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Are companies that refuse to engage in social media facing extinction?
I was reading this article where they discuss whether engagement in social media can help determine a B2B company's life span. Has your engagement in social media showed a significant ROI? Do you believe that B2B companies who aren't involved in social media will struggle to retain business as a direct result of their lack of a social presence?
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5 Answers
Let's look at this another way. Social media is growing fast, but it's no longer new. If social media were such a dominating competitive force that non-users would be extinct, wouldn't we be beginning to see some signs of that by now?
In fact, I am struggling to name one case study where a B2B company used social media to dominate a market and extingush a competitor ... and I watch for these things.
SM can undoubtedly be used in very meaningful and powerful ways but I don't think it is "let's bet the ranch" investment that is going to transform a marketplace.
I think it would be difficult to maintain a sustainable competitive advantage based on a social media strategy. The entry barriers are low and it is pretty easy for competitors to mimic efforts.
Howdy! I also read the article and reacted the same way I did to a year 2000 article that implored companies to "go on-line, abandon bricks and mortar, or die." Overstatement then. Overstatement now.
A company might be conspicuous by not participating, but would not necessarily "face extinction" because of their choice to abstain. Likewise, many BtoB companies do fine without TV or radio advertising, although those media once were touted as absolutely necessary for business survival.
I certainly am convinced that social media participation has value, and I participate professionally for myself and my business. That's what I am doing right now by posting this response!
Extinction is a pretty strong word. Will they suffer by missing opportunities? Probably, but if they aren't ready and the board or the management team don't really believe in it then it may not be good to join just because everybody else is.
Social media demands a new way of looking at marketing. If you use traditional marketing methods in the social media realm it's poison and it would be better if you waited until you felt ready for the mind-shift.
That said, I think EVERY business should be taking advantage of listening to social media networks for professional development, to see the trends as they develop in the marketplace and to monitor their brands, even if they choose not to respond YET.
I think you have to take this hyperbolic statement with a grain of salt - especially considering the source (Brian Solis, author of the book, Engage).
Though I believe that almost any business can reap the benefits of social, I don't believe it's a do-or-die proposition. There are just too many variables - the industry, the target audience, the brand's position in the market, the brand's ability to support social, and the list goes on.
Solis is quoted in the post saying, "You have to pursue the social customer differently than the traditional customer and learn what they want, what moves them, and build a bridge between the two.” I think he's absolutely right - there is a social customer and a traditional customer. The one does not replace the other, and individuals can jump back and forth between camps depending on what they are consuming. I, for instance, am a social shopper when it comes to books, but I'm a very traditional shopper when it comes to clothes. I would hazard that similar variances appear in the B2B markets as well.
The bottom line is that each company needs to get clarity around the social opportunities for their specific situation. Each case is different. There is no silver bullet. And - in the end - the foundation of any good social strategy is a good content strategy. If you've got nothing to offer, your social presence will fall flat pretty quickly.
The question seems a bit constrained to me. The answer to "Are companies that refuse to investigate and manage opportunities facing extinction?" is an uncompromising "Yes".
Social media is another opportunity, and only then to some businesses. I believe all businesses should investigate it AND that some businesses should be prepared to recognize it's not for them, perhaps not now, perhaps not ever.
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