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. ()
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!