This week we feature an article from Rohan Malkotia, Digital Marketing Executive at Servetel. He writes about how businesses need to realign their sales and marketing strategies in order to survive a post-pandemic world. The pandemic has brought everyone back to basics. Budgets have run tight, making buyers selective about what they pick. Needless to […]
This week we feature an article from Rohan Malkotia, Digital Marketing Executive at Servetel. He writes about how businesses need to realign their sales and marketing strategies in order to survive a post-pandemic world.
The pandemic has brought everyone back to basics. Budgets have run tight, making buyers selective about what they pick. Needless to say, luxuries of life have been replaced by the ‘must-have’ items.
The impact extends from B2C (business-to-customer) markets to B2B (business-to-business) sales as well. Many sales and marketing experts state that the current phase is the most challenging one they have faced thus far.
This has led to a paradigm shift in working styles for businesses of all scales and sizes. A study by McKinsey Consulting in April 2020 indicated that digitally-enabled sales interactions were at least twice more important during the pandemic than they were in the pre-COVID-19 era. That’s not surprising given that sales teams have been unable to physically interact with the potential clients at this point.
Navigating through such uncertain circumstances, companies must remember that they can only survive and thrive by realigning their sales and marketing strategies. The key lies in completely resetting the overall buyer strategy according to evolving buyer behaviors.
Before we process to discuss the realignment, let us first understand what buyer strategy is all about, specifically with respect to B2B customers.
Essentially, buyer strategy refers to the solutions and integrations that need to be implemented by a business to enable its buyers to achieve their goals. There are three basic elements to it––goals, solutions, and interactions. All these elements need to be realigned for a post-pandemic reset.
Here are some insights into how COVID-19 has influenced each of these elements.
The pandemic’s impact on buyer expectations and goals has been immense. It has drastically changed their spending capacity and habits. Businesses that don’t take note of these behavioral modifications will experience a severe misalignment with sales strategies.
They may end up losing a lot of customers, and thereby, revenue opportunities. Thus, they must approach current buyer goals with a fresh perspective for product development, growth strategies and tapping new markets.
Innovation remains the answer to most obstacles that lie in the journey ahead. Every business needs to offer novel solutions to close high-value B2B deals with confidence, even if they haven’t seen the products in-person or aren’t visiting the seller’s place.
With air travel, in-person meetings and conferences curtailed right now, it is the only way businesses can sail through the pandemic revival stage.
Most employees have moved to the work-from-home set-up. B2B companies, too, are embracing it as a norm, and the trend is likely here to stay for a long while.
Ever since technology has become a part of remote selling, consumer interactions have witnessed a massive disruption. No longer can they drop in physically with their queries and concerns. All communication must, instead, take place digitally––even self-service.
These interactions will have to be redesigned, in order to be more realistic and seamless in the post-pandemic world.
Now that we have a better understanding of these elements, it makes sense to go through the practical aspects of resetting them. Here are some actionable steps that any business can take to get itself ready for the post-pandemic sales scenario.
Re-prioritisation of inbound programs should be top of the list as the economy slowly gets back on its feet. The best approach would be to increase online prospecting, lead generation and sales.
Investing in an aggressive digital marketing plan is the best way to go. Consider implementing result-oriented tactics like pay-per-click and account-based marketing for quick, effective and sustainable outcomes.
Technology isn’t a disruptive force in B2C retail only, a sector that has seen a massive e-commerce shift. It has a lot to do in the B2B landscape as well as it connects business with customers in the era of social distancing.
Your leads and customers have become totally comfortable with remote buying and self-service for support requests. Now is the right time to invest in conversational technologies and stay a step ahead on the communication front. Unless your sales team is available for personalized interactions, you are not ready with a reset for your buyer strategy.
The line between marketing and sales has always been a thin one, and now is the time to blur the minute difference. An alignment of both the departments is the need of the hour for B2B businesses. These teams working in sync can make your inbound program a success.
But doing so is easier said than done. It will take considerable effort to get both the teams on the same page and ensure that they work towards common goals to always keep the sales pipeline stocked with qualified leads.
Even though you may want to increase your customer base during the revival phase, retaining the loyal ones is vital to sustenance. Businesses must keep in mind that they can easily lose their existing customers in the chaos that has ensued over the past few months.
The only way to prevent this from happening is by going that extra mile to strengthen existing relationships. This makes inbound an ideal approach as it leverages campaigns and segmentation to serve current customers in the best possible manner.
Happy customers are more likely to stay with the business and also recommend it to others. With the immense potential of word-of-mouth marketing in the B2B landscape, retention is something you cannot overlook.
Perhaps the most important aspect of keeping pace with buyer strategy is knowing your customers better. Extensive consumer research is a worthwhile investment in this regard as it offers insights into how customers’ goals have changed.
Further, refreshing your customer personas and journey mappings is a good idea. You may also consider taking a hit-and-trial approach by designing and redesigning buyer interactions mapped to their goals. Innovation in customer enablement is also another way to stay ahead.
Looking ahead into the post-pandemic era, B2B companies need to make serious efforts to reset their buyer strategies. It is possible only with an in-depth insight into the impact of COVID-19 on consumer behavior and expectations.
Also, enabling them with the right technologies that drive seamless interactions with your sales and customer support teams is equally important. Although it may require some investment, this is the only way you can take your business on the road to post-pandemic recovery and revival.
Rohan Malkotia is an experienced Digital Marketing Executive with a demonstrated history of working in the telecommunications industry. Rohan is skilled in Search Engine Optimization (SEO), Pay Per Click (PPC), Email Marketing, Conversion Optimization and Social Media Marketing.
For more articles from Shep Hyken and his guest contributors go to customerserviceblog.com.
Read Shep’s latest Forbes article: Leadership Actions to Take During the COVID-19 Pandemic
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