THE SOCIAL CMO Blog
Alone we can do so little; together we can do so much!
Agree with all your points and the low allocation of funding to building social business relationships probably also reflects a poor grasp of marketing and resource allocation accounting. Activity-based accounting combined with sources of revenue provides a platform for what have found to be startling analyses of from where the best return is coming. We say that people actually destroy wealth creation and shareholder value by doing things which return less value than others, and invariably we find that social media resource allocation is way below the optimum, and that other marketing activities are therefore destroying value IN COMPARISON to the potential return from increases in social media activities.
CMOs aren’t really to blame though. I understand that most of their advice on these matters comes from agencies and “Creatives”. They stall on this not because they don’t understand it but because they DO understand that this is a big deal and requires quite some organisational change and buy-in. The Creatives don’t offer them any way to understand how to make this happen and how to manage it in a complex organisational setting. For our part, that’s why we follow the practices of the Social Media Academy as these are totally strategically oriented and build for business and organisational implementation and operation.
To summarize, (1) understanding resource allocation and cost/benefit is an issue, but in our experience the bigger issue is (2) the lack of education and training and understanding of HOW to proceed in a business-like way to up the social media mix.
Walter Adamson @g2m
I was having breakfast with the great Jill Konrath when I told her of a term I had coined “Last War Syndrome.” It is the same concept that causes us to improve airline safety after a major accident. Inertia is a powerful thing.
This is why, I think, CMO’s are not embracing social networks. We need a new generation of CMO’s, or at least savvier CMO’s. Social networks are the ideal listening platform for businesses. Millions of people are there, so they are missing a golden opportunity.
My advice to CEOs is to go find a CMO who gets the new world of social networks. They are out there.
Jeff Ogden, the Fearless Competitor
President, Find New Customers “Lead Generation Made Simple”
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