Social media has taken the world by storm – no doubt about that, everyone is using it and it’s now the easiest way to reach people online. This is because people spend a considerable amount of time doing their social media stuff. For personal and for business matters.
A widespread opinion I hear is that social media can be used more or even only for B2C marketing campaigns. This leads me to the conclusion that B2B marketers seem to be schizophrenic about social media. They have been using social media for years just like the buyers in the business-to-business sector. Maybe I am a little biased here because I work in that space but the sheer pace of adoption and the enormous buzz created around social media seems overwhelming. The difference in approach might also give reasons to more traditional marketers to hesitate to fully 
engage. In social media there are no clearly defined metrics (mind you there are 100 tweets every day about the latest top lists of measuring social media) and there are only a handful meaningful ROI studies. User generated content inviting comparison or discussion around the brand which leads to losing control of the message? Yuk. Not to mention the engagement effort which seems cumbersome and laborious. No more shouting the message, but listening? It’s admittedly easier to buy keywords on Google and wait for the clicks. But remember, there were companies who had to be convinced that a website is good for them, then came along search and so on – you get the point.
For B2B communications e-mail is still the main digital application – a somewhat pushy approach. In a B2B marketing campaign you’re talking a sophisticated audience. The typical B2B buyer has a high interest in – and understanding of – your product (or at least of the problem it solves). Therefore, wouldn’t it be good to engage this kind of persona in an ongoing rational conversation with your brand and other targeted like-minded business buyers with the same needs to decrease complexity? This would help determine the value of your product and service through the power of engagement marketing, testimonials, and other social media activities that build credibility. Also B2B deals are often negotiated from networking. Social media is a platform for communication and networking.
But! There are changes in B2B and social media on the horizon. A recent Forrester report found that the vast majority (91%) of those who make B2B buying decisions in the technology sector read blogs and watch user-generated video – they are “spectators”. Almost half of the them create their own blogs, upload videos or articles, etc. I personally don’t know anybody working in the technology sector who’s not making business use of LinkedIn or the continental European version Xing. The level of participation is also high among B2B decision makers who react to social media content, with 58% doing so. Called “critics” these individuals answer questions, post solutions or seek clarification on blogs and social networking websites.
Another report unveils that 60% of B2B marketers will increase their spending in 2010. Good news for social media consultants here…
However for success in social media it is essential to figure out what you want to accomplish and how to measure it. So what are the goals of B2B marketers wanting to achieve in social media? According to emarketer thought leadership is the main purpose and about one-half intend to generate leads through social media (of course, it is still marketing!).
The top 4 metrics used to measure social media success in 2010 will be:
- Web traffic / response rates
- Qualified leads
- Customer loyalty / retention
- Brand awareness
Generally spoken as social media marketing grows in popularity for B2B at a rapid rate, one fact cannot be ignored: if used well, it can generate impressive amounts of traffic and increase engagement around your brand – which will lead to increased sales. It’s a cost-effective and generic way to reach millions of customers and potential customers directly without spending big money to run TV, radio, or print ads. Find out what your B2B customers need by listening to them, learn from that and amend your products/services correspondingly as well as engage with them long term to retain them.
If you accept the conclusion that social media can help your business grow, immerse in it now – the rewards can be plentiful for companies of all sizes.
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