SINK OR SWIM HOW BUSINESSES AND SALES ARE ADAPTING TO COVID-19 AROUND THE WORLD

It has been almost a year since lockdowns and social distancing became the usual way of  life for the world. We know already the ramifications this has on our personal life, but we looked into how businesses are taking the hit.

Should I spend or should I not?

 

You would think that desperate times call for desperate measures, but saying that is true would be a huge overstatement.

 

A survey conducted by McKinsey found that a substantial number are increasing or at least maintaining spending. Almost half of the B2B companies who participated in the survey reported positive or about the same in spending changes since the pandemic. 

 

Switch lanes to digital

 

For B2C companies, the need to move their business to digital channels were bright as day. But as people got used to this new way of conducting their buying, it obviously caused B2B companies to follow their lead as well. The importance of digital interactions in the B2B environment have become twice as important shortly after the outbreak of coronavirus.

 

Serve yourself

 

Suppliers are in a constant race to win new businesses, that is no news of course. But now self-service options (multiple in fact) have become an absolute must-to-have when purchases are sourcing for partners. In B2B, the importance for self-service have reportedly doubled in the research phase and more than tripled in the evaluation phase.

 

Back to normal or back to something new

 

The question of what should businesses implement from what we learned in the passing months is still up for debate.

 

When asked about the effectiveness of remote working, B2B decision makers were divided. There are of course several hybrid adaptations (all sales transitioned, partial sales transitioned, working in tandem, etc.), but overally when looking at all respondents,, less than half of them thought that the new way of doing business is less effective.

With things not returning back to normal in the near future expectedly, all we can do is to find a silver lining.

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