- Social Media Tool Kit for B2B companies
The relevancy of social media for Business to Business (B2B) companies is a much debated subject. While B2B companies are opening up to the idea of participating in social media, by creating social profiles, writing blogs and engaging in micro-blogging etc. a lot is desired when it comes to using social media as an effective tool to forward their business interests or for securing, and nurturing quality leads.
Having worked with both B2C and B2B companies in the social media space, I strongly feel that the approach for both have to be significantly different – at least at the engagement level.
It has to be very similar to how we market such companies and their products in the offline world. More mass and viral for B2C companies/products and more of an individual approach ñ convincing that one individual or group of individuals (read decision makers) who will believe in your product and pay the high value to procure it for B2B companies.
If you actually see how business prospects can be engaged on social media by B2B companies, the argument that social media is more relevant for B2B companiesí wins hands down.
Finding relevant contacts ñ
Finding the right contact to make their business pitch is critical for sales guys at B2B companies. In the offline world ñ they look for such prospects at conferences, trade shows, at a game of Golf, or socializing clubs. The time taken for converting a social contact into a relevant potential business contact varies depending on a lot of other factors like basic nature of the individuals involved, their social engagement skills etc.
In the online world business social networking sites like Linkedin, Businessweek Exchange, Ecademy, Entrepreneur.com etc. have made the process so easy. Everyone on these networks is there for a professional reason hence talking business in your first social introduction falls within the social etiquettes of these networks. Also, these sites make an individualís professional network multiply, because they let him know who is connected to his connections and their connections too. With social media the visiting card holder is experiencing exponential growth.
Showcasing your product
When it comes to showcasing products ñ social media has come as a boon for B2b companies. It provides so many levels and channels to engage and educate their potential customers about their company and its product offerings. Before, having advertising & PR budgets and probably a face to face meeting and corporate presentation was the only way they could engage with their potential customer. But today with social media ñ you can choose the channel your prospect uses (Presentations, Videos, Podcasts, Webinars etc.), through a medium he most frequents (social networking sites, blogs, Video sites, Book marking sites etc.) to engage him without so much as meeting him to begin with.
Yes social media has presented B2b companies with a variety of channels to promote, educate and even create a market for their products. Blogs have become a great way of doing PR and building thought leadership. Webinars and videos help demonstrate your products to anyone who is interested at any time and anywhere in the world.
Nurturing your leads
In a B2B set up since the stakes are higher – a potential lead requires sometimes a lot of nurturing before it converts into a sale. Social media provides sales guys with a more than one option to engage and follow their leads at both a professional and personal level. Following their prospects on social networking sites like Twitter, Facebook, Linkedin, following their blogs etc. can give them a lot of insight about their lead, the kind of person he is, his interests, his passions, his perspective on things/issues etc. Ask a regular sales guy who does not have access to social media or such information on a prospect and he will tell you the value such information adds when nurturing a lead. Sales guys do everything to find out about what their potential decision maker likes, the basketball/baseball team he roots for etc. to engage him at a more personal level. Social media provides them with all that information effortlessly.
Building communities
Having a list of satisfied clients who can advocate their products to other prospects is a dream come true for any company. In a non- social media set-up Companies would ideally ask their clients to give some recommendations which they would use in their product brochures and website. Also, hope that their existing clientele recommend them to some others, leaving them with very less control or hope that their advocates will bring in quality leads.
Social media today changes all that ñ it helps companies create communities and groups around their product offerings, where their advocates can come and voice their positive experiences. It can invite other prospects to join these groups and engage in discussions to have a better understanding and third party or user perspective of the product before their own purchase.
Companies can also use the chatter in these groups for creating buzz or PR. Consider this ñ social media helps companies advertise in real time ñ spending much less money.
Finding New Markets
For most B2B companies expanding their market is critical to their success. The investments for entering and setting shop in any new market is huge and companies spend a bomb on market research to find out the growth potential in such markets.
Since social media is not divided by boundaries ñ it becomes a simple and cost- effective tool for B2b companies to test the potential of new markets. Contacting and engaging with prospects in another country on social networks, understanding the specific needs of their market etc. has become much simpler.
B2B purchases are always well researched, well thought and very informed decisions. Social media as a business tool can help companies in providing that research, thought and information to their potential customers. It can help companies in educating and engaging their potential leads at different levels ñ talking in a language they would love to hear.
Social Media is still about people. Only the distances and differences have ceased to existÖ.try it ñ it could change the way you do business.
