A third of B2B marketers are tracking sales through social
- 24 Apr
For an industry whose origins and continuing existence rely heavily on the accurate analysis of statistics, the insurance sector would do well to note the seismic shift taking place in modern marketing and sales techniques brought about by social media. A new report from Immediate Future (IF) shows that one third of marketers are now tracking sales through social media and that some platforms are driving sales by upwards of some £50k a month.
But all is not perfection, at least not yet. The IF report (based on a survey of 150 senior marketers) reveals that, although social media can justifiably claim to improve such things as brand recognition, customer loyalty, conversion rates and lead generation, not everyone has learned how to make it pay commercially.
According to the survey’s respondents, it seems the main barriers to growth are lack of time, lack of technology, poor technology integration, confusion over what to measure and a lack of data analysis skills. In the absence of hard evidence to support the arguments, it seems a lot of directors in boardrooms up and down the country remain unconvinced that the necessary investment in social media would be worthwhile.
One of the IF survey’s key findings is that 58% of senior marketers rate their ability to measure social media as anywhere between ‘average’ and ‘very poor’, which may be partly explained by the fact that 90% do not have solid lead generation targets in place. In other words, it is difficult to measure success if the relevant benchmarks have not even been agreed and put in place.
As a report states, “Most marketers are enthusiastic and willing to embark on social selling, but are battling against organisation-wide confusion and lack of resources.”
The good news is that two thirds (67%) of the respondents are confident their ability to measure social will improve in the next two years and that 50% of them are planning to increase resource and budget investment in the next 12 months.
In the meantime, many of the larger players in the insurance industry are already active, frequently using their advantage to capture market share from mid-sized and smaller companies. But, in general, it would be fair to say that social media is still an under-explored area in terms of generating leads and revenue. For those who do not have the resources to explore and/or exploit the opportunities, there are specialist marketing companies who can help make sure they do not fall behind in the competitive market place. Resisting the forces of change is really not an option.
Successful social media implementation is an essential part of creating an effective B2B marketing strategy, click here to learn more or find out how to drive leads through paid social media in more detail in our blog post ‘how to drive leads through sponsored LinkedIn updates’.