As part of my quest to know everything there is to know about what our B2B members are doing in the social media space, I spent this past Wednesday in Chicago at MLC's B2B Social Media Strategy Builder workshop. It was a great opportunity to interact with and learn from folks in the social media trenches at some of our B2B member companies. In attendance were more than 40 staff members from over 20 corporations, representing a diverse set of industries and somewhat varied levels of social media maturity. During the lively discussion (which, we at MLC always say, is a key ingredient of a good meeting), participants shared challenges, questions, ideas, frustrations, and successes. A lot was shared, but I think two key themes emerged as the most challenging for those in attendance. Luckily, MLC has ways to help on both fronts.
Challenge #1: My boss told me to get our company on Twitter, what do I do now?
Several folks in the room reported that the powers that be at their companies had tasked them with objectives like, "Start a Twitter feed" or "Build a Facebook page." But without knowing what that those singular activities were meant to accomplish, marketers are left without a clear direction. Very few marketers would move forward with a goal to "Set up an event" or "Advertise in a trade journal" without a clear idea of what those activities were meant to accomplish for the business. The same holds true in social media. Social media is not a strategy in and of itself - it should be in service of a larger, more considered business objective. Think about what business results you want your social media efforts to drive.
And, as I have said in past posts, I feel compelled to assert again that I am not using "social media" as a proxy for "Facebook." Social media incorporates a wide variety of channels and initiatives including blogs, interactive forums, user communities, communication tools, and virtual gatherings. Think big!
Challenge #2: How do I show the ROI of Social Media?
Another popular refrain among those in high places is, "Show me the ROI." Those at the meeting expressed difficulty in getting social media programs off the ground in their organizations because of an inability to make a direct connection to more revenue. While I'd never argue that marketers should dive into social media without any metrics to judge their relative success or failure, ROI is difficult for this still emerging channel.
Some in the room mirrored this advice and shared their strategy of targeting a specific level of the purchase funnel instead of driving straight to sales - for example, increasing awareness. Based on the principle of the funnel, putting more in at the top, should eventually result in more coming out the bottom. Others admitted that lot of Marketing's activities can't really be directly tied to sales - like advertising - but are still accepted as important endeavors.
MLC suggests that a better way to think about this is Return on Objectives - using foundational marketing objectives (like behavior and attitudinal change) to serve as a bridge connecting social media activities to top-line outcomes. For example, if increased website visits are accepted in your company as something that leads to greater awareness and more sales, the intermediate goal of a social media experiment could be to drive a 10% boost in web traffic among a particular segment.
Interestingly, this demand for ROI connects nicely to our larger B2B topic this year regarding how customers make purchasing decisions. We have observed most marketers going all in on ROI calculations and quantifiable value propositions. While important, we don't feel numbers are sufficient as they mostly speak to benefits and customers are more worried about risks. Everywhere you turn, ROI seems to loom in B2B marketing - marketers are both using it to influence their customers and to justify their own activities. In both circumstances, there might be a better (or at least more nuanced) way forward.
What other challenges are people facing in trying to get a social media plan rolling inside a B2B? Any tales of early successes? I'd love to hear about both - email me to set up a time to chat.
MLC members - We have a lot of resources to help you with your social media efforts in our Social Media topic center, including the same worksheets and advice we walked through in Wednesday's meeting.