It's all about business for any company engaging in social media. Sometimes we forget that these platforms are a means to an end. That end is revenue. All the effort to win fans, followers, interactions, comments and click-thrus is part of a comprehensive effort to increase visibility, generate leads and sell products.
So, why is social media so important for companies selling products and services to other companies? It's all about the 4 Bs.
#1 - Business Intelligence: Social media allows companies to share content and capture data. Various tools and platforms exist to discover, analyze and assess this data. Individuals and companies gain knowledge about the demographics of their customers, affiliated industries, emerging topics, key trends, competitor activities, opinions regarding products and services, and more. Social media provides additional insight that can help companies create and sustain powerful relationships with their customers.
#2 - Business Development: Revenue is the life blood of all companies. Without it, a company will eventually disappear. Therefore any tools to simplify or accelerate the acquisition of new business, whether from new clients or existing accounts, are welcome. Social networks provide companies with additional channels through which they can identify prospects, learn about companies and individuals. Platforms, like LinkedIn, Plaxo, Branchout or Zerply, can help users figure out how to connect with key decision makers or influencers. Individuals can learn more about them via blogs, tweets, status updates, presentations or videos. 56% of B2B marketers acquire new business partnerships through social media (Social Media Examiner, 2012 Social Media Marketing Industry Report). Imagine that first meeting with an understanding of what's been top of mind for that individual based on their social commentary!
#3 - Business Relationships: Once a relationship is developed, it takes effort to maintain it. It's not always possible to enjoy face time with contacts. Social networks provide an alternative method of staying in touch with colleagues, customers and competitors. It's possible to congratulate contacts on promotions or job changes, make introductions for peers seeking new roles and comment on shared content. Here at MAD Perspectives, we reach out to connections on a regular basis, simply to catch up with old business friends.
#4 - Business Conversations: Social networks are all about engagement. They provide a platform to discuss topics of mutual interest, ask & answer questions, collaborate on new ideas, share content and to learn. Entrants into a new markets can learn about local business culture, business priorities and key competitors. 62% of business technology decision makers now read and post comments on blogs (Social Media Examiner, 2012 Social Media Marketing Industry Report). Participants can turn casual conversations into long-lasting relationships. However, just as in face-to-face conversations, each party must provide value to the other.
Social media mirrors the business activities of any company. It is simply another channel through which to pursue these actions. As you consider your use of social media, think about the 4 Bs. Perhaps you are using all 4, or maybe you've just started engaging. Either way, be strategic and tactical about how social media can help you connect, collaborate and communicate to achieve your business goals.
What's your perspective?