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?
Use of social media improves a company’s overall online presence
For B2B markets, the greatest benefit of social media is seen as obtaining new business partnerships
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
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
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
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
The continued growth of online communications and social media offer ever greater potential for applications within businesses.