A recent Global CMO Study by IBM reinforced this point. They concluded one reason most organizations struggle to get the customer insights they need is that they still focus on understanding markets rather than individuals. New social media sources have the potential to help companies discover what individual customers want. Blogs, consumer reviews and third-part reviews disclose what discrete customers are seeking. They provide a rich source of information about customer sentiment, with context, that can help companies more accurately predict demand patterns and gain crucial insights into how customers and influencers think and behave.
Unfortunately, the study reports that relatively few CMOs are exploiting the full power of the digital grapevine. Only 26 percent are tracking blogs, only 42 percent are tracking third-party reviews and only 48 percent are tracking consumer reviews. One explanation is the tools, processes and metrics these companies use are not designed to capture and evaluate the unstructured data produced by social platforms.
I’m not arguing you drop the practice of market research and focus only on individuals. Studying the market and individuals in that market both have their place in your inbound marketing activities. After all, you must provide value to a sufficient number of individuals to survive and grow as a business.
What you can do?
- You need to enable employees to engage with customers.
- Find the wikis, forums and digital communities where your customers gather digitally.
- Use Google Alerts and similar automated tools to help identify references to your company, its products and services.
- Assign employees to monitor and interact with the relevant social media in your industry and segment.
- In assessing feedback, consider if the speaker is representative of your target market and if the feedback is indicative of a trend or if it’s an isolated case.
- Define a way to capture, store, analyze and share the descriptions of positive and negative experiences your intended customers are having so everyone can benefit from these insights.
Most likely, your customers are digitally sharing their positive and negative experiences in using your products and your services. You can ignore it or you can listen and learn how to improve those experiences in order to increase the value your offer your customers. The choice is yours.