Lately I have been seeing a lot of skepticism cross my desk. There is a big debate going on about whether or not “business to business” companies should be investing in Social Media. Looking at the numbers it might seem like a fruitless effort for a B2B business to be on things like Facebook and Twitter. However, I’m here to tell you numbers can be deceiving. Today I want to take a deeper look into what it might mean for you to be active in Social Media even if you are a B2B business, or wholesaler.
A lot of talk I have been seeing in the last few days regarding B2B companies has been saying that B2Bs simply can’t drum up enough interest to make Social Media efforts worthwhile. They said that B2Bs didn’t get enough followers or likes on Twitter and Facebook to create a good following. They even tried to discount competitors being on Social Media saying that it doesn’t matter if your competitors are Facebook if they only have 30 “likes”. After reading this I started thinking about B2B businesses and I got a different view of things. There was something that this skeptic in particular was clearly missing.
I started thinking of the marketing channel as a food chain. The higher up you get, the fewer players there are. When you think about it some businesses that cater to other businesses may only have 60 customers in total, but each customer is highly valued and worth a lot to that business. When that business then gets 30 followers on Facebook it means that either a good percentage of his customers have connected with him or that people interested in doing business with that company have established contact.
In businesses like this it doesn’t mean that Social Media isn’t worthwhile, it means that Social Media could be worth more to you than a B2C business because every customer in that B2B business is worth a great deal more than the average consumer. If your competitors are out there and scoop up just five customers from Social Media just because you aren’t out there could mean the loss of say $100,000 if each one of those B2B customers buys just $20,000 worth of products/services. Whereas in the consumer market if a competitor attracts five more customers it could be a difference of a mere $25.
Being a B2B business on Social Media also provides a source for customers to provide their customers with a story. They can say this product is good because it came from this company. This in turn can create pull. A consumer who comes across your B2B Facebook page may go to a retailer and demand a product that you produced.
Social Media can be a great marketing tool for any business, not just consumer facing ones. It can help create pull through. It can help to answer questions, and it can bring customers. It can even help you find new talent to bring into your business. Businesses should always be looking for good, young talent. They are out there on Social Media trying to connect. Why shouldn’t you be out there too?
Even though the sheer volume of people coming to your page may not rival B2C businesses you have to look at the money behind your customers and attribute that to the followers you get and the chance you may obtain a new account from your efforts.
Email: mday55@gmail.comTwitter @mday55
LinkedIn: http://www.linkedin.com/pub/mason-day/20/9aa/233
Perennials last the longest because they " know how to get back to their roots"
Yeah the jokes don't get any worse.
Riveting stuff, your analysis of social medias impact in B2B commerce raises tough questions to potential demographics/organizations who are considering throwing money into the social media ring. Regardless of what side of the fence you may be sitting on, this forces dialogue on the matter, which is the only way to reach rational conclusions. Great job. Also, the relevant/corny joke at the end really only brings it home, good stuff.
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