What Are The Key Success Factors For B2B Social Media?

I was thrilled to see 350 business owners and marketers sign up for our first LinkedIn Audio Event, which was a chance to discuss the findings of our research into the impact social media can have on B2B firms .

Below you'll find the recording divided into several short snippets, along with the key points from each snippet. I hope this will help you to quickly extract the learnings that are going to be of greatest help in ramping up the business wins you get from social media.

Our discussion - and the resulting recording snippets - covered the following key topics:

1. Why We Decided To Research B2B Firms' Social Media Results
2. What Were The Headline B2B Findings?
3. What Are The Biggest Obstacles B2B Firms Face in Getting Results?
4. What Are Successful B2B Firms Focusing On To Get Results?
5. Examples of How B2B Firms Are Converting Their Audience
6. Instead of Spamming, Focus on Win-Win Approaches!

Note: if anyone would like to access a transcript of the recordings, you can do so here .

I hope everyone reading and listening to this gets some great actionable ideas - and if you'd like to chat through how they could be applied to your B2B firm, you're most welcome to book in for a call with our team .

WHY WE DECIDED TO RESEARCH B2B FIRMS' SOCIAL MEDIA RESULTS

~130 owners and founders of B2B businesses were interviewed to gather input on the impact social media is having on their business. Understanding how other businesses are getting results and uncovering new approaches that are working were the main motivations behind the research.

We also wanted to dispel the myth that becoming highly visible and getting mass engagement is the best route to achieving business wins from social media (and indeed, this is extremely rare).

WHAT WERE THE HEADLINE B2B FINDINGS?

21 of the 130 B2B firms interviewed cited social media as a significant contributor in securing new business wins, clients, hires, investors, or business partnerships. Meaning the majority of firms investing in social media are seeing very little in the way of tangible results.

Contrary to the advice you should pursue mass visibility and engagement, most of the successful firms have instead focused on building an audience of just a few hundred or a few thousand key decision-makers in their niche industry. They've prioritised visibility with this targeted group over more widespread engagement and visibility. Focusing social media efforts on serving a niche audience, rather than chasing mass visibility, has proven to be a more effective strategy for winning new business, according to these research findings.

WHAT ARE THE BIGGEST OBSTACLES B2B FIRMS FACE IN GETTING RESULTS?

One big challenge is the lack of consistency in applying social media strategies, a consequence of firms' "feast and famine cycles" - where they are very active at certain times of the year, but less so at other times due to the demands of delivering on client assignments. Companies that are getting major wins have found ways to implement social media consistently by either employing dedicated staff / freelancers, or engaging specialist social media agencies.

Not having a proven social media strategy tailored to their sector and type of business was another major obstacle. This often resulted in firms putting in effort but then not seeing any real results beyond heightened visibility.

WHAT ARE SUCCESSFUL B2B FIRMS FOCUSING ON TO GET RESULTS?

Businesses getting great results and business wins are consistently doing three things: they have a plan for growing their audience, they have a plan for building trust and credibility, and they have a method for converting their social media audience into tangible leads or potential business partners.

To grow their audience, businesses are using approaches such as growing their LinkedIn networks, creating targeted LinkedIn or Facebook or WhatsApp groups, and actively fostering relationships within those groups.

Building trust and credibility is also crucial in gaining future clients, with consistency being key in maintaining visibility with ideal clients.

Lastly, converting the social media audience into tangible leads and initial meetings is essential. This can be done through running events such as business breakfasts or networking drinks, launching podcasts or writing reports to initiate initial calls with potential clients, or any other approach that gets a warm meeting rather than leading with a sales pitch.

EXAMPLES OF HOW B2B FIRMS ARE CONVERTING THEIR AUDIENCE

The key is to figure out a way of having initial warm meetings with potential clients. Instead of directly asking for a sales meeting, find a reason for contacting them that doesn't feel as pushy and / or that's in their interests.

Examples include getting in touch while traveling to a city or country, using conferences and trade shows as opportunities to meet up, or seeking their expert input to showcase in thought leadership reports, podcasts and the like. The most successful approaches are more subtle and focused on initiating conversations about the potential client's challenges and how your business might be in a position to help.

INSTEAD OF SPAMMING, FOCUS ON WIN-WIN APPROACHES!

Use social media to secure new career opportunities or new client wins, but by taking a softer approach.

Blatant sales messages will often get deleted or result in you getting blocked on LinkedIn. A more effective approach is to start a conversation or offer something that benefits the other person.

For example, video interviews during COVID were successful because they provided potential clients with video content and showcased their expertise on LinkedIn. So think creatively about how to approach your ideal clients and what events or invitations could move them along the sales funnel most effectively.

If you've any questions or observations on the findings, as always I'd welcome these in the comments.