Two thirds of organisations will increase their spend on social media in 2012, and for 20% of these, social media now forms a major part of their marketing strategy.
Yet, around 15% of companies still believe social marketing is free and can wait - they don't understand the real opportunities they are missing out on.
8 Ways B2B & B2C social media differ
When you read tips for using social media you must first ask yourself whether they are aimed at B2C or B2B markets because they work differently.
For the B2C market there is a much stronger emphasis placed on conversion on the social sites and many are now capable of real time product selection and purchase.
B2B companies on the other hand, tend to have more complex sales cycles and direct conversions are less likely. Lead generation is considered a more realistic outcome which makes B2B an easier route and B2C a more difficult one. Why is this?
1. B2C is driven by relationships based on a product and its price. This makes purchases more impulsive and emotional. B2B decisions are more involved, the relationships while professional, are often more personal, stemming from careful nurturing over a longer period.
2. B2B social connections are characterised by multiple interactions which inform and educate prospects. These steps are an integral part of a company’s whole marketing strategy.
3. B2B companies will use social media to enhance their overall business value, coming across as trustworthy, responsive, reliable, because the decision process is far more rational than found in B2C social sites.
4. B2B has less to do in convincing prospects so content tends to be much shorter and they receive a lot less negative comment. The campaigns are easier to manage.
5. For B2B companies, a relationship once established on the social sites often continues on after a purchase decision has been taken, enhanced by support information and a continuing education process.
6. The B2B market is far smaller and is a lot more focused than the B2C one, therefore forming strong relationships and building a following is faster, and easier.
7. Recommendations and comments from B2B users are to be valued far more than B2C sites as they are from fellow professionals. Allowing others to view comments undoubtedly plays a part in influencing other social site users.
8. B2B products change less often than their B2C counterparts so the content has a longer life. This makes B2B sites cheaper to easier to manage.
Social media reality
Social media is a time consuming process and many companies leave it to one person to manage. In fact, the most effective way is to involve a number of contributors in sharing and distributing comment, information and knowledge.
Useful, usable and engaging are the watchwords for social media.
With the search engines starting to index social media traffic; it is now where many people first becoming aware of a company; and the ability to engage earlier in the sales cycle; explains why investment in social media is expected to rise 20% next year.
Social media for B2Bs and B2Cs cannot be ignored if you want to stay competitive. To find out how to improve your social media position with your prospects, you can call me on 08450 740068 or email sem@e-xanthos.co.uk
Sources: B2B social media is easier than B2c. Adam Holden Bache. social Media b2B. 7 July 2011.