Customers are Talking. Are Retail Execs Listening?

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RETAILWIRE DISCUSSION TOPIC

Engaging in Digital Consumer Conversations – 1/30/08
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TOPIC SUMMARY:

With countless digital consumer conversations increasingly swaying opinions across the world, the most successful companies will be those that “merge traditional and digital consumer data and integrate them into their everyday operations.” That’s the conclusion of a report by PricewaterhouseCoopers, How consumer conversation will transform business.However, the report also found that although executives recognize the potential of digital consumer conversations, they still have difficulty interpreting and reacting to them.

Discussion question: Do you also find that executives are having “difficulty interpreting and reacting” to the opportunity around digital conversations? How do you think companies should approach exploring the value behind digital conversations?

My post:

Executives in many (most?) companies don’t take the time to fully understand social media – what the conversations mean, their individual and aggregate relevance, the potential ROI from this arena, etc.  They tend to fall back on what they know and interpret social media data through the filter of traditional marketing and consumer data gathering methods.  With social media driving more and more consumer opinion and behavior, executives must engage those with social media expertise.  They need to determine how much weight to give social media in strategic planning and decision making.  It is not too late to attack this, but it soon may be.

 Mike Osorio, your Dare to be Contagious! ™ strategist

www.OsorioGroup.com

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GO TO THE FULL STORY AND DISCUSSION:
http://www.retailwire.com/Discussions/Sngl_Discussion.cfm/12726   

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