Social media is an effective marketing tool for businesses to use to target their customers.
It’s not surprising that in a recent study from Wpromote in partnership with Ascend2, six in 10 respondents surveyed ranked social media as the most effective digital marketing channel at driving revenue. This is up from 50 percent last year and 57 percent the year before.
Social is the top revenue-driving channel and contributes the most to achieving top-of-funnel goals. Social is becoming a true full-funnel powerhouse for B2B marketers; in the past, marketers were more likely to use social platforms to drive brand awareness in the upper funnel, but this year, it topped the list of most effective bottom funnel channels for the first time. This is driven by the digital transformation that accelerated through the pandemic.
Brand awareness strategies are at the top of the funnel and are a critical focus for B2B brands. Next up was content marketing (49 percent), followed by email (45 percent), display advertising (36 percent) and paid search (32 percent).
Since the pandemic, social media has digitally transformed and continues to keep B2B buyers in mind by prioritizing their experience across different apps.
Social media is poised for budget growth: 56 percent say their social media budgets will increase this year, making this the area with the most consensus around budget growth. It’s followed by content marketing (52 percent), with fewer (34 percent) expecting to spend more on streaming TV.
To get the most out of budgets, whether you’re increasing by a lot, a little, or not at all, make sure to monitor your performance and move dollars between channels to follow demand.
Being able to accurately show how well your efforts impacted a company’s bottom line is one of the biggest challenges marketing teams face every year. For years, the easiest indicator of a marketing team’s success was measured mostly in sales and lead generation. But with the rise of content marketing, influencer relations and social media in marketing plans, it’s sometimes difficult to accurately quantify exactly how all these tactics improve ROI. Regardless of where you stand on the value of these tactics, even the most stubborn skeptics will need to face the reality that content marketing, social media and other tactics for the digital age are here to stay. Unfortunately, most marketing budgets have yet to catch up with the financial and personnel resources necessary to successfully utilize these tactics.
Many of these challenges and concerns were addressed in IEEE GlobalSpec’s “Trends in Industrial Marketing Survey,” which surveyed 326 marketing and sales professionals in the industrial sector on marketing trends within the engineering, technical, manufacturing and industrial communities. Here are some of the most interesting tidbits from the survey:
Breakthroughs in marketing analytics have made it easier to calculate the ROI of a company’s marketing efforts.
“Marketers are under steady pressure to demonstrate ROI for their marketing programs. The need to improve ROI is one of the top challenges industrial marketers face. To meet this challenge, marketers use leads as their number one measure of success. But generating high-quality leads for sales is also one of the top marketing challenges. This may sound like a vicious cycle, and some marketers would agree, but the point is that measurement matters. Other measures of success include customer acquisition and sales attributed to marketing campaigns. Marketing automation software, which can improve tracking and measurement capabilities, is used by only 37 percent of industrial marketers.”(more…)
There are still some hot days to get through, but Labor Day is fast approaching and most schools are back in session. So make sure you stop for busses, keep an eye out for kids and stop worrying about chasing the latest marketing craze.
Wait, what?
This is the perfect time of year to reassess what school your marketing efforts are going to. Are you “Old School,” still utilizing print, convinced social media is just a craze and missing printed catalogs? Or are you “New School,” only marketing to mobile, boiling your message down to 140 characters and laughing at the dinosaurs amongst you?
Guess what: it doesn’t matter.
Because in the end, what will make any and all of those marketing tactics succeed or fail is what you bring to it – a personal touch.
Old School Personal Touches
Print Ads – Make sure your advertising isn’t just a product catalog and includes a call to action, such as a dedicated phone number or website. This will be your best way to gauge ROI and allow you to make a personal connection with people who respond to your ad.
Catalogs – Be smart with distribution. Don’t just dump them in a distributor’s office or on a table at a trade show. Offer them on your website and free upon request. Just make sure you have a plan to follow up and utilize the customer info you get in return.
I don’t know about you, but when one of the times my wife and I have a disagreement, it is usually when we’re going somewhere new in the car, and of course I think I know where I’m going. When getting lost, my thoughts are to keep driving and eventually we’ll run into where we wanted to go. Fortunately, GPS navigation and tools like MapQuest have made my life more easy.
The same hold true for social media. You can drive (A) around aimlessly or (B) you can put a plan together.
Please opt for B. Social media and SEO work well together, but you have to have a plan to maximize your return. Lee Odden wrote a post recently for the blog Mashable, Social media & SEO: 5 essential steps to success, that gives a good summary of what you had to do to capitalize on it.
Here are some highlights of his 5 steps to success as I see it affecting the professional tradesmen market:
Define your audience. If you’re going after tradesmen, you had better know how they spend their time, understand their preferences and behavior profile. As you get more sophisticated, you can use social media monitoring software that identifies key words, conversations and influencers.
Define your objective. Social media is not direct marketing. SEO in the social media is to influence discovery of social communities or content by way of research. Indirectly, social content can boost links to web site content improving traffic.
Make a game plan. In a SEO and social media effort, you need to focus on content and interaction since it’s content that people look for and want to share.
Define yout tactics. The tactical mix for social media marketing should be focused on where the tradesmen spend their time. What kind of communities are they a part of? Remember, the goal is to start a long-term relationship, not a one nighter.
Measure goals. Between web analytics and social media tools, you will have more than enough ways to track and help you improve your results.
