In follow up to my previous post Why More Translation Companies Should Invest in Digital Marketing, I’d like to add some hard data to support my claim. Some of these figures were presented by Tine Arhøj and me at the recent ATC conference in London, while others come from various sources that offer very recent data on digital marketing. While not exhaustive, the figures presented here are very convincing and suggest that digital marketing (social media in particular) is no longer optional, but necessary for reaching potential buyers.
First, we need to examine buyer behaviour and how it has changed with the digital revolution. Buyers conduct online research to learn about products and services, self-educate about solutions and make large percentage of B2B purchases online. If you don’t have a digital presence, chances are buyers won’t find out about you and opt instead for your competitor that has one. Bottom line: investing in digital marketing makes it easier for buyers to find you. The figures below are pretty convincing:
- 94% of B2B buyers say they conduct some form of online research before purchasing a business product (Accenture Interactive)
- 40% of buyers research more than half of the goods they purchase under $10,000 online. For larger corporate purchases of more than $5,000, 34% spend over three hours researching products (Accenture Interactive)
- 80% of B2B buyers want to get information from articles, not advertisements & brochures, (think helpful/useful information) in a convenient, time-saving way
The reach of social platforms is vast and growing at lightening speed. Most of your prospective customers have a profile on at least one social network. Why not be where your customers hang out online. Not only do you make it easier for them to find you, you can also establish credibility and share knowledge that can sway them in your direction. You can find out information about them to build a more customised solution. I remain awestruck by the reach of social platforms:
- LinkedIn has 530 million users in more than 200 countries and territories worldwide (LinkedIn)
- Facebook has 2.07 billion monthly active users (Q3 2017 from Facebook))
- In Europe, over 307 million people are on Facebook
- Twitter has 328 million monthly users
Because of these numbers, B2B company marketers recognise the potential these platforms offer. Investment in digital marketing is on the increase from every kind of business on the planet. Here are just a couple of statistics that show how important digital marketing is to their businesses:
- 42% of marketers say Facebook is critical/important to their business
- 90% of brands are using two or more social networks (Pew Research Center)
If the most sophisticated companies are investing heavily in digital marketing, then I believe marketers in our industry should consider it as well for the reasons stated in my previous post and the data presented here. If this is where buyers research and make purchasing decisions, then shouldn’t you be there too? How can prospective buyers find you if you’re not there. If your competitors are already there, what opportunities might you be sacrificing? What information are you not privy to by not being there?
My next post will focus on how to get improve your presence in the digital world that matters most to language service providers.