The relevancy of social media for Business to Business (B2B) companies is a much debated subject. While B2B companies are opening up to the idea of participating in social media, by creating social profiles, writing blogs and engaging in micro-blogging etc. a lot is desired when it comes to using social media as an effective tool to forward their business interests or for securing, and nurturing quality leads.
Having worked with both B2C and B2B companies in the social media space, I strongly feel that the approach for both have to be significantly different – at least at the engagement level.
It has to be very similar to how we market such companies and their products in the offline world. More mass and viral for B2C companies/products and more of an individual approach - convincing that one individual or group of individuals (read decision makers) who will believe in your product and pay the high value to procure it, for B2B companies.
If you actually see how business prospects can be engaged on social media by B2B companies, the argument that social media is more relevant for B2B companies’ wins hands down
For the non-believers here’s how…….
Finding relevant contacts
Finding the right contact to make their business pitch is critical for sales guys at B2B companies. In the offline world - they look for such prospects at conferences, trade shows, at a game of Golf, or socializing clubs. The time taken for converting a social contact into a relevant potential business contact varies, depending on a lot of other factors like basic nature of the individuals involved, their social engagement skills etc.
In the online world business social networking sites like Linkedin, Businessweek Exchange, Ecademy, Entrepreneur.com etc. have made the process so easy. Everyone on these networks is there for a professional reason hence talking business in your first social introduction falls within the social etiquettes of these networks. Also, these sites make an individual’s professional network multiply, because they let him know who is connected to his connections and their connections too. With social media the visiting card holder is experiencing exponential growth.
Showcasing your product
When it comes to showcasing products – social media has come as a boon for B2b companies. It provides so many levels and channels to engage and educate their potential customers about their company and its product offerings. Before, having advertising & PR budgets and probably a face to face meeting and corporate presentation was the only way they could engage with their potential customer. But today with social media - they can choose the channel their prospect uses (Presentations, Videos, Podcasts, Webinars etc.), through a medium he most frequents (social networking sites, blogs, Video sites, Book marking sites etc.) to engage him without so much as meeting him to begin with.
Yes social media has presented B2b companies with a variety of channels to promote, educate and even create a market for their products. Blogs have become a great way of doing PR and building thought leadership. Webinars and videos help demonstrate your products to anyone who is interested at any time and anywhere in the world.
Nurturing your leads
In a B2B set up since the stakes are higher – a potential lead requires a lot of nurturing before it converts into a sale. Social media provides sales guys with more than one option to engage and follow their leads at both a professional and personal level. Following their prospects on social networking sites like Twitter, Facebook, Linkedin, following their blogs etc. can give them a lot of insight about their lead, the kind of person he is, his interests, his passions, his perspective on things/issues etc. Ask a regular sales guy who does not have access to social media or such information on a prospect and he will tell you the value such information adds when nurturing a lead. Sales guys do everything to find out about what their potential decision maker likes, the basketball/baseball team he roots for etc. to engage him at a more personal level. Social media provides them with all that information effortlessly.
Building communities
Having a list of satisfied clients who can advocate their products to other prospects is a dream come true for any company. In a non- social media set-up companies would ideally ask their clients to give some recommendations which they would use in their product brochures and website. Also, hope that their existing clientele recommend them to some others, leaving them with very less control or hope that their advocates will bring in quality leads.
Social media today changes all that - it helps companies create communities and groups around their product offerings, where their advocates can come and voice their positive experiences. It can invite other prospects to join these groups and engage in discussions to have a better understanding and third party or user perspective of the product before their own purchase.
Companies can also use the chatter in these groups for creating buzz or PR. Consider this – social media helps companies advertise in real time – spending much less money.
Finding New Markets
For most B2B companies expanding their market is critical to their success. The investments for entering and setting shop in any new market is huge and companies spend a bomb on market research to find out the growth potential in such markets.
Since social media is not divided by boundaries - it becomes a simple and cost- effective tool for B2b companies to test the potential of new markets. Contacting and engaging with prospects in another country on social networks, understanding the specific needs of their market etc. has become much simpler.
B2B purchases are always well researched, well thought and very informed decisions. Social media as a business tool can help companies in providing that research, thought and information to their potential customers. It can help companies in educating and engaging their potential leads at different levels ñ talking in a language they would love to hear.
Social Media is still about people. Only the distances and differences have ceased to existÖ.try it - it could change the way you do business.
