A leading social media management platform in China, KAWO, has researched 50 international B2B multinational corporations (MNCs) based in China in over 20 sectors. Their research included finding out a company’s top marketing channel, and how this channel affected their business. KAWO concluded that social media stood out as the top marketing channel with 94% of respondents stating social media was one of their top marketing channels. With over 70% of these businesses planning to increase their social media marketing budget for 2024, this shows competitors and consumers that the community believes social media is not going anywhere. While brand awareness is also at the top of importance to these companies, many are finding it challenging to navigate the Chinese social media landscape. The reason why this may be challenging for some B2B MNCs is because of government regulations and the application of WeChat.
Navigating the local Chinese market may be challenging but having a presence on the application of WeChat is crucial. From the research KAWO conducted the firm found that 100% of the businesses had a WeChat account, with 80% of businesses stating this specific platform was the best to help them achieve their business goals and objectives in the next three years (AIT News Desk, 2024). WeChat is the largest social network in China and has been called the everything app for those located in China. WeChat is a multi-purpose social media, messaging and payment app developed in China. It’s the largest social media platform in the country and one of the top 10 social networks in the world (Manners, 2021). When it comes to B2B marketing on WeChat, companies can have professional interactions for branding along with accessing promotional needs.
Since WeChat is currently only used throughout China, MNCs have reported it is time consuming for their teams to collect social media data, interpret it, and send it back to their corporate offices which may be located in another country. KAWO has reported 90% of the businesses they surveyed stated they spend 1-3 hours a week interpreting this data and sending it to colleagues overseas (AIT News Desk, 2024). While the data that is collected has allowed companies to expand into different markets and generate revenue, being international comes with its challenges whether it be technology compatibility or government regulations. Social media has exploded into many market sectors within the past decade and the research done by KAWO solidified the importance it has on businesses and their marketing channels.
References
AIT News Desk. (2024, February 25). Social Media Emerges as Top Marketing Channel for International B2B MNCs in China. AiThority. Retrieved March 5, 2024, from https://aithority.com/technology/social-media-emerges-as-top-marketing-channel-for-international-b2b-mncs-in-china/
Manners, J. (2021, July 13). What is WeChat? Intro to WeChat Marketing for Business. Hootsuite Blog. Retrieved March 5, 2024, from https://blog.hootsuite.com/wechat-marketing/