It may be possible that social media marketing is in fact more important for B2B enterprises than their B2C counterparts, and here is why...
Most B2B enterprises have a smaller customer base but larger price point than B2C companies. Additionally, the sales lead time is longer on average for B2B than B2C businesses. B2B customers need more information, nurturing, support and trust-factors to encourage a single sale. B2B customers and prospects use multiple channels for research: websites, forums, Linkedin, seminars, conferences, whitepapers, surveys, Twitter, third-party data, customer feedback, their own peers, etc., to make decisions.
The B2B social engagements and buyer journeys are more complex than most B2C contexts. Social media for B2B enterprise marketing is a remarkable opportunity, and the purpose of this article is to show why.
How B2B decision-makers are using social media:
Today’s business buyers do not contact suppliers directly until 57 percent of the purchase process is complete. B2B marketing statistics for 2014
Social media marketing is focused on nurturing relationships to build loyalty and brand advocacy. Although social media may not directly drive sales for B2B enterprises, the value rests in building a buyer's interest in a brand over time. Social media is a soft tool that supports hard metrics, such as sales or customer retention.
Once B2B enterprises understand the role of social media in their marketing mix and customer lifecycle, it can be used to build better performance for campaigns.
"87% of B2B companies view social media (other than blogs) as a highly successful element of their marketing mix. 83% say the same for articles on websites, 78% eNewsletters, and 77% blogs." - MyCustomer.com
Another interesting study by __ shows that social media plays a significant role in the B2B IT sales process:
"86% of B2B IT buyers are currently using social media networks in their purchase decision process." - IDG Connect
Challenges that block the potential of social media for B2B enterprises
Yet, many B2B CMOs and marketing managers struggle with planning, integrating, and measuring social media efforts within their marketing campaigns. "Just 38% of b2b marketers say they have a defined social media strategy" (Marketing Pilgrim, 2013).
Besides the struggle some B2B enterprises have with social media, many organizations miss out on 'low-hanging fruit' opportunities, such as creating content to nurture prospects and leads throughout their buying process. "More than 90% of B2B marketers consider webinars/webcasts, e-books, white papers, and published articles to be either “very” or “somewhat” effective in achieving SEO and marketing objectives. Yet less than half utilize webcasts, and just 20% create e-books," (MarketingSherpa, 2013).
Chief executive officers may not fully understand the roles that social media plays in their industry. Helping CEOs embrace and understand social media marketing is yet another challenge for CMOs and enterprise marketing teams. "68% of Fortune 500 CEOs have no social media presence whatsoever. Among the rest, 26% are on LinkedIn, but less than 10% are on Facebook, and just 1% – five CEOs – are on Google+" (Quartz).
B2B CMOs must contend with new ways that prospects and customers interact with the marketplace. CMOs must develop methods to communicate their tactics, understand the most appropriate channels, and measure results from social marketing.
There are some clear industry trends for the use of social media for B2B marketing, for example:
"The top five social networks used by B2B marketers to distribute content are LinkedIn (83%), Twitter (80%), Facebook (80%), YouTube (61%) and Google+ (39%)." - Social Media Today
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