3 Ways to Measure Your B2B Social Media Marketing Before You Get to Counting Leads
The opinion that social media marketing is essential only in B2C businesses is long overdue for tearing down. 73% of B2B buyers are now millennials. Yet only 47% of B2B marketers say they are actively using LinkedIn and a mere 33% of B2B businesses are on Instagram at all.
Here are a few classics from our clients and prospects in the business-to-business sector. This is what they say when asked why they don’t want to, can’t and won’t invest in social media marketing:
Our target audience is too small
We make sales in meeting rooms, not online
Our business is too complex for a Facebook post
Our products or services are a dull commodity
The list goes on, although these are the most common. It’s exactly the reason why the only marketing most B2B companies put out is a roll-up by their aisle in an industry-specific conference. And that’s why doing ANY social media marketing activities puts you ahead of the competition in an instant.
Measure what matters
We all know that the main KPI of measuring the effectiveness of your marketing efforts is sales. Though it’s much harder to put your efforts in a multi-layered funnel, instead of concluding beforehand whether any action taken will directly result in sales.
Not every action will - awareness and consideration must come before conversion. The higher the price, the longer and more layered the process. That’s why it’s easy to fall for the “will this action drive direct sales?” evaluation. We know it firsthand.
Caption has been either bootstrapping our social media self-promo both in terms of expenses and work hours or not doing it at all. And that was because we didn’t have our priorities straight. So we analyzed our stats on FB, LinkedIn, and Instagram, and readjusted our social media marketing goals. Here they are in order of importance.
📌 Most of our new clients become more active followers when we sign a contract. Which means our expert tips and useful posts on social media kind of do the same job we'd be doing by hoarding the info throughout the year and showing it in a presentation for the clients at the end of it (what most competitors do).
2. Upselling new services
📌 Sharing new ideas and services on social media warms clients up. It's easier to talk to them and upsell when you finally get to it.
3. Improve conversions on tenders
📌 Tenders, whether public or private, are affected by what the purchasing company already knows about you (or checks you out while in the process).
4. New leads
📌 And finally, new leads only go fourth. Yes, they're very important, but not as important as retention and upselling.
There are added benefits, like getting press coverage, more (and better) applicants to vacant positions, boosting employee satisfaction, etc.
So if your company is dead silent on social media - you're losing out on the opportunity!