A recent study from the social media channels.
The study reviewed four performance criteria in order to separate Best-in-Class (the leading 20 percent of aggregate performers) from the average industry and worst performing Laggard companies (middle 50 percent and lowest 30 percent, respectively).
According to the study, the Best-in-Class businesses witnessed these performance metrics:
- Average annual revenue increase of 20%, compared to 8% for average and --3% for Laggard organizations;
- Average 10% year over year improvement of marketing leads that lead to closed sales, compared with 3% for the industry average and --1 for those Laggard organizations;
- A 44% of forecasted sales generated by marketing, that compares to 27% for average and 7% for Laggards;
- The customer retention rate grew to an annual 73%, as compared to 27% for average and 7% for Laggard organizations.
Also of note from the study:
- Forty-seven percent of Best-in-Class businesses report increasing lead generation as their main reasoning with social media marketing efforts, and 13 percent note generating leads to be their secondary strategy;
- Twenty-three percent of Best-in-Class companies note forming clear business process for social marketing as their main strategy, and 8 percent report process development to be a secondary strategy.
Overall, the study points out that an overwhelming 84 percent of all the B2B marketers that took part in the survey are utilizing social marketing to some degree.
As it stands, the Best-in-Class businesses are typically showing a greater focus on using social media for lead-generation purposes and are more apt to involve social marketing with their other primary marketing channels and actions.
At the end of the day, B2B marketers have a number of reasons to leverage social media, including:
- Add to company's brand awareness
- Put a human touch on the company
- Be looked upon as a thought leader
- Interact with both current and potential customers
In your efforts to generate leads, what role has social media played for you in the last year?
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