B2B

Facebook has now superseded LinkedIn as the most-important social media platform for B2B marketers

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In its annual social media survey, Social Media Examiner learned that Facebook has superseded LinkedIn as the most important social media platform for B2B marketers for the first time ever.

Clearly, Facebook dominates in the B2C space (72% of marketers select it as their number-one choice). However, for B2B marketers, Facebook also grabs the most important slot, surpassing LinkedIn. Changes since 2016: For the first time in the history of the study, Facebook has passed LinkedIn as the most important platform for B2B marketers. LinkedIn dropped from 40% to 37% and Facebook rose from 37% to 43% for B2B marketers. You will need to sign up to download the report, which contains a lot more information.

https://www.socialmediaexaminer.com/wp-content/uploads/2017/05/Industry-Report-2017.pdf

Now, if you're wondering WHY Facebook is beating LinkedIn, that's a different story. According to Beacon.com, both are valid B2B plays, but Facebook had recently been overlooked somewhat because it wasn't seen as a serious business marketing platform. Then B2B marketers began realizing businesses are made up of people. And people are on Facebook. Lots and lots of them. 

Facebook as 236 million active US users, versus LinkedIn's 128 million. So there's that. What's more, Facebook enjoys a longer average dwell time than LinkedIn. As you might suspect, there's lot's more to this analysis. If you want dive into those details, you can do so here:

https://beaconmm.com/facebook-vs-linkedin-which-one-is-the-b2b-marketing-winner/

 

B2B Customer Acquisition Costs Could Be 25x Customer Retention Costs

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industrial distributors could see profits increase by up to 95% with just a 5% increase in customer retention

Because B2B organizations have relatively few customers compared to B2C companies, customer retention is a critical component of growth and profitability. Recent research by Bain & Company indicates an increase in customer retention of 5% could increase an industrial distributor's profits by 25% to a whopping 95%.

To wit, Harvard Business Review says it costs up to 25 times more to acquire a new B2B customer than to retain one.

This begs the question--what is your distributorship doing about customer acquisition? Does it have a formal program whereby it is actively attracting the most profitable customer types? Do you even know what your most profitable customer type is?

Which further begs, what are you doing to retain the customers you've already acquired? Do you have formal customer satisfaction surveys? Do you maintain a pulse on the single-most important business your distributorship has, your customers? Do you spend time with your most important customers asking questions about future needs instead of simply putting out fires? Do you lead them in areas where you know they need help, but they haven't given it proper consideration? Have you made your company invaluable to theirs?

https://www.entrepreneur.com/article/298606
https://hbr.org/2014/10/the-value-of-keeping-the-right-customers