The CMO of a large retail brand stood on stage recently, proudly showing off a fan acquisition campaign that had successfully driven tens of thousands more “Likes” on Facebook. A hand went up in the audience. “Those ‘Likes’ are impressive, but how many of your products did you sell as a result?”
The CMO shrugged and said, “Well, that really wasn’t the point of the campaign. It was about acquisition.”
It’s a good thing that CMO was talking to an audience of marketers and not his or her board of directors. If they had been, that would have likely been the last words he or she uttered as CMO of that particular company.
For many companies the barrier to adopting social media or expanding their digital marketing strategy is risk. These are not small risks; these companies have come face to face with a reality that many of us can’t even fathom. Social media could literally destroy their companies, it could lead to huge regulatory fines, compliance issues and a variety of other issues that can put a choke hold on how many marketers would consider approaching a social media strategy. But the reality is that all risks can be managed if we look them straight in the eye.