Social media to dominate the future of B2B decision-making
Posted by Murray Sye on Thu, Sep 23, 2010 @ 09:32 AM
According to an Inbound Marketing Summit panel, experts predict that in 2011 and beyond, social media will start to drive more business value than search engine optimization (SEO).
There appears to be a broad expectation that online methods, specifically social media, will play an every important role in how we research and ultimately decide on business purchases in the future.
To further support this whole social media movement I’ll refer to another study conducted out of the U.K. earlier this year. A study was commissioned to research the extent to which B2B decision-makers are using social media tools and channels to help them in the process of refining their needs and identifying suitable suppliers for major business purchases.
Purchasers (your prospects) –
Respondents were purchasers of B2B products and services with an average purchase price of $80k. Out of each online source, respondents were asked how influential each had been, providing them with information to help identify potential suppliers.
Identifying potential suppliers –
Among users of each channel, Twitter, blogs and Facebook respectfully were recorded as huge influencers when it came to providing buyers with information to help identify potential suppliers.
Supplier selection –
Respondents personally involved in the final stage – the ultimate supplier selection – used supplier websites and word of mouth as favored sources of information. However, Facebook was a strong influencer as well as Twitter, blogs and other online communities.
In conclusion: it’s clear that the ‘old school’ of the purchasing decision process has changed. The online B2B consumer is independent and less likely to trust recommendations of a sales person or be swayed by the emotional appeal of a trade magazine ad or direct mail piece. The approaches of the past no longer apply – traditional outbound marketing methods have faded.
Smart marketers leverage social media and business blogging used as marketing tools, to meet potential buyers in this new space. They offer rich, educational content aligned to the way customers resource and make purchasing decisions today.
I strongly recommend that any CEO, entrepreneur, small business owner or business professional who is seriously committed to taking their business to the next level make social media a priority in your marketing plans.
