By Alexandra Reid
Readers of this blog likely know that we work exclusively in the B2B marketplace. It has been common knowledge for some time now that social media is not limited to B2C companies; rather, B2B companies are succeeding (if not dominating) in engaging with online communities through social media channels. It is an exciting time for our clients, who are both intrigued and excited about the potential social media presents for allowing them to engage with prospects, customers, journalists and industry thought leaders.
B2B companies are excelling past their B2C counterparts in social media in many areas. Just check out these data points from a study conducted by Brian Solis:
- 81 per cent of B2B companies maintain company-related profiles on social networks, compared to 67 per cent of B2C.
- 73 per cent of B2B companies monitor brand mentions, compared to 55 per cent of B2C.
- 66 per cent of B2B companies engage in discussions, compared to 43 per cent of B2C
- 50 per cent of B2B companies upload content to social networks, compared to just 32 per cent of B2C
Multiple studies have been conducted that explain how B2B companies are rising in the ranks of social media. These studies show that B2B is taking LinkedIn by storm, and has made advancements on Twitter, YouTube, blogging and even Facebook, which is known to be predominantly a B2C channel. Less widely known are the distinct advantages social media presents B2B companies, which I will discuss here. If you are working in B2B, I hope this post will provide you with valuable information that will help you convince your skeptical colleagues that social media is an asset worth investing in.
Social media supports the B2B sales cycle
According to Chris Brogan, maintaining relationships on social media channels supports the typically long sales cycle for B2B products. Sales professionals are starting to use social intelligence to learn more about their prospects and to ensure they are engaging with them at the right time and with the right message. For example, Social Media B2B says that by listening to prospects through social media, companies can gain insight into changes in buyer’s environments. Social media also allows B2B companies to uncover competitive intelligence, providing them with the insight they need to succeed in their marketplaces.
Social media allows B2B companies to express their humanity
While it is also true for B2C companies, B2B companies especially benefit from using social media to express their humanity as they traditionally have fewer opportunities to connect on a personal level with prospects, industry leaders and journalists. Through social media, B2B companies can share compelling, emotional and memorable stories that appeal to their prospects, customers, prospective partners, media and analyst marketplaces in a way that traditional marketing messages may not. By replying to insightful comments about their industries on Twitter, or commenting on blog posts, B2B companies can develop a human voice and even put a spotlight on exceptional employees who are especially knowledgeable in focused areas. Connecting on a human level with prospects and industry leaders establishes a personal trust that can be invaluable to B2B companies for sales and media coverage.
Social media awards value to niche B2B industries
Contributing content about your niche B2B company through social media can add value and insight to your industry. According to Brain Solis’s study, mentioned previously, 74 per cent of B2B companies host their own blogs, 59 per cent participate in Q&A sites such as Yahoo Answers and LinkedIn forums and 46 per cent produce webinars or podcasts. If trade publications or other media are not covering your industry regularly, publishing your own content can be a great way to get your information out. It also, unlike traditional media relations where editors and reporters sometimes misinterpret provided information, allows you to have complete control over your messaging.
Social media is a great knowledge centre for B2B leaders
Because more B2B companies are contributing information about their industries through social media, there has never been more information to be had about specific industries. Every day, more information is uploaded on everything from spark plug manufacturing to retail technology providing insight and value to industries that could otherwise have been neglected by traditional media. According to businesses, the most useful social media resources are webinars and podcasts for their ability to learn new skills and/or research industries, products and services without the time and expense of travelling to conferences or other offline events. Webinars have been described as particularly convenient for professionals in rapidly changing or evolving industries where ongoing training is essential. Twitter has also been described as a valuable source of business information because people can quickly gain access to relevant information and start new business relationships.
In your experience, what other advantages does social media provide B2B companies?
/// COMMENTS
5 Comments »Andrew Penny
June 16, 2011 9:25 pmThe challenge, it seems, is that many B2B companies social media activities are driven by the marketing departments and they are typically locked into the ‘broadcast’ mode. The real question is “Is anyone receiving?” On the otherhand, with all that great data being pushed out its a fabulous time to be doing competitive research….
Heather MacIntosh
June 16, 2011 10:42 pmAnother advantage social media provides B2B companies is building community – amongst various kinds of stakeholders – customers, prospects, partners, employees. As long as they are not competitors, a community can be built. They can learn from each other and build on each others’ ideas for the benefit of all, especially your business. Something like a “virtual user group”.
Alexandra Reid
June 17, 2011 12:42 pmAndrew and Heather, thanks for weighing in.
Andrew: You point out an important challenge that I see many B2B companies failing to overcome. In my experience, generally B2C companies have an advantage of having more customers present on these channels willing to talk about their businesses than their B2B counterparts, presenting them with more opportunities to engage on a more personal level. A lot of B2B companies are active in social media, however, most of them, it seems, operate through company accounts instead of personal accounts, making it more challenging to engage with them. The resulting effect is that B2B companies send out more messages than they are replying to. A good solution, I’ve found, is for B2B companies to share quality third party articles and rebroadcast those shared by prospective companies. This is a helpful exchange between two businesses that can introduce them to each other and serve as a building block to forge a relationship. What have been your experiences? Can you think of any other solutions?
Heather: You’re right that social media provides B2B companies with the opportunity to build online communities, but I’d argue that this is the goal of social media for all businesses and individuals. Do you agree? As I mention in my final point, social media is a great knowledge centre for B2B businesses, where they can build off of each other’s ideas.
Rob Stephenson
June 24, 2011 3:31 amAlexandra – in your last comment you talk about B2B companies operating business accounts to participate in social media as a weakness. I suspect the main reason for this approach is to counteract the obvious implications where a key figure head or spokes-person leaves an organisation to join a competing one. There is an inherent risk that his or her following may simply transfer their loyalty and ultimately place business with the competing organisation. I am not sure what the answer is as I agree with your observation that the personal touch is key to client engagement. Using a pseudonym could be the answer, but could also be counter-productive if followers become aware of it.
Alexandra Reid
June 24, 2011 7:13 amHi Rob. Thanks for weighing in with your thoughtful comment.
It would be unfair to say that all B2B company accounts are inferior to personal ones. They hold many benefits that personal accounts do not. Maintaining a consistent online image, as you mention, is an important one. They also allow multiple people at an organization to collaborate as one online voice, which strengthens engagement by offering their communities a diverse range of expertise, which can be very beneficial for customer support, for example. Also, they can be found more easily by users who recognize the company logo, and appear more appropriate for certain forms of engagement, for example, users might be more comfortable directing their questions to a company account than that of a CEO or CMO. All that being said, these are benefits that, in my experience, few businesses realize and so when they don’t know what to say, they revert back to what they know has worked in traditional messaging – broadcasting, which simply doesn’t work in new media. I think the solution to your dilemma is for B2B companies (and all companies for that matter) to realize the potential for corporate social media accounts. These are just a few benefits I can think of off the top of my head, can you think of others?