Why Most Social Media Marketing Fails (And How To Fix It)

While this commentary isn't my own, it's far too important to pass by.

Originating from Maria Pergolino, Marketo B2B Marketing, she reports that a staggering 86% of B2B companies use social media. Further, B2B marketing spending on social networking sites is predicted to rise 43.3% in 2010.

However, Ms. Pergolino believes most B2B companies misunderstand social media or end up implementing tactics without any strategy. To fully utilize the power of social media, marketers need to understand some of the basic reasons why they fail and how to solve their problems. Ms. Pergolino then looks at some of the problems and solutions:

Lack of Engagement Strategy

Many B2B companies understand creating content, syndicating content from places like blogs and following up with prospects, but many lack an engagement strategy. To become successful with social media, you must engage with prospects and customers or they may be drawn to a competitor who does understand the value of engagement. It takes more than opening accounts on LinkedIn, Twitter or Facebook. It takes an overall strategy to listen and build relationships with prospects and customers. You have to listen to conversations going online while interacting and creating conversations with these same prospects and customers. Intead of always pushing out content, ask questions or comment on others' comments on places prospects and customers frequent.

Relying Purely on Social

Social media isnt' everything. It's just one part of an overall B2B marketing mix. No matter the amount of planning or engagement, a mix of both traditional and social media marketing will produce the greatest returns. Share data in both directions, maintain consistency across communication efforts and ensure that your marketing and sales teams work together.

Do people look at banner ads?

Do people look at banner ads these days? Do people click on these ads?

Recent research by comScore finds that only 16 percent of Internet users click on display ads and only eight percent make up the vast majority (85 percent) of all clicks. So, if hardly anyone looks at ad banner ads and even less people click on them, are banner ads effective at all?

After running over a a hundred studies, comScore found that people don't pay much attention to ad banners, but this doesn't mean they aren't effective. On average, web visitors exposed to ad banners had a +46% increased likelihood to visit the advertiser's web site; a +38% likelihood to conduct a search using the advertiser's branded terms; and are +27% more likely to buy the advertiser's product(s). This research consistently shows that display ads are getting through to their audience and affecting their future actions. Not bad when people supposedly don't pay attention to ad banners.

Vertical vs. Horizontal Marketing

Vertical marketing is a term used to define a company's approach towards targeting that focuses on specific industries. For example, a CAD/CAM vendor might say, "We concentrate on the following vertical markets: aerospace, medical, die and mold." Vertical markets are most often identified using the NAICS classification system (i.e. NAICS 336411 for aircraft manufacturing, etc.). One benefit to targeting a specific audience is that it's easier to establish brand recognition for your product(s).

Horizontal marketing is when you you single out a target audience that shares other characteristics, yet can be found in all industries. Common ways to horizontally market are by company size, geography or by job titles. For exampe, you could horizontally market to manufacturing engineering and production titles found in companies throughout North America. Here you're less interested in specific industries and more interested in the job functions. You can afford to do this kind of marketing when your product has a broader application and it's less dependent on the needs of certain industries.

One way to reach prospects in either vertical or horizontal markets is to follow their feet and eyeballs. Get to know which events their feet travel (trade shows, conferences, special events), or which media their eyeballs prefer (trade publications, web sites, e-newsletters). For example, vertical die and mold prospects will be reading Moldmaking Technology and attending Amerimold. Horozontal prospects will be reading Modern Machine Shop and attending IMTS.