Not sure how I missed this, but a couple of months ago IBM released the results of a survey it did of 1,700 Chief Marketing Officers about the future of marketing, specifically the next 3-5 years. One of the questions asked was what technology CMOs plan to increase their use of over the next 3-5 years. The top three answers were:
- Social Media
- Customer Analytics
- CRM (Customer Relationship Management)
Another question asked of the CMOs was what were their priorities for managing the shift toward digital technologies. The number one priority according to the CMOs is enhancing customer loyalty/advocacy.
The beauty of social media is that it allows smart companies to better understand their customers. Now, companies can simply monitor the conversation happening around their brand, and gain great insights into who their customers are, and what they want. This leads to greater understanding of their customers, which leads to more effective and efficient marketing. Which leads to an increase in customer advocacy, and loyalty.
Smart companies are already investing in aggressively monitoring and mining online conversations around their brand, and as a result, they are finding that participating in a conversation changes that conversation. Rockstars have always understood this, and have actively embraced their fans, and have gone out of their way to connect with them. Which is a big reason why Rockstars have fans, and companies have customers.
Finally, it seems that companies are beginning to understand the importance of understanding and connecting with their brand advocates. And in case you’re still not convinced…