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As more and more companies are rapidly adopting social media as their primary communication channel, it may seem counterintuitive to focus on the platform if you’re targeting a B2B customer. But in reality, the opposite is true: Social media is an increasingly vital tool for B2B marketing. Here’s why:

 

  1. Increase Exposure & Brand Awareness: Every day, just like consumers – businesses are also exposed to hundreds of marketing messages. But if they don’t see your brand or products directly, it’s next to impossible to gain their trust or interest. Social media allows you to be more visible by giving you a platform for continuous and casual exposure. By creating a social presence, you can boost your brand’s credibility and ensure that people are seeing your name regularly.

 

  1. Drive Field Leadership & Reputation: In B2B marketing, your field sales reps are often your best brand ambassadors. But in order to establish trust and credibility with clients, they must have a strong pre-existing relationship. Social media is a great tool for marketing your company’s reputation (and that of its field team) by providing an array of customer references, showing case studies or testimonials and highlighting the expertise of its leaders.

 

  1. Increase Traffic & Improve SEO: Social media platforms have quickly become very effective SEO tools that marketers can use to further improve their rankings. For B2B companies, this means that social media is an efficient way of improving your site’s organic search engine optimization. Using social networks to set up a website page on LinkedIn will not only encourage potential customers to visit your website, it can also boost your achievements.

 

  1. Generate Leads: Social media is one of the most effective channels for lead generation; in fact, according to a HubSpot study, the top performing B2B companies generate more than twice the leads from social media than bottom-performers.

2. Insufficient Resources

Lack of capital is a common contributor to a failing startup. Insufficient funds prevent many would-be entrepreneurs from launching their businesses. Startups may have difficulty recruiting top talent, creating a marketable product, and promoting their service if they do not have access to sufficient capital.

A case in point is the financially strapped startup Theranos. A startup company called Theranos claimed they had developed a game-changing method of blood testing that would make diagnostics more affordable and accessible to everyone. Unfortunately, the technology did not perform as expected, and the corporation did not have the means to improve it. The company had to close its doors because of this.

3. A Lack of Leadership Effectiveness

Ineffective management is a third factor in failed startups. Oftentimes, startups are led by a small team of people who have little to no commercial expertise. A lack of good leadership can hinder a startup’s ability to make important decisions, allocate responsibility, and manage resources.

Zenefits is a startup that went under as a result of poor management. There there was a startup called Zenefits that provided a hub for small companies to handle all of their HR and insurance administration. However, the company’s mismanagement led to the dismissal of several employees and a shift in strategy.

4. Originality

Lack of distinction is a fourth factor contributing to startup failure. Startups often struggle to gain attention in oversaturated markets. For startups to succeed, they need to stand out from the competition.

Quirky is a failed startup that faced the same problem of failing to stand out from the crowd as so many others. The startup company Quirky allowed individuals to propose and crowdfund the creation of novel products. However, it was unable to set itself apart from competing crowdfunding platforms and eventually went out of business.


5. Not Having Any Sort of Advertising Plan

The absence of a solid marketing strategy is the fifth leading cause of startup failure. While creating their product or service, many entrepreneurs forget about how to reach out to potential clients. Startups may find it difficult to increase demand for their product or service if they don’t have a well-defined marketing strategy.

An insufficient marketing plan contributed to the demise of Limebike, another unsuccessful firm. The startup Limebike provided dockless bike sharing in numerous American locations. In spite of the growing demand for bike-sharing services, Limebike’s inefficient advertising made it difficult for the company to build a foothold and make a profit. Because of this, many locations had to be closed, and a lot of people lost their jobs.

To sum up, while startups do have the potential for fast development and success, they also face a wide range of challenges. Entrepreneurs can boost their chances of success by conducting extensive market research, securing sufficient money, having good leadership, and setting themselves apart from the competitors with a unique offering.