B2Bs Are Finding New Ways to Capitalize on Social Media Insights
Much has been written about the power of social media monitoring for B2C companies, but what are the implications for B2Bs? According to new research from B2B marketing firm, KCA, “54 percent of B2B marketers have generated leads from social media.” This fact alone should greatly encourage executives on the fence about social media’s uses for B2B to sit up and listen. Other compelling statistics from KCA’s research include:
- 54% of B2B buyers say they spend half or more of their supply budgets online
- 60% of all social media traffic to B2B websites comes from Facebook, Twitter and LinkedIn
- 30% of B2B buyers say that a prospective vendor’s social media activity is important to them
Increasing sales is not the only reason B2B organizations should be paying closer attention to social media. Below, we’ve outlined three ways social media monitoring provides benefits for B2Bs
#1 – Foster Brand Loyalty and Maintain Your Reputation As a Great Company
Everyone knows it costs more to gain a new customer than it does to keep the ones you have, so use social media to keep your current customer relationships happy and healthy. Additionally, actively listening to what customers and others say about your company gives you the ability to better manage your reputation and avoid PR nightmares.
- Find and follow customers on social media
- Build goodwill by thanking them every time they share/recommend your product/service
- Monitor mentions 24/7 and respond quickly to comments, even if it’s just a “like”
- Nurture positive relationships by answering questions and offering resolutions for customer service issues
#2 – Keep an Eye (and Ear) on the Competition
Your competitors are likely already monitoring your company via social media, so make sure you keep the playing field level by monitoring them, too.
- Stay on top of their new features, developments and product launches
- Know both the good and bad feedback their customers are reporting about various products or services
- Reach out to their customers as potential prospects for your company
#3 – Learn From Customers and Prospects to Enhance Your Marketing Strategies
People love to talk and if you’ll listen, they’ll tell you all sorts of helpful information that could lead to innovation and increased sales. Monitoring social media is a great way to identify key influencers and critics and engage them in mutually rewarding relationships.
- Map mentions and use location-based social media data to improve search marketing efforts
- Discover which product/service features are most important to prospects
- Use customer feedback as a rich (and free) source for R&D improvements and innovations
- Monitor conversations to gain insights on how to engage your target market
To learn more about how social media monitoring is enabling companies to increase productivity and profitability, check out our blog: Companies Are Using Geospatial Data to Generate Revenue.