Over 90% of businesses are believed nowadays to use social media as a marketing tool to increase their exposure. So, what are the benefits to b2b companies of using social media?
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Use of social media improves a company’s overall online presence
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For B2B markets, the greatest benefit of social media is seen as obtaining new business partnerships
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There is scope for businesses to incorporate social media in all aspects of the business model. This specifically relates to Porter’s Five Forces – in terms of: threat of new entrants; threat of substitute products or services; bargaining power of customers (buyers); bargaining power of suppliers; intensity of competitive rivalry
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While clearly enabling more interaction and engagement with target audiences, social media also gives businesses an increased perception of being more engaged with potential clients and consumers
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Social media offers the potential to increase brand loyalty as a result of higher interaction with the brand – although this does vary depending on the type of product/service offered
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Social media is a very measurable medium and, among other things, offers the ability to monitor engagement and customer usage on websites and online applications
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The continued growth of online communications and social media offer ever greater potential for applications within businesses.
