The recently released 2024 B2B Social Media Marketing Research Report by KAWO, China's premier social media management platform, has shed light on the surging role of social media in the strategic outreach of international business-to-business (B2B) multinational corporations (MNCs) in China.
The report, founded on a survey of 50 international B2B MNCs across 20 distinct industries, affirmed the crucial role of digital transformation in the increasingly competitive Chinese B2B marketing landscape. In fact, 94% of surveyed businesses identified social media as a primary marketing channel, and almost three-quarters (70%) are set to increase their social media marketing budgets in 2024.
The study further illustrated the utilisation of social media towards improving brand awareness by 42% of the MNCs surveyed, with 80% employing lead generation as a key metric. This was closely followed by impressions, views and reads as critical social media metrics for 88% of respondents. However, a notable 18% use sales revenue as a performance measure, hinting that the lack of a proper revenue contribution model may preclude businesses from confidently attributing their sales to their social media efforts.
KAWO CEO Alex Li asserted, "many marketers require support and resources to make sure their social media campaigns align with business goals and objectives. Social media management platforms can help marketers streamline collaboration with their international counterparts and allow them to make data-driven decisions more efficiently."
Among the variety of social platforms in China, WeChat has emerged as a clear leader. According to the report, all the surveyed businesses have WeChat Official Accounts; 76% of them use WeChat channels, and 80% believed that WeChat would effectively serve their business goals and objectives in the coming three years.
"It is no surprise that WeChat is the most popular social media platform for B2B marketing," commented Li. "WeChat's functionality, such as its mini-programs, serves branding and promotional needs - from managing sales funnels for lead acquisitions, providing online consultation services, event management and more."
The report also highlighted the top challenges B2B marketers anticipate facing in 2024, with 66% citing the creation of engaging content and lead-generating content as the main difficulties. Furthermore, 60% see connecting with their target market as a looming challenge in the evolving world of social search in China.
The study also indicated a positive perception of Artificial Intelligence (AI) among respondents. A whopping 78% confirmed they would use AI in their B2B social media activities. Over half of these are already using AI to edit content and ideate, and close to 60% would like AI to aid in producing reports, analysing data and providing insights.
Li concluded, "KAWO’s 2024 report seeks to equip B2B marketing professionals with insights and guidance on successful social media marketing strategies in China."