Business to business social media is often overlooked in the mad scramble to get social media views, likes and votes in the business to consumer world. But B2B is a really important way for companies to connect – if they also measure their Return on Social Media Investment (ROSMI)
Accenture have published a report highlighting attitudes to social media – and as I said yesterday when I talked about why the CEO needs to step up, 1 in 6 executives don’t perceive social media as being important enough.
There’s a low level of engagement too. Have a look at this graph from the Accenture report.
Although respondents to the survey acknowledged that social media was important, engagement was generally low. Figure 3 shows that more than 25% engage slightly or not at all. Only 8 per cent of companies are heavily taking advantage of social media at the moment which gives early adopters of social media a competitive advantage.
Accenture’s research focused on social media attitudes and looked at two different groups: Those that reported significant revenue growth and those that reported declines in revenue. Whilst engagement levels were similar, strategies were different:
Companies that experienced revenue growth
- Social media programs for greater customer engagement, improved brand reputation, access to new revenues, access to new sources of innovation
- 27 per cent of companies convinced of social medias impact on customer engagement
- 39 per cent of companies ranked social media as very important
- 39 per cent integrated social media with other customer initiatives
- 15 per cent systematically measured return on social media investment
Companies with declining revenue:
- Social media programs for enhancing customer engagement
- 9 per cent of companies convinced of social medias impact on customer engagement
- 24 per cent of companies ranked social media as very important
- 20 per cent integrated social media with other customer initiatives
- 0 per cent systematically measured return on social media investment
There are several case studies mentioned in the Accenture report including examples from Cisco, Dell, Oracle and Microsoft, some great advice about aligning your social media activities with your broader business objectives. Social media needs to be positioned as the cornerstone of activity in order for companies to succeed effectively in their industry
Getting your interaction right can make the difference between growing the business. Measuring your return on your social media investment is the key to your success – or not.
Eileen is a social business strategist and author of Working The Crowd: Social Media Marketing for Business. Contact her to find out how she can help your business extend its reach.