Social Media Stepping Up As Source For Connecting B2B Networks

“The affiliate communities are already there,” says Linda Bustos, emerging media analyst for ElasticPath. “But I think there might be a lot more for companies to explore outside of recruiting through social networks. Many of them at this point could consider building their own networks.”

Apparently the management at LinkedIn agrees. The business-based network is taking its “groups” applications to a more BtoB friendly level later this summer. According to LinkedIn spokesperson Krista Canfield, companies will be able to create private, password protected groups within LinkedIn. The network is currently judicious about group creation, such as Success in the City (urban women) or the HP Alumni Association. It will be even more stringent about validating the private BtoB networks that could contain competitively sensitive information.

LinkedIn’s new product could be an important step in creating customized BtoB networks. These networks could range beyond the current model of employee intranets. For example, the software company preparing a new upgrade could create a password-protected social network to allow its user community to check in without opening strategy changes to competitors. If a tech retailer, on the other hand, sees a slowdown in a new product line or sees new product opportunities, that retailer can then use its network to allow managers from different store locations, media partners and suppliers to advance new ideas.

LinkedIn and Facebook already include substantial information on companies and their individual employees. In fact LinkedIn CEO Bill Nye recently told an analyst conference in Las Vegas that “your employees' profiles are part of your brand. “ IBM currently has about 116,000 employees registered on LinkedIn; Microsoft about 25,000, Nye said.

But like most things Internet, the best BtoB application hasn’t been invented yet. Bustos recommends the following three steps before a company chooses a social media application for BtoB.

• Participate: Retail executives should become bloggers and social media participants. Get a LinkedIn profile (or whatever community you choose) to understand what your partners will see. Post a few blogs on industry specific websites, both professional and consumer to see what topics draw passion, and what the blogosphere has to say to you.

• Monitor: Social media monitoring is a big business. If you don’t decide to go with an automated report on how your company is mentioned in the world of social media, assign an internal team to report on it.

• Existing applications: Companies can find their own software applications to create a BtoB network or work with one of the established networks. The IT department will need to be involved here.

It might all be less sexy than finding a former colleague or college sweetheart. But a little more long-term engagement and a little less faddism could help some of the social networks, according to Bustos. “We think companies will be able to use groups more efficiently,” Canfield says, “and decide when they want information to be available to the entire LinkedIn network or a more focused section of it. We found that companies wanted to know ways in which their employees could be more engaged on a long term basis. Well, that’s precisely the direction we’re going into.”