Steve Jobs quotes, psychedelic cats-in-space videos, 5th grade math puzzles proclaiming you’re a genius and Donald Trump memes. What do all these things have in common?
They represent 2 of the best social media channels for B2B customers.
If you work in B2B marketing and need to reach new leads on social media, Linkedin and Facebook are the hottest tickets in town. You’re probably wondering which channel is best for your business? With Facebook finally figuring out B2B targeting, and figuring it out beautifully, this question becomes even harder to answer.
Our first recommendation is to seek out an account based marketing provider. In case you aren’t ready to use an ABM provider just yet, we’ve put together a handy social media guide. Follow the model below to determine which social platform is best for you.
Social Media Decision Matrix
The important thing with paid social strategy, as with any other marketing task, is organization. Before deciding which platform to use for marketing, ask yourself these three questions: What is your ad budget? Is it in the hundreds, thousands, or perhaps hundreds of thousands? Who’s’ your target market? Is it mostly enterprise businesses, SMB’s or a mix of both? Are you using Account Based Marketing? Do you have a ready list of companies and titles you want to target? Jot down your answers on a piece of paper. This will help you proceed to the next step in the social discovery journey.
Budget and Costs
If your marketing budget is relatively small, in the hundreds, then you shouldn’t use Linkedin for paid campaigns.
Because user intent on Linkedin is business focused, the platform acts more like a display channel than a direct response channel. Therefore, it takes Linkedin users longer to notice and react to ads than a Facebook user. A business focused mindset(Linkedin) is less susceptible to disruption than an entertainment focused mindset(e.g. Facebook). Long story short, it takes your ad a lot more impressions to generate clicks. Linkedin drives up your costs if you’re paying per impression(CPM).
However, Linkedin’s click-to-conversion percentages are higher than Facebook. This gives you a better chance at a conversion once a click does occurs.
The moral of the story is that if you have a monthly budget below $10k, Facebook is more effective than Linkedin. If you can afford to spend at least ten to fifteen thousand dollars, Linkedin is a great channel to try.
Budgets alone however, are not the deciding factor, so read on my friend!
Target Client Size
If your target market is enterprise companies in the Fortune 500 realm, LinkedIn is likely a better solution. You can afford a higher CAC (Cost of Acquired Customer) and you probably know the companies you want to target by heart. It’s also a great way to encourage webinar participation, which you can nurture into your sales pipeline. You’ll heavily rely on lead nurturing since your sales cycle will be considerably longer than a Small & Medium Businesses(SMBs) sales cycle.
On the flip side, Facebook does exceptionally well in the SMB space. So if your target audience is a small business owner, and you have shorter sales cycles, Facebook is a pretty safe bet. That is not to say that you can’t find small business owners on LinkedIn or that you can’t find CEOs of fortune 500 companies on Facebook, it’s just a general guideline. In fact, most account based marketing companies such as Metadata will start with both social networks to see which performs better. But if your social marketing is DIY operation, follow the basic formulas below as a guide.
Getting Surgical with Account Based Marketing
We’ve broken down the answers to the questions above to the following three formulas. Use the formulas below as a general rule-of-thumb when it comes to choosing your social platforms.
Now is the time to test out social media ads for B2B! We’ve seen both channels work wonders for our customers. If you’re wary of dipping into your marketing budget, start off with Facebook. It’s a low risk investment that can yield huge rewards for only a few dollars a day. If you’re not sure how to get started, shoot us an email at sales at metadata dot io. We’re happy to walk you through as basic setup to get your feet wet.