Here’s Why B2B Companies Should Change Their Sales Approach
The ongoing crisis has resulted in dramatic shifts in the business ecosystem. Business-to-business (B2B) buyers have started building trust into omnichannel business models. Owing to the health crisis, various successful companies were hampered and closed down their shutters. Seeing how emerging organizations met their fate during the pandemic, B2B buyers recognized the importance of omnichannel.
According to the latest report of McKinsey, omnichannel is the standard, not the exception. The pandemic has cemented omnichannel interactions as the predominant path for B2B sales. Even as in-person engagement reemerged as an option, buyers made clear they prefer a cross-channel mix, choosing in-person, remote, and digital self-serve interactions in equal measure.
A surge in the adoption of e-commerce models was noticed in the second half of 2020. B2B buyers started employing digital mode to engage customers. Over the year, buyers’ preferences have been changing from purchasing brick-and-mortar businesses to online businesses for sales as quarantine regulations kept varying. They are primarily choosing channels as per viability and scheduling.
Efficacy of Omnichannel Method
During the pandemic, the omnichannel method had become vital and even more imperative for the future. Many B2B entrepreneurs believe the omnichannel is better than conventional methods. According to the cited report, 83 per cent of B2B leaders (respondents) trust the omnichannel model this year, which is a drastic increase from the pre-pandemic phase when 54 per cent believed in the omnichannel.
Furthermore, omnichannel has been considered to be a more viable method for sale than conventional sales approaches. It is beneficial in ascertaining, as well as securing, new businesses.
In India, 81 per cent of business leaders (respondents) believe that omnichannel sales models are effective as compared to other sales approaches. There is an increase of 22 per cent business leaders since August 2020, who prefer omnichannel sales over others. The change (22 per cent) in business leaders' sentiments is lowest in India in contrast with other nations.
By the inclusion of the omnichannel sales approach, businesses will require hybrid sales representatives. A hybrid sales representative will be the one who converses with customers through various mediums such as video, phone, app, and in-person meetings. Such sales roles will become mainstream in the offing. As per McKinsey’s report, 64 per cent of B2Bs decide to add more hybrid sales representatives to their team in the coming six months.
Problems in Omnichannel
To accelerate the business, B2B companies have to overcome problems that are faced in the omnichannel sales approach. To understand pain points, B2Bs have to ascertain how field representatives can work aptly while working from home. They have to identify how to take remote interactions personalised and streamline the customer experience.
Companies while adopting omnichannel have to create demos for customers so they can have an equal insight into the business. They have to address problems that surfaced due to different channels. Also, various teams can be skeptical of the new sales approach thereby, the company hs to manifest them.
If companies overcome these challenges then, they can easily innovate sales approaches and pivot themselves.
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