Take a look at 2016’s most influential brands on Facebook, according to Mavrck: Starbucks, Coca-Cola, MTV and Samsung Mobile top the charts, followed by brands like KFC, Nike and Target. What do these companies have in common? They’re all business-to-consumer.
These days, it’s rare to find a business not trying to make a social media splash. But why is it that B2C companies consistently outpace their business-to-business peers? According to Webbiquity, 88 percent of the B2B crowd uses Facebook—just 8 percent less than their B2C counterparts—so it’s not for lack of trying.
The problem is one of strategy. Because B2C companies like Verizon Communications and Sony Pictures were the early adopters, B2B companies patterned their approaches after their B2C peers.
But while B2C marketers don’t need such a targeted approach to draw new business—anyone can enjoy a Coke or crave KFC—B2B marketers can’t take the same top-of-the-funnel strategy. For niche business services, taking a generalized checklist approach to social media simply doesn’t work.
Why resist the checklist?
With a checklist mindset, social media management becomes a series of tasks: posting daily, responding to customers, adding friends and following clients. While there’s nothing inherently wrong with these practices, unless you’re using social as a channel to find target prospects, you’re missing out on revenue.
B2B businesses that don’t use social to target specific leads or gather buying behavior insights are wasting their time. Intel, for instance, is proof that B2B brands can make social work for them: It has more than 25 million Facebook likes, and it regularly engages other brands with user-generated content to build relationships.
But most B2B companies aren’t like Intel. Rarely do B2B marketers even bother to measure the return on investment from their social investments.
According to Simply Measured’s 2016 State of Social Marketing Report, 61 percent of marketers indicate that measuring ROI is a challenge. Additionally, more than 33 percent say that tying social to business goals is a hurdle they must overcome. Only 9 percent of marketers can quantify the revenue driven by social media.
A better B2B social strategy
The first step to a better social strategy is abandoning the checklist mindset. It’s about choosing platforms strategically, being outward-looking and contacting top-scoring leads before they slip away.
Social media is a lot more than the sum of its separate platforms. Brands using a checklist approach often assume they need a presence on every site, but the truth is that your audience probably uses a couple of platforms and ignores others. If you’re a wheelchair manufacturer, for instance, your clients are hospitals and assisted living facilities, which likely aren’t on Snapchat or Instagram.
Don’t spread yourself thin by trying to be everywhere at once. Use customer segmentation data to predict which platforms they use or, better yet, survey your clients. Learn their pain points, company histories and partners. Spend your social budget efficiently by using these details to speak to their needs on their favored platforms.
By discovering your audience’s social habits, your strategy will naturally become more generous and outward-looking. Social success is all about listening and interacting. Blasting your own message on repeat is like talking about yourself at a cocktail party. The best friends (and clients) are found through give-and-take relationships. Mix up your content with links to clients’ blogs, helpful hints and questions to engage followers. With this approach, you’ll build your brand while answering questions and solving problems.
This is akin to when cocktail partygoers have settled down, taken off their dance shoes and started interacting in small groups. To forge connections with choice clients, use social media signals like hashtags, keywords, brand mentions and influencer mentions to identify target prospects.
Your goal is to offer personalized, resonant content that builds trust. Use Twitter’s direct-message feature to turn public tweeting into friendship. Let’s say, for example, your company provides marketing technology that helps with lead generation. If a marketer shares an article about #leadgen, you might send him your latest e-book about generating leads.
Once you’ve contacted target prospects through social, it’s time to capture their contact information in your marketing automation system for easy follow-ups. Connect your social media activities to your marketing automation or customer-relationship-management system to track socially engaged leads. To see ROI from your efforts, you need to see how many leads have been generated through social media, how many have closed and the revenue influenced by social media.
Social media activity is a great signal of buyer intent and should be a factor in your lead scoring model. Let’s say a lead just tweeted at your CEO. That person has shown interest in your brand, so you can increase his lead score. You could also draft an automated email and send the lead an article written by your own CEO on a similar topic. At Socedo, we’ve found that socially engaged leads have much higher email open and click-through rates than leads from other sources.
Social activity can also indicate when leads are further down the funnel. If a lead just posted about wanting a replacement for a competitor’s product, that’s a hot lead. Alert the appropriate sales representative to follow up and close the sale.
Social media is about human interaction, not a robotic, tick-the-boxes checklist. So ditch the list and craft a strategy around the clients you want to sign, and then get personal with them by starting conversations, sending content and nurturing those leads. You’ll see the difference in ROI almost immediately—and you’ll feel pretty popular, too.