All the predictions and forecasting related to B2B sales for 2020 have changed drastically because of COVID-19. The sales data and the strategies that B2B companies planned for 2020 is now a far cry from what they are currently using. With the whole world in the state of lockdown for many months, the way B2B marketers are now focusing on their sales strategy is completely different and if you still haven’t fine-tuned your sales and marketing strategy yet, then get ready to be pushed behind in the tough race of competition.
Now, there are many countries that have somewhat recovered from the drastic effects of COVID-19 on the economy and the businesses, and this is why you will need to make changes to your B2B sales goals, strategy, and plans in the post-COVID-19 era. Still, nobody is sure about when the new normal will end but we are sure that the changes brought in by the pandemic for B2B businesses are here to stay for a long period of time.
The landscape of marketing post-2008 recession
This will not be the first time when we will be witnessing a sudden change in the way marketing is being carried out by firms from all over the world as even now we are using marketing efforts that were shaped by the 2008 recession. Each and every type of recession has the bad habit of hitting those B2B businesses that aren’t prepared for it and this is why businesses came up with a recession marketing strategy in order to counter the growing effects of the recession on marketing.
Instead of cutting the market budget, businesses started analyzing the post-2008 recession behavior of the customer, and marketing strategies like ABM marketing became very effective to target prospects during such time. And one more important thing that most of the businesses learned from the 2008 recession is to have a backup marketing strategy to deal with any type of recession that will hit them in the future.
Affect of COVID-19
Because of the effects of COVID-19, the digital platform became the real winner and the offline marketing efforts were put to rest. During the period of lockdown, the time spent by an average user on different types of digital platforms increased drastically and this created a completely new marketing opportunity for all the B2B businesses out there. The way media is being consumed by people has changed a lot during the COVID-19 period but still, digital marketing efforts like ABM marketing are still proving to be effective and giving high ROI to B2B businesses.
B2B companies have realized that if they want a company to make a purchase during the post-COVID era then they will have to add a humanitarian layer to the communication channel. This type of approach will streamline brand loyalty and strengthen the image of the brand in many ways. People who didn’t find digital platforms effective are now finding it useful for staying informed and therefore account based marketing tactics are currently acting as a magic wand for B2B companies.
Scope of B2B sales post COVID-19
There are many ways B2B businesses can tackle the downfall brought in by COVID-19 and survive in the post-COVID-19 era. Here we have given a scope of B2B sales post COVID-19 through some selective points and strategies like account based marketing tactics, have a look-
Revenue marketing is basically a holistic goal-oriented approach that is used for both sales and marketing in order to drive revenue growth and this can prove to be one of the best strategies that can be adopted by B2B businesses for generating sales. By using revenue marketing, B2B companies will be able to align both their marketing and sales efforts towards a common goal and this will also create a continuous feedback loop between the marketing and sales data.
You should know that revenue marketing can be as effective as account based marketing strategy. By using revenue marketing, the salespeople will be aware of which prospects are sales-ready and it will also help the marketers to know which campaigns are driving revenue.
Innovation of Martech
The use of software solutions for marketing was very limited but in the post-COVID-19 phase, the use of platforms like Martech for B2B businesses can do wonders. Martech or Marketing Technology doesn’t only allow marketers to do their work more effectively and enhance the communication channel but it also aids in measuring the efforts without burning a hole in the pocket.
The post-COVID-19 period demands marketers to be fast, use enhanced communication channels, create smarter content and this is what Martech is offering to all the B2B companies out there. You will need to understand both the current and future technological landscape in order to use Martech more effectively for your B2B firm.
Events that were organized traditionally were one of the biggest opportunities for generating sales by B2B businesses but after the arrival of the COVID-19 pandemic, all these events have moved to the virtual platforms. This is why you will need to make a paradigm shift to your approach of using events in order to drive sales.
The success of the virtual events will surely have a permanent effect on how B2B companies targeted their prospects and therefore, you can’t miss this big opportunity of meeting the prospects virtually.
The COVID-19 pandemic is here to stay for a long period of time and this is why B2B businesses will need to fine-tune their marketing and sales efforts while partnering with a reputed account based marketing strategy service providing companies. In order to survive during the pandemic, B2B businesses will need to move to the digital platforms and make the new normal an opportunity for the sales and marketing team.