A digital Shift and the rise of remote working
The COVID-19 pandemic has had a devastating impact on the world economy and communities around it. The economic consequences are still being realized, but many people believe that this event will be felt for years to come as well because there’s no telling how long recovery takes or what new variants may arise in its wake. The pandemic has also forced people to confront the shortcomings of their societies and how prepared they are for future global challenges.
The way businesses sell to other businesses has changed dramatically during COVID. In the past, the vast majority of sales were done in person, with salespeople traveling to meet potential clients and giving face-to-face presentations. Today, however, a growing number of sales are being done remotely, using technology such as video conferencing and online meetings. This shift has been driven by a number of factors, including the increasing popularity of online research and the rise of the digital workplace.
COVID-19 has also led to an increase in video conferencing and remote working, which are both great opportunities for B2B salespeople.
As businesses have become more comfortable with selling online, they’ve also become more open to buying online. In fact, many businesses now prefer to purchase goods and services and conduct meetings remotely, using websites and apps instead of meeting in person. This trend has been driven by the increasing convenience and efficiency of online transactions, as well as the growing popularity of digital payment methods such as cryptocurrencies.
We would have expected more drastic reductions in spend given the grim economic signals. But a sizable number are maintaining or even increasing it, at least for now – especially large B2B companies who expect to increase their budget by an average percentage rate compared with last year’s spending levels.
Businesses should focus on creating great products and services and building relationships with their customers in order to stay ahead of the competition.
These findings play out similarly across geographies; though US businesses cited raising outlays while European counterparts said they intend on keeping things status quo. Chinese decision makers also showed high rates of growth, with Indian business leaders notable because nearly all responded “increasing” spend.
How to make the most of your B2B sales opportunities
The changing nature of B2B sales is having a major impact on the way businesses operate. In particular, it’s creating new challenges for sales teams, who must now adapt their strategies and tactics to meet the needs of a more digital world.
COVID-19 has forced B2B buyers and sellers to adapt to a new normal. Sales leaders who are prepared for this change will be in a better position to succeed.
Here are three tips to help you adapt your sales strategy in the age of COVID-19:
1. Get comfortable with virtual selling
With so many restrictions in place, it’s no surprise that virtual selling has become the new norm. If you’re not comfortable with this type of selling, now is the time to get on board. There are plenty of resources available to help you learn the ropes and make the most of this type of selling.
2. Build strong relationships
In the past, sales were often about getting in front of as many people as possible. But in the age of COVID-19, it’s all about building strong relationships. Take the time to get to know your customers and their needs. This will help you tailor your sales pitch and close more deals.
3. Be flexible
The pandemic has forced a change in the way business is done, with customers preferring to buy products and services online. In this new digital world, businesses that can’t keep up will fall behind. The COVID-19 pandemic has forced everyone to be more flexible. The same goes for sales. If you’re not willing to adapt, you’ll likely struggle to succeed. Be open to trying new things and making changes on the fly. This will help you stay ahead of the curve and close more deals.