B2B Companies – Finding Success with Social Media
- Dec . 15 . 2016
- 0 Comment
- Advertising, Analytics, Big Data, Branding, Marketing, Social Media, Strategy
- Posted by Boris Jovic
Duke University’s Fuqua School of Business conducted a study across the B2B and B2C sector that reports executives are still figuring out how to assess the effect of social media on their business. eMarketer forecasts social media will make up more than 20% of digital ad spending by 2017.
The B2C sector reports that it is better able to show the qualitative impact of social, however 60% of CMO’s are unsure of the Impact social media has on their marketing.
Where does this Leave B2B Companies?
Many CMO’s report they are investing in social media marketing analytics to gauge the quantitative impact of social media spend. According to Duke’s study, one-third of CMO’s in the USA report investing (and using) marketing analytics to assess the investment made into social media.
In the six months since the study was last conducted, the Duke study reports that CMO’s are using Analytics to make decisions regarding Customer acquisition, at 42.4%. The areas that saw the highest increase is Branding, Social Media, and Digital marketing, increasing at an average of 4%. Marketing mix saw the highest drop at almost 7%, with CMO’s shifting focus to digital strategy as opposed to traditional.
Finding Success with Social Media
Since August 2015 to August 2016, Branding saw the highest interest increase – from 26.5% to 34.5%. CMO’s see the potential social media offers is mostly branding and brand awareness. Getting your message out on social media platforms to gain awareness yields the highest level of interest, for good reason. While Twitter, Facebook, and Instagram are in the early stages of offering Advertising services to companies, the best CMO’s can hope for is to gain brand awareness on social channels.
Collecting and analyzing data is important. Understating the ROI social media provides is challenging. While social media platforms advertising solutions are still in their infancy, companies, especially B2B companies, should focus their social media strategy on raising brand awarness.