Apart from ease of communication they offer, social networks like Facebook, MySpace and Twitter have also served as a powerful launching pad for much bigger and more ambitious outfits. The connections made possible by the networking platforms are helping to create new businesses as well as promote existing ones irrespective of their scale and domain.

Among the largest of these are business entities like Zynga, Playdom and Playfish. Their popular online games successfully run on the platforms of big networks. This goes to demonstrate the intrinsic value of all-pervasive social media. Their experience offers a good insight into how far-reaching today’s popular networking platforms can help propel even small businesses to compete and survive in face of stiff competition.

Access to real-time feedback

Of course, there are certain basics you need to follow for a successful and fruitful social media foray. It’s critical to grasp the intricacies of the new media mix before you put it in practice.

• It is critical to understand how marketers are accessing information and to engage customers with effective multi-channel programs. It would also be interesting to see what the future has in store for business-to-business (B2B) social media marketing.
• While social media may be utilized for a twin purpose of thought leadership and customer service, its real power lies in real-time feedback it makes possible. For example, PayPal wants to reach its millions of merchants as customers as well as developers and small businesses, via social media.
• A lot of B2B marketers though, are utilizing it merely as a broadcast platform, whereas its real value lies in making customers your proactive partner. Social media can serve as a direct channel for them to express what exactly they want from a business.
• Success of B2B social media marketing will be defined by a company’s ability to employ a gamut of social feedback for adapting its products and services. This will be an even more direct way of soliciting their inputs and then innovating the products based on that.

B2B social media ROI

As far as B2C is concerned, a lot of tools are there to measure the conversation and gauge the reach of any marketing campaign. The ROI parameter of B2B social media relies not on tracking engagement alone, but more on figuring out where and how it saves resources. The savings attained through it are through its ability to derive market feedback and also new ideas at a fraction of the investment.

Most B2B social media marketers are starting to realize the immense power of social media for enterprise organizations. It’s not only about the social tools used to spread message, but also about the platforms employed to engage in effective and constructive conversations.

How do you feel B2B social media is going to evolve over time? What tools will marketers employ to unearth the true ROI in social media? It’s your turn to have a say…