Social Media Wins Business Ipb July2011


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Social Media Wins Business Ipb July2011

  1. 1. IPB Fast FactsThomasNet’s Industrial Purchasing Barometer (IPB) arms industrial companies with insights aboutindustrial buyers to help them understand the needs of these buyers and grow their businesses.Using social media to source industrial products/services IPB July 2011Buyers of industrial products and/or services responded to this IPB via an online surveyconducted in July 2011. Nearly 9 out of 10 respondents (89.8%) included those with jobfunctions in engineering (26.1%), purchasing (24.3%), general management (25.4%), andmanufacturing/production/operations (14.0%).Here are the fast facts you need to know: • Buyers use social media to research products and services… Exactly one quarter (25%) of industrial buyers turn to the professional networking site LinkedIn when sourcing industrial products and services. In addition, 11.8% found market-specific forums to be useful resources. One buyer said, “Social media has made it easier to see more about the services and tools available and help us to make our purchases.” Nearly half (46%) of buyers who responded advise potential suppliers looking to gain new business to use LinkedIn, while 39% would recommend using forums. • Buyers use social media to research companies… When looking for more information about a company they are considering buying from, 21% indentified LinkedIn as one of the tools they use. Forums are also popular among 12.3% of industrial buyers. As one respondent reported, “Social media helps me familiarize myself with a company before committing to them.” Another stated, “By looking for companies through contacts of contacts I already have, I feel more confident about establishing a relationship with a new supplier.” • Buyers use social media frequently… More than 63% of survey respondents indicated that they use social media at least once a week, and nearly half use these tools multiple times per week. And, 55% of those who use social media spend 10 to 20 minutes or more per session. One buyer described social media as providing “quick access to timely information.”
  2. 2. IPB Fast Facts• Buyers “socialize” with peers to find reviews and opinions… Social media-savvy industrial buyers use these tools to network with fellow buyers to gather reviews and details about a company and/or its products/services. “Opinions of others count when researching products/[suppliers] with which I have little or no familiarity,” said one respondent. “It nearly always saves steps and helps to avoid pitfalls others may have experienced or likewise, benefits they have had.” Another buyer stated, “I get input from fellow machinists,” while a third asserted, “Forums afford the opportunity to discuss products with other purchasers/users.”What do these fast facts mean for you?Social media is gathering momentum as a valuable and reliable resource for industrial buyers.They are using these tools to find information on products and services. More importantly, theyare networking, building contacts and forging business relationships. To get in front of thesebuyers, industrial suppliers need to have a presence on social media. Those who do not aremissing opportunities to grow their businesses.ThomasNet has helped thousands of companies just like yours to create an Internetpresence, including the use of social media, and deliver content that meets the needs ofindustrial buyers. We can help you too.To find out more:Visit us at: http://promoteyourbusiness.thomasnet.comEmail us at ipb@thomasnet.comCall us at: 866.585.1191