CMO: “If I Can’t Measure ROI, I’m Not Doing It”

26 08 2009

I just read a Jacob Morgan blog where he plays the devil’s advocate on social media.   It looks like he is summarizing some of the “greatest hit” sales objections he has faced from CMOs.  Well worth a read.

The truth is that we can track customer engagement very well but have a very hard time tying back to the point of sale (Revenue $$).  It is very hard to prove revenue comes out the far end of this process.  The best we can do is define an intermediate “customer engagement” goal and measure that with analytics tools.

Clearly, things like “promotion codes” will not work very well for network routers and enterprise databases.

Some reasons for your CMO to do social media:

  • Whether you can track back to the point of sale or not, you still have to fill you sales pipeline and build awareness.  …or, your business will die.
  • Your sales pipeline as you know it is broken.  You have to get out there in many forums and media types to meet your customer.
  • Your current sales process probably starts with you target customer clicking on Google, not with your sales rep making a sales call.
  • The discussion about your company and product is already happening in these forums, blogs, etc.  You can be a part of this discussion or let it happen without you.
  • The most trusted source of information your target customers have is their peers.
  • And finally, your message may be off.  Social media is a chance for you to listen and refine your message based on what your customers are telling you.

There is safety in being in the “late majority” but there is also a huge opportunity cost, especially in a market where there are network effects.

See also “Ten Reasons Enterprise Should Embrace Social Media Now” 8/16/09

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