of social networks in order to grow both the frequency and the reach of conversations exponentially. They know how to feed the social orbit with content that catalyzes conversations. And they understand that an “architecture of participation,” that lets employees be marketers, has become paramount for turning brands into live brands.

Social Media Numbers (or why CMO’s should care)

  • 62% of consumers actively seek out and read customer reviews prior to purchase
  • 82% of consumers found reading reviews better than researching a product in-store
  • 60% of Americans use social media
  • 59% interact with companies via social media; 25% do so once a week or more
  • 93% of those that use SM believe companies should too
  • 56% feel stronger connection to companies that they interact with via SMcompanies should use social networks to solve my problems
  • 43% believe companies should use social networks to solve my problems
  • 41% believe companies should solicit feedback on their products/services
  • 37% want more ways to interact with companies

Renegade also created a Social Media IQ test for these CMO’s at CMOquiz.com which may be of interest.

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