B2B firms failing to make social media work and measure its ROI

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Findings from a PwC social maturity survey (conducted from a online poll during July to September 2011 included feedback from 70 organisations from various industries) produced its new paper entitled ?Uncovering B2B social media: Value, innovation and engagement? reveals that although B2B companies were investing between $416,000 and $1.85 million in social media, the infrastructure to manage it was not in place, nor were systems to measure its return on investment (ROI).  The paper states that CEOs are still thinking how to best implement social media and two-thirds of company cultures don?t support or provide basic rules and education that can expose them reputational risk.

PwC also highlights to companies in the B2B arena how it thinks social media could have an impact upon their businesses with some sage advice for CEOs and businesses that are unaware of its potential impact.

Sean Mahdi, director in PwC?s digital transformation practice comments, ?Social media is changing the way people work, shop, receive service and relate to one another.  Businesses also need to change the way they engage with customers, whose trust is increasingly invested in their peers, rather than in the brands with which they interact. Business audience and buyers are people influenced by the same forces that influence retail consumers. In fact, they are those consumers.?

Mahdi goes on to reveal, ?The results of our survey demonstrate that, although B2B is investing in social media, they appear to be doing so with limited strategies that don?t fully exploit social media in the way that B2C is doing. There is evidence that sectors you might expect to be proficient in this area such as Technology and Entertainment and Media have much better tools and processes in place, but the majority of B2B organisations have much work to do to effectively use this ?new? medium to interact with their clients and customers.

Report highlights

• 12% of organisations have full time social media teams in place
• Companies are investing between $416,00 and $1.65 on media, but are not measuring ROI
• Two-thirds of company culture to support the use of social media or support its development, growth and/or management
• 50% of B2B respondents to PwC?s social maturity survey are not undertaking any measurement on their ROI, or only using basis qualitative measures

A full copy of the report can be downloaded at http://www.pwc.co.uk/eng/publications/uncovering-b2b-social-media.html