The role of the CMO is drastically changing as they are now influencing the strategic direction of the company as whole. The changes in technology have given the CMO more power in making better decisions. “As a result, we have a tremendous amount of information available that allows us to track the movements of the consumer, and it’s all measurable. The technology has led to the expansion of the scope of the CMO role,” says Steve Herrera.
We all know how much of an advertising hotspot Facebook is. However, the fairly new mobile application, Instagram, is quickly catching up to Facebook’s advertising numbers. Facebook had a 22% year-over-year (YoY) growth for brand posts, while Instagram had a 49% YoY jump. Facebook had 2,396 actions per post and Instagram had 6,932 actions per post.
Social media is continuously showing signs that it will keep growing in users and popularity. Social media has actually increased television awareness over the past year. In 2013, Nielsen says 25% of people were “aware of more programs” because of social media — versus 18% in 2012. Also, 15% of those surveyed claim they “enjoy television more.” The number was 11% in 2012. Social media has also led to more people shopping while watching television.
Due to the continuous advancement of technology, marketers now have the ability to target people based on very specific trends. Instead of buying audience segments, marketers can target customers based on behaviors and cues. They can now also reach customers through specific environments like mobile or social. The most important thing is that marketers cannot be lazy: they have the ability to integrate and optimize many pieces of data, all of which is time consuming, but well worth it.