A few years ago, when I started Midas Touch, I found myself explaining
to companies and business leaders what social media is and what is its
relevance for businesses. Fast forward a few years, today, businesses come to
us saying that they want to do social media but not really sure how to do it and what exactly to expect
from it.
I know that all of us keep on reading a
lot of stats and quotes around social media and get impressed, confused, overwhelmed,
or worried by those – because sometimes, we don’t understand what those mean to
us or to our business.
At Midas Touch, we specialize in B2B
social media. We work with B2B companies to help them with their social media, digital
and content marketing strategy and execution. I, therefore, very curiously and enthusiastically
read various stats and quotes around #B2BSocialMedia.
Here I have picked up 10 such stats and
let me take this opportunity to talk through each of these and what these mean for
B2B businesses.
1. 80% of all B2B social media leads come from LinkedIn (Source)
Well, this does not surprise me. LinkedIn is one of the
largest professional social media networks. Most of the business decision
makers at least have a presence on LinkedIn and they use it for professional
networking. LinkedIn offers interesting options in the form on LinkedIn Pulse
and LinkedIn
Groups, which, when used properly, can immensely help in building thought leadership,
connecting with the relevant audience, forming a positive impression about you/
your company in front of your target audience, and also driving traffic to your
website. We have ourselves seen some phenomenal results through interactions in
LinkedIn groups for our clients. As a B2B company, LinkedIn is a must-have for
your B2B social media strategy – and mind you, it is not limited to creating a LinkedIn
company page.
2. 94 percent of B2B buyers
conduct some form of online research before purchasing a business product (Source)
Surprised?
Don’t be. Think about it. As B2C buyers, we all do a lot of online research before
any product purchase. Why should it be any different for B2B? Today, the B2B buyers
are very clear about their requirements and what they are looking for. They are
doing research online to find answers to their questions. If during their research,
you appear in front of them and are able to create a positive impression, then
your chances of appearing in their shortlist are much higher. This can very
well be achieved through a strong content strategy and social media marketing
on the platforms which are relevant for B2B companies.
3. Content marketing costs 62% less than traditional marketing and
generates about 3 times as many leads. (Source)
A lot has been written about why and how of content
marketing. Adopting content marketing is no more optional. It has become almost
mandatory for B2B businesses to have a strong content marketing strategy and a
solid execution in place. You need to, however, remember that B2B content writing
is fundamentally different that B2C content writing. Therefore, look for B2B
content writer specific traits in the writers whom you hire for writing the
content. More about the traits, here.
4. 55% of B2B buyers say they search for product/vendor information on
social media (Source)
Yes, social media is no more a channel just for networking
or fun. People are doing some serious research and connections on social media.
As a B2B business, therefore, it is not only important for you to have an
active presence on social media (on channels like Twitter, LinkedIn or
SlideShare) but it is also important that you create the right impression and
connect with the right people through the social channels. The theme, tone,
quality and quantity of social updates need to be carefully defined and
executed.
5. 80% of business decision makers prefer to get company information in a
series of articles versus an advertisement. (Source)
As the old saying goes “No one likes to be sold; everyone
likes to buy.” Today, B2B buyers want to make an informed decision. So rather
than going by what is simply “told”
to them, they like to read up and get “convinced”
before making the decision. This further reinforces the need for content marketing
for B2B enterprises. A note of caution here, though – writing a blog about your
product features and benefits is also a form of advertising J You need to focus on answering
the questions of your buyers rather than focusing on selling your products and services.
6. 75% of B2B buyers and 84% of C-level or vice-president level
executives use social media to make purchasing decisions (Source)
Another myth is busted! If you thought that the top level
executives are not on social media, you are wrong. They are extremely active on
social platforms, seeking information, connecting with the relevant people and
engaging in interesting conversations. You just need to find them and engage
with them in a right way.
7. 57% of purchase decisions are made before a customer ever talks to a
supplier, and (Source)
Yes, gone are the days when the sales person could drive
the conversation and the decision making. Today, the B2B buyers want to be
well-informed even before they contact the vendor. As a B2B vendor, it is,
therefore, your responsibility to appear as a knowledge partner to the buyer, be
available and active on social platforms, listen to the needs and problems of
the potential buyers, and connect with them in a non-intrusive way.
8. By 2020, 80% of the
buying process is expected to occur without any direct human-to-human
interaction. (Source)
This means that the buyer is going to expect all the touch-points
to be online. In a way, it is a good news and challenging as well. Good news because
you get a level playing field. Your chances of being in front of the buyer are
as good as any other vendor. Challenging because the onus lies completely on
you to create the right online impression in front of the buyers and be able to
connect with them through online medium.
9. 90% of
B2B buyers say when they are ready they will find you. (Source)
It has become extremely important for B2B companies to
understand the buyers’ journey and align their marketing and sales efforts on
those lines. Today, the buyers’ journey is digital. They are already aware and in
some cases, they are already in the consideration phase and ready to make the purchase
decision. They are developing their vendor list, doing a social media analysis,
engaging with possible vendors, and exactly know what questions to ask. Are you
ready to be found?
10. There may be 7-20 people involved in any given B2B purchasing
decision. (Source)
Not surprising, right? B2B purchase decisions are more
complex, affect a larger set of individuals, and have a bigger business impact.
It is obvious that multiple people will be involved in the overall decision-making.
What the vendors need to know is that they should be able to talk to all these
people – of course, online. They should be able to provide answers to the questions
of all the decision makers and should be able to connect and engage with all of
them. This means that you will need to rely on a variety of content types such
as blog articles, whitepapers, case studies and also depend on a wider variety
of channels such as social media, emails for connection and engagement.
Have you come across any such compelling stats? Do share as comments
and I will include all the relevant ones in the article – of course, with due
credits to you!
