Three ways B2B firms fail to exploit social media

We know that social media is radically changing the way that we all work, shop, communicate and relate to the world around us.

It is surprising, then, to see evidence of how many B2B companies are still blind to its possibilities within PwC’s new paper: ‘Uncovering B2B social media: Value innovation and engagement’.

While the findings kick off on a promising note, with confirmation that B2B firms are investing in social media (between $416,000 and $185m), the rest of the results make for frustrating reading. Here are three highlights (or should we say lowlights) from the study:

1. Nearly 50% of respondents are not undertaking any kind of measurement of ROI, or are only using the most basic qualitative measures.

2. Two-thirds of company cultures do not support the use of social media, or offer only basic guidelines to their staff. Such negligence leaves businesses open to reputational risk.

3. Less than 12% of those surveyed have full time, dedicated social media teams in place.

FPR’s Final Thought:

It is a common misconception that social media works best for B2C companies. Business audiences and decision makers are in fact just as readily influenced by their peers, competitors and even brands on social channels.

It is time to think beyond social marketing for retail consumers alone. Relevant and well thought-out messaging targeted on the correct social channels can reap significant rewards for B2B businesses – but only once they implement proper guidelines and measurement systems will they notice.

The full report from PwC can be viewed here.