Impact of Covid-19 on B2B Sales
Covid-19 is causing a rampage across the world, leading to economic and social uncertainties. Consumers are spending less and only on those products that are of immediate need. The approach is hampering many businesses to grow, as the calculated spending is in no way good to them.
It has drastically impacted the sales, and almost all organizations are struggling to achieve the target.
The pandemic did not impact some industries like healthcare and telecommunication, but others like the leisure, travel industry suffered huge losses. While it might take some time to bounce back, these organizations have to accept the new normal and find effective strategies to avoid further losses.
As per a finding, almost 73.9% of the B2B companies had sales contraction during this time.
The scenario has driven many companies to re-evaluate their strategy and look into different ways that could bring back the business on the track.
The below infographic explores the impact of COVID-19 on B2B sales covering a wide range of industries:
Industries that Suffered Disruption as a Result of the Pandemic:
- Manufacturing (FMