Photo credit: Jason Howie
Social media has matured and its business benefits are widely recognized by most B2C brands. Many B2B companies, however, still don’t take advantage of social media marketing. Outstanding examples of B2B social media marketing are rare, and many organizations remain absent from the networks, says Jonathan Wichmann, co-founder of Orca Social, in a post for Convince & Convert.
The companies still sitting on the sidelines may be unconvinced about the value of social media marketing, unsure how to proceed, or even scared. A major hurdle is the fact that most B2B companies do not understand specifically how social media can benefit their business, Wichmann says. Benefits are much clearer for consumer-focused B2C companies, which are naturally more active on social media networks.Social media has matured and its business benefits are widely recognized by most B2C brands. Many B2B companies, however, still don’t take advantage of social media marketing. Outstanding examples of B2B social media marketing are rare, and many organizations remain absent from the networks, says Wichmann.
Many B2B companies recognize that LinkedIn, the social media network for business professionals, can be an excellent way for sales reps to identify, research and engage with prospects. The B2B benefits of other major networks are not clear.
Social Media as a Concept
Misunderstanding social media can impose limitations, Wichmann says. When business people think of social media, the major platforms come to mind. But social media is more than Facebook, Twitter and LinkedIn. Understanding social media calls for thinking of social media as a concept, a mindset or an approach. “It is the expression of its fundamental idea: to open up communication, collaboration, and the sharing of information across networks of people,” Wichmann explains.
Understanding that concept broadens perspectives of how social media can benefit businesses. For example, enterprise social networks (ESN) can dramatically improve communications flows within organizations, benefits not covered in the conventional understanding of social media. For instance, by using an ESN Intellect Design Arena Limited, an India-based developer of technology for banking, reduced unnecessary emails, broke down silos, and opened communications – saving 1.3 million man-hours a year.
Many B2B companies that directly service the social media industry such as HubSpot and Kissmetrics serve as successful examples of the power of B2B social media marketing, largely building their corporate reputations through content marketing and influencer marketing on social media networks.
“With social technologies becoming more and more commonplace, continuing to turn a blind eye to what is becoming such an integral part of the way the world communicates will end badly,” Wichmann says.
A research report from Regalix, the State of B2B Social Media Marketing 2015, found that B2B companies generally could do a better job engaging with customers and building relations with them on social media.
“We also see a need for analytics to measure and monitor social media activities more rigorously, so companies can focus on channels that are working for them, and not have to invest in a social plan that covers as many channels as there are, which more often they do now,” the report states. “And finally, we would like to see companies leverage the power of user-generated content in the social space, something that we did not hear them speak much about in our study.”
Social Media Benefits B2B More than B2C
Jay Baer, president of Convince & Convert, argues that social media can benefit B2B firms more than B2C companies. That’s because B2B firms have a smaller base of potential customers and a higher price point, he writes in his blog. In addition, word of mouth and reputation have a greater impact on their sales funnels.
“Turning your customers into advocates and marketers on behalf of your brand pays off a lot more when you’re selling $10,000 pieces of manufacturing equipment, than it does when you’re selling $3 cans of Pringles,” Baer comments.
Overall social media tactics are the same in B2B as B2C. Both call for identifying your audience, where your audience is in the buying cycle, and how you’ll measure success. Only the tactics differ. B2B marketing tends to stress more customer education and thought leadership.
Successful B2B marketers understand that social media marketing requires more than just a presence on major network, he says. It calls for emphasizing its “social” or conversational aspect, not merely the “media.”
Bottom Line: Many B2B companies are not taking full advantage of social media, experts say. Many can do more on social media to engage with potential customers, promote themselves as experts in their niche, and conduct social media monitoring and measurement to better understand their audience.
William J. Comcowich founded and served as CEO of CyberAlert LLC, the predecessor of Glean.info. He is currently serving as Interim CEO and member of the Board of Directors. Glean.info provides customized media monitoring, media measurement and analytics solutions across all types of traditional and social media.
