The executives we report to recognize many people are using LinkedIn, Facebook, Twitter and other social mediums. However, to justify the budget and resources we need to have a sufficient presence online, we must provide executives with more hard data. For your use in presentations to bosses and colleagues, here are the three most important B2B social media statistics. Under each statistic is an explanation of how you can use the data to counter common myths or arguments.
No obligation, but it would be helpful for others to hear how you use this data. Leave an explanation in the comments section. Here’s to “lies, damn lies and statistics.” Oh Mark Twain, what would you think of this information.
- First, a high propensity of B2B decision makers use social networks for business purposes. 69% of B2B executives and managers use social networking for business purposes. (Forrester Study: B2B Buyers Have High Social Media Participation). February 2009. If executives say “only consumers make buying decisions from social media,” use this statistic.
- Second, C-Suite executives trust the Web more than other sources. 55% of C-Suite Executives cite the Web as the most important source for business information. This is in contrast to 20% who say the same for newspapers, 12% for magazines and 5% for trade publications (Forbes Insights: The Rise of the Digital C-Suite; June 2009). This helps make the case for prioritizing digital over print.
- Third, clients and prospects continue to opt-out of consuming traditional B2B publications in droves. Ad pages in B2B publications plummeted 30% in the first quarter of 2009, compared to a year earlier (American Business Media Statistics; June 2009). It counters the claim social media is just a fad. Also, suggests there is an urgency to action. As prospects move away from newspapers and magazines, we need to be there to greet them.
For more statistics broadly on social media, check out the Social Media Revolution video below.
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Here’s a fourth statistic which should justify any B2B social media investment. In a recent survey we’ve conducted with 100 leading B2B marketers we found…
39% of B2B budgets are now allocated to new media – 15% to web development, 12% to email, 10% to online ads and admittedly only 2% to social media
However, 70% of B2B marketers plan to increase spend on social media in the next 12 months (and interestingly 57% feel they don’t know enough about this area)
So, you might not be investing… but your competitors are.
More details of the survey can be found here – B2B social media report
Andrew, that’s a helpful statistic on the % breakdown of B2B budgets. I think we’re going to see a lot of experimenting going on based on these numbers. Will be interesting to see who puts the puzzle pieces together in a cohesive way.