Are you one of the B2B brands missing out on over 70,000 sales opportunities on social media? An article I read last month on the B2B Marketing website cited stats from the B2B Social Media Report by Brandwatch, and the figures certainly got my attention.
The study involved looking at 200 businesses in America and the UK, and results showed that some marketers are not managing to engage with customers who have an ‘intent to purchase’ on social media. Essentially, those customers are eager to buy – AKA your prime target.
In total, they analysed 72,756 brand mentions where the consumer intended to buy – that is, updates that reveal their desire to actually purchase a service or product. What caused concern was that, out of these, less than 1% of mentions were engaged with by the B2B companies in question. In monetary terms, we’re talking up to $36 billion of missed revenue.
Simultaneously, the study revealed that over three-quarters of B2B brands currently manage at least one social media account, with the ‘main’ accounts having around 210,000 Facebook ‘likes’ and 47,000 Twitter followers.
And customers out there are certainly talking; leading B2B brands are mentioned over 5,000 times on news sites and nearly 3,000 times on forums.
B2B businesses should know the areas where they need to be active in order to tap into these conversations. The worry is that these conversations will fizzle out or (worse still) the customer will end up being engaged by a competitor who is doing a better job at monitoring these mentions. As a B2B brand, there are so many potential sales opportunities available; it’s knowing when and how to grab them.