Commercial Recovery Strategy for B2B Companies in the New Normal
The world has never seen a disease this fatal to humankind, both in terms of people and wealth. On one side where the coffin numbers are increasing, the economic prosperity of countries is decreasing.
Bringing about fundamental changes in the B2B sector, the coronavirus has almost dictated a set of rules that constitute the new normal for this sector – fast-changing consumer patterns, agile management, new marketing methods, product innovation, shift to digitalization, and the need for making prompt critical decisions. This is going to be the way forward to survive in business and if you are not ready to refocus your firm according to these rules, it can be a call of fall for you.
But don’t worry. This think-piece crafted with our field experience and technical expertise will help you be prepared for the post-Covid world
Strategy #1. Evaluate at different levels to identify exclusive growth opportunities
The negative impact of Covid on various trends and consequent business-slowing lockdowns have had varying effects in different places and industries, which means you cannot use the same business strategy for all your branches alike.
This calls for adequate re-analyzation of the market, to help you identify the opportunities to explore and develop. Once you are equipped with data from your competition as well as the response to the coronavirus, identifying growth opportunities will be an easier task.
30% of marketing leaders believe a lack of agility and flexibility negatively impacts marketing execution during the pandemic. You now have to plot new trends based on new data, consumers, and government policies.
Look for shortcomings that require you to make new decisions, loopholes that must be filled, or even the market behavior that requires you to tweak your branding efforts. Get your marketing and sales teams aligned with your new plan, and give them the freedom to adjust as per their convenience.
Strategy #2. Recreating marketing models conferring to the new normal
Keep away from physical touch, use sanitizer, wash your hands…the new normal. The coronavirus has taken away the most secure form of communication – touch, and intimacy and put an end to all the in-person meetings you had scheduled.
What you have now is digital communication. Zoom and Skype meetings with your share screen presentations that you think to reduce the influence you could wield over your prospects are not exactly true. 90% of sales have moved to the digital medium and it has been reported to be equally or more effective than the traditional methods. This means, to adapt to the new environment, your team must be well-equipped with the strategy/strategies of remote sales, one of the tasks that require excellent management to stay put.
As most of the B2B companies are shifting to the remote sales techniques, you must prepare for the same and recreate your existing marketing models to comply with the coronavirus guidelines and restrictions. Shift your focus from traditional to digital channels, make use of live chats, and online research to connect with your prospects. It will be awkward at first, but what is B2B without evolutions?
Strategy #3. Capitalize on the recent growth of B2B eCommerce
Just because people cannot flock to the markets anymore, does not mean that it has come to a standstill. This is the ideology of eCommerce, which is not new to the industry. It has been around as long as the internet, but its importance has only come to light in the wake of this stay-at-home pandemic (there’s been a 35% rise in European eCommerce mobile app installs during the lockdown months).
Just as all the firms are operating online, they are shifting their markets and service channels to the internet as well, resulting in massive growth for eCommerce. Having a digital portal offering your products and services can go a long way in this time when people are afraid to step out of their homes.
If you already have one, it’s a wise option to capitalize and enhance it for a better customer experience. Consider your buyer’s struggles while they are shopping online, create solutions for them, and incorporate them effectively on your eCommerce site.
Shifting a large portion of your business to the World Wide Web can be increasingly overwhelming for your employees, thus it’s your responsibility to delegate work in a manner that your new management does not collapse. Make smaller teams or departments and assign them various roles to fulfill. Chalk out which of your approaches work and which don’t. With this trial and error, you’ll be mastering eCommerce in no time.
Strategy #4. Reconsider product prices due to the dwindling budgets
The virus has not been kind to any of us, with the never-ending discoveries, rising cases, and the drastic measures it brought into place – considerably reduced economic activities all across the globe. With the world economy diving into a recession, there have only been heavy budget cuts in companies even with fluctuating demand numbers.
This will put an enormous amount of pressure on the pricing of your products and services. It will require you to adjust your prices to sustain the cost of production and pay your suppliers. At the same time, you do not want them to be so high, that it drives your consumers away, and towards the competitors for the worse.
To handle this crisis, you will need to delve deep into creative solutions that can accommodate your cost as well as be reasonable for your consumers. Customize them based on your consumer needs because everyone is looking at different benefits from your product. Irrespective of the needs, if you have a sales and marketing team that is well trained to deal with this, you will not only save a large part of your business but also retain the consumer-brand relationship that is the heart of every B2B firm.
Strategy #5. Invest in innovating new products and reengineer existing ones
Covid-19 has undoubtedly shaken up the industrial sector of every economy. But the times of crisis are the real challenges that are to be conquered through innovation. It is believed that companies that focus on innovation during tough times, bounce back faster in comparison to the others.
This means that even though you are taking a variety of steps to conserve the interest of your consumer, you should pay more attention to innovation in your products than you are at the moment. Customer needs are evolving every single day and as a B2B marketer, if you fail to adapt to them, you wouldn’t be able to survive the fall.
56% of consumers think brands should take the lead in solving key issues. You can do this either by designing a new product and launching it in the time of need, or re-engineering your old ones to suit these new requirements and reinforce the value of the product. Innovating at a time like this is a risk, but the rewards will make it worth it.
We are ALL in it together!
This one-of-a-kind pandemic has pushed us into our houses and brought around challenges that the B2B sector will be dealing with for years to come. Consumer needs, demands, costs, employees – everything will have to be dealt with confidence to eradicate the uncertainty. But, don’t lose hope, we are ALL in it together.
Everyone is looking to cope with the repercussions of the pandemic and we are all facing the same storm. Confide in your team and capitalize on their support, empower them with hopes and you are sure to emerge out victorious.
The bottom line
Most B2B players today are looking to deal with the immediate problem rather than prepare for what is to come – the release of the pent-up demand. It is expected to come in a surge that your supply will not be able to handle, sending your business for a toss again – a situation you want to avoid. So, gather your team, get to work, and brainstorm your way out of this storm!
This can be an extremely tricky situation, so if you find yourself overwhelmed, don’t shy away to seek help from expert B2B sales and marketing consulting firms. They not only have the necessary expertise to contain the situation but also are aware of the strategies that will help swim through it.