Business-to-business marketers’ interest in social media continues to grow according to a new study from Forrester Research, but they still struggle with how to measure it.
MediaPost reported on the Forrester survey of 189 marketing professionals in seven different industries which showed that less than 31% of survey respondents use tactics like blogs, podcasts, and social networks as new ways to engage buyers and foster community conversations.
In what is a very telling stat, 25% of respondents think social networks and online communities help to build brand awareness, they can’t connect these tactics to the sales pipeline.
What’s more, respondents in the Forrester survey apparently did not know how to size or measure the impact that social media has on buyers.
“While they see Webinars, microsites, and rich media apps delivering qualified leads, respondents scratch their heads about the value that viral video and social network marketing provide, with 31% saying it is ‘too early to tell’ for social networks and 68% saying the same for video marketing,” according to the report.
Overall, however, less than 10% of respondents say they include widgets, mashups, advergames, mobile ads, or virtual worlds in their marketing plans.
“B2B marketers lack confidence that these tactics engage prospects and turn them into opportunities,” Forrester analyst Laura Ramos wrote in the report.
There is a lot of great examples of companies have measured social media marketing campaigns. I think that part of the reluctance on B2B companies to move into social media is the lack of knowledge on the agency side, who do are worried that companies will shift budget dollars to social media at the expense of traditional lead-generation activities such as trade shows, PR, and direct mail, which agencies have expertise in.
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I think the problem right now is a catch 22. On one side, you have B2C companies going crazy in the social media space and as a result, B2B companies are saying “it’s just for B2C companies.” On the agency side, you have really smart marketers saying “B2B companies can play in the social media space” and then clients say “Well, what experience do you have?” The agencies response is “Well, not much, as clients won’t give us projects to prove it.” So you end up with agencies who, at least say, they understand it, but can’t prove it. And you have companies who want to get into the space, but not many success stories can be found, so there is a lot of perceived risk.
I won’t get to “pitchy”, but I’ll just say that we actually DO have experience with B2B clients in this space. Contact me if you want more info.
Having spent the last year and a half working in b2b media, my impression is that many b2b marketeers struggle with *the internet* – they dont see the point of having a b2b website, they dont see the point of advertising online, don’t have e-newsletters etc. so how could they get social networking?
This also translates well to the nonprofit community. I am in charge of social networking and online communications for my nonprofit’s national office. We have been engaged in this effort since the beginning of ’08. It hasn’t yeilded much in fundraising revenue, but it has build awareness and information requests.
If the ROI isn’t there, then a viable solution would be to get an intern, usually a traditional college-type person to engage in this effort a little or no cost to the company. They get experience and you get a foundation in social networking.
I wonder, are there any reports like this for nonprofits?
I know there is a great buzz about it in the nonprofit world.
http://beth.typepad.com has a lot of nonprofit concern for social networking.
Thanks for the post.
Really appreciate it.
Will Hull
eAdvocacy/eCommunications Coordinator
UCP National Office
Washington, DC
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