How COVID-19 Has Changed B2B Marketing
The pandemic has undoubtedly had a significant, never-seen-before impact on all aspects of life. This includes businesses. While some of the impact was permanent and some of it was temporary, one thing is for sure—companies found themselves scrambling to adapt to the ‘new normal’ overnight. Today, let’s take a closer look at how the pandemic has influenced one very important facet of doing business: B2B marketing.
In its research, McKinsey found that 90% of the companies they surveyed have permanently switched to video conferencing, telemarketing, social media marketing, etc. More than half of them agreed that this was a more sustainable and profitable model to follow.
Keep reading to learn more about the changes COVID-19 has brought about to B2B marketing.
Change in The Mode of Interaction
The pandemic has forever changed how customers and businesses interact with each other. With social distancing becoming imperative, customers are now looking for alternative digital channels to interact. Even as COVID-19 cases recede in parts of the country and globally, many customers and clients are still opting for virtual interactions.
To address this, companies have not only had to transition to online channels, but also master them in a short span of time. Companies took steps such as setting up an e-commerce store and providing sales assistance remotely. Many businesses also had to train their employees to adapt to the latest technologies, and ensure that the customer experience didn’t suffer.
A Digital Presence is More Important Now Than Ever Before
McKinsey conducted a survey spanning 11 countries in seven sectors and across 14 categories on how B2B businesses are spending their money. An interesting insight that came to light was that B2B companies feel that the importance of going digital has doubled now, as compared to pre-pandemic times.
Another report from McKinsey found that a business’ chances of becoming a primary supplier double if they offer an outstanding digital experience. The report further adds that once a customer has a distinctive digital experience, they are likely to stick to the e-commerce solution that your business provides, and for a longer duration too. As per the report, 65% of B2B business decision-makers say the remote model is equally, or even more effective than what they were doing before the pandemic.
Update Your GTM Model for The Post-Covid era
Since customers’ needs have changed post-COVID, it is now imperative for businesses to evaluate their go-to-market (GTM) strategy; including their marketing plan and sales strategy.
Digitization and B2B marketing have become inseparable. Omnichannel selling, inside selling, tech-enabled selling, and e-commerce are now playing a vital role and to stay ahead you must join the bandwagon.
Businesses may have been pushed into making their products available online and facilitating online transactions, but now, it’s the only way to stay on par with competitors.
Speed is Everything
Since customers’ needs have changed post-COVID, it is now imperative for businesses to evaluate their go-to-market (GTM) strategy; including their marketing plan and sales strategy.
Digitization and B2B marketing have become inseparable. Omnichannel selling, inside selling, tech-enabled selling, and e-commerce are now playing a vital role and to stay ahead you must join the bandwagon.
Businesses may have been pushed into making their products available online and facilitating online transactions, but now, it’s the only way to stay on par with competitors.
Migrate Expertise Online
Even during a pandemic, B2B customers expected the same expertise and quality of service they received when interactions were face-to-face. This means that as you transition to digital B2B marketing, there can be no compromises on this front.
Research from McKinsey shows that live chat was the most preferred channel for researching supplies. So, as a business, you should consider adding a live chat function to capitalize on any and all sale opportunities. Getting it right involves offering your customers the ease of digital interaction, without eliminating the human touch that they’re accustomed to. To this end, an option can be to enable your chat system to offer a human presence when needed.
The pandemic may have caused a flurry of unfortunate outcomes, but it has also brought digitization and B2B marketing under the spotlight, and rightly so. Should you invest your time and energy in this avenue now, you can harness significant growth and positive branding for your business for years to come.
