Are you hesitant to invest in social media for your New Zealand B2B firm? Web Antler's market research reveals that many Owners, Founders, and Directors share this sentiment, citing concerns that social media is a waste of investment - especially in times of tightening economic conditions. However, recent statistics paint a different picture, with a LinkedIn State of Sales report showing that 75% of business decision makers use social media channels for vendor research.
These findings are a clear indication that social media is no longer just a luxury for B2B firms, but a crucial element in a successful marketing strategy. In fact, disregarding social media could result in missed opportunities to engage with potential clients and customers. So before pulling the plug on social media investment, take a moment to consider the growing importance of social media in B2B research and the potential benefits it could bring to your business.
Social media is being used extensively by other businesses in the country. According to a report by the New Zealand Business Number, 56% of businesses in New Zealand use social media for marketing, while 40% use it for customer service. This shows us that social media can be a valuable platform for B2B businesses to connect with their customers and promote their brand. Additionally, a report by Hootsuite and We Are Social found that 83% of New Zealanders use social media, highlighting the wide reach of social media in the country. LinkedIn is the most popular platform for B2B purposes, followed by Facebook and Instagram. While TikTok is still small, it is growing rapidly in New Zealand, with a 9% increase in usage per year. It could potentially become a valuable platform for B2B businesses soon, so it's worth keeping an eye on.
Most used Social media by B2B and B2C
Facebook has stolen the lead from LinkedIn as the most used platform by B2B marketing agencies. Despite the high usage, Facebook is viewed secondary to LinkedIn in terms of importance for B2B. So, which is the best? It all boils down to content. According to Facebook for Business, Facebook users can recall content after seeing it for only 0.25 seconds. Given Facebook users spend an average of 1.7 seconds looking at content it’s no wonder Facebook is a B2B powerhouse in 2023. That said, Facebook’s organic algorithm will only reach a mere 1-2% of your follower base, so if you want to leverage Facebook you will need to pay to play.
LinkedIn has slid back to the second most used platform for B2B. However, it remains the most important, with 40% of marketers voting LinkedIn as the most powerful social marketing media platform for their business content. The strength of LinkedIn lies in its strong organic capabilities. Its strong organic reach has led to 84% of B2B buyers constantly share business-related posts and content on LinkedIn.
Instagram comes in third place in terms of both utilisation and importance when it comes to B2B activities. Given 58% of customers reported that they prefer visual types of content on social media rather than written ones, Instagram naturally lends itself to the B2B audience in this regard. Usage of this platform is currently growing at 5% of the NZ Population Year on Year, so its worth investigating this platform for your B2B strategy.
Social media platforms rated by importance for B2B and B2C marketers
YouTube came in at fourth place for B2B activity and importance. It is worth noting that video is a highly effective tool for B2B marketing globally. In fact, 55% of B2B buyers around the world find video the most useful type of content. This suggests that tapping into YouTube could be valuable for B2B businesses in New Zealand to connect with their audience, showcase products, and share information in a rich and engaging way.
Twitter comes in fifth for B2B marketing companies as one of the least favourable social media marketing platforms for B2B type of content. Despite the comparably lower stats for this platform it is growing by 2% year on year in NZ so don’t rule it out just yet.
TikTok has become a valuable tool for B2B companies to expand their reach and boost brand awareness. As New Zealand’s fastest growing social media platform (rate of 9% of the NZ population year on year), B2B companies now can reach a wider audience and engage with them in new and innovative ways.
That said, the demographics of TikTok users do not necessarily align with the target audiences of all B2B companies. This means that companies need to carefully consider whether TikTok is the right platform for them and whether they can effectively reach their target audiences on the app.
The challenges of measuring ROI on TikTok also pose a significant issue for B2B companies. With limited targeting options and low engagement rates, it can be difficult for companies to accurately measure the success of their TikTok marketing efforts. However, despite these challenges, many B2B companies are still using TikTok as part of their social media marketing strategy and achieving their goals.
Social media has become an increasingly important element of B2B marketing efforts, ranking third as the most effective type of content marketing. The impact of social media on sales is significant, with over 70% of B2B marketers (who have been using social media for the last 12 months) reporting that it has helped them improve sales.
While 45% of B2B marketers use social media sharing to measure their marketing strategy success, 60% ultimately believe that web traffic is the golden standard.
When it comes to the goals of social media marketing, 80% of social media marketers said that increasing brand awareness is their main goal. Additionally, video is the most useful type of content for B2B buyers around the world, with 55% finding it the most valuable.
These statistics demonstrate the significant role that social media can play in a B2B marketing strategy, particularly when it comes to improving sales and increasing brand awareness.
In conclusion, social media's role in B2B marketing is undeniable and is continuously evolving. As New Zealand B2B firms navigate through the digital landscape, it's important to keep up with the latest trends and statistics to maximize the potential of social media channels in generating leads, increasing brand awareness, and driving sales.
But remember, every platform isn't for every business. The key to a successful social media strategy is understanding your audience and tailoring your approach to meet them where they are. That means considering the specific strengths of each platform, from LinkedIn's organic capabilities to Instagram's visual storytelling, from YouTube's rich content to the growing potential of TikTok.
While these statistics and trends provide helpful insights, creating and managing an effective B2B social media strategy can be daunting. That's where we come in.
At Web Antler, we specialize in crafting and executing social media strategies that drive results for B2B companies. We've seen firsthand the transformative power of a well-executed social media strategy, and we're ready to bring that power to your business.
Let us help you navigate the complexities of the social media landscape and unleash the potential of these platforms to grow your business. After all, your audience is already out there on social media. Isn't it time you met them there?
If you're ready to take your social media marketing to the next level, get in touch with Web Antler today. Because in the ever-changing world of B2B marketing, staying ahead of the curve isn't just an option – it's a necessity.