Leader Networks, a communication organization that facilitates relationships with executives, compiled their annual study of the environment of social business in the B2B industry for 2014. One of their key findings was the confusion between social media marketing and social business, as more than 50% of respondents reported that they did not differentiate between the two when it came to their strategy as a company.
According to Leader Networks, the difference between the two is as such:
- Social Media Marketing: The use of social media for marketing.
- Social Business: Using the elements above to enable more efficient, effective, and net-new connections between people, information, and assets to drive business decision, action, and outcome across the enterprise.
Simply put, social media marketing is for promoting your product and services, and social business is facilitating long-term relationships between colleagues, potential and current customers, and employees.
Other findings from the study included:
- The primary reasons companies developed a social business strategy was to increase reach and awareness (76% listed this as a reason) and for further collaboration with customers (62%).
- About 60% of top-level executives supported social strategy, which is promising for both social media marketing and social business.
- The majority of respondents say their organization uses social media to recruit new employees.
- Not all findings from the study were positive: Almost 50% says that their organization collects data about their social business and social marketing efforts, but don’t use it to implement new strategies or change their existing strategy after gauging a projects success or failure.
Leader Networks has yet to release all the details of their 2014 study. In the meantime, you can see all the results of their 2013 study here.