BtoB firms plan to follow their BtoC cousins and spend more on social marketing over the next three years, according to a white paper by the American Association of Advertising Agencies.
The study quotes Forrester in predicting that by 2014, BtoB spending in social media will reach $54 million, up from the $11 million spent in 2010. BtoB magazine’s survey, “Emerging Trends in BtoB Social Marketing: Insights from the Field,” found that 93% of B2B marketers are involved to some degree in social media. And in BtoB’s “2011 Outlook” survey, 62.6% of marketers reported plans to increase their spending in social media channels this year.
“Although B2C and B2B companies use social media differently, many of its functions, such as monitoring competition, gaining customer feedback and building brand awareness really do apply to the marketing goals of both types of companies,” the 4As wrote.
“Of particular importance to BtoB marketers is determining if their social media efforts are paying off.” Marketers are tracking leads by looking at click-through rates and number of downloads, among other metrics–although fewer than half measure their efforts, according to a survey by BtoB magazine.