Archives for October 2011

This week I was asked to speak on a panel about social media to a group of B2B marketers in financial services. It was great getting the perspective of marketers outside of technology. But they call it “financial services” for a reason: They have all of the same struggles as technology services companies—with the added complication of tons of regulatory requirements.

But when the panel was over, I realized something scary: Most of the success factors we wound up talking about had nothing to do with social media. They had to do with other things that companies have to do before they can successfully engage in social media. Here are some examples:

• Most C-level executives are not in social media—they’re in search. ITSMA research shows that 66% of buyers seek information themselves rather than waiting to hear from providers. They seek that information through search: 79% of c-level executives do at least three searches per day. They are more likely to encounter our content through search than through the social media channels themselves.
• Social doesn’t happen in B2B without a culture change. When we surveyed B2B marketers last year, 50% said they do not have a social media policy. It would be easy to say that B2B companies don’t have social media policies because they just don’t get it, or they’re slow and lack resources. But I talk to them all the time and I know that’s not the case for most of them. They hold back because they know that they need the full support, commitment, and participation of the business in social media. Without those things in place, there’s no reason to get into it, because you will fail.
• Before social media can happen, companies need an idea culture. A lot of B2C social media marketing can come out of the marketing group because consumers are looking for deals, product information, and peer reviews. Marketers can handle all that stuff. But you can’t tweet a 50%-off coupon in B2B. You have to tweet ideas for solving customers’ problems. Marketing can’t do that on its own. Social media is the easy part; idea marketing is the hard part. Top executives and SMEs must commit to making ideas part of employees’ individual expectations. One of the reasons I know that B2B marketers get this is because the number one goal of marketers in our survey was to integrate social media into the larger marketing strategy—to link social media to their idea marketing process and their events—the channels that are proven and where the business has committed to contributing content.
• The business case doesn’t exist for social media; but it does for idea marketing. When we asked buyers how important good ideas are to the buying decision, 58% of executive-level buyers (people buying more than $500,000 worth of IT services at a pop) say that it is important or critical for making it onto the short list of providers. Let me repeat: More than half of your buyers say that if you can’t demonstrate that you have good ideas for solving their business problems, they won’t buy from you. We asked: If a provider brings you a good idea would you be more likely to buy from them? 30% said yes. Of that 30%, 54% said they’d consider sole sourcing the project. Social media are great for developing those ideas and for making them available to many more people. But first you have to have an engine for creating the ideas.
• Many B2B companies have already said no to social media. I’ve spoken to marketers who have dipped a toe into social media and pulled it back because they saw that their companies simply weren’t ready. They’ve started blogs where SMEs posted three or four times and then got busy with other things or got bored and the blog went dark. Someone somewhere latched onto that and declared that blogs don’t work. They blame the channel rather than blaming their company’s lack of commitment. Then that gets translated into “social media don’t work for us.” Many B2B companies are just now contemplating getting into social media for the second time.
• Marketing needs a system of record before it can succeed in social media. Businesspeople don’t care how many Twitter followers you have. They care about the size, speed, and quality of the pipeline. We need a lead management process to act as a place to bring people from social media. In our recent lead management survey, just 53% report consistent definitions of lead tracking that are adopted globally. Only 65% have defined the lead flow process. Without a process for integrating social media into lead management, the ROI of social media in B2B will never move beyond brand awareness and website traffic.
• Thought leadership is more important than social media. At the earliest stage of the buying process, marketing owns the relationship with buyers. Buyers don’t want to hear from salespeople at this point. We call it the epiphany stage; it’s before buyers have articulated their specific needs. But at this point, buyers are trolling for good ideas, insight into industry trends, and news. Companies must have an engine for providing those ideas in place before they can expect to make waves in social media.

What do you think?

Related articles

• Is Twitter “social?” (christopherakoch.com)
• 9 attributes of the best thought leadership content (christopherakoch.com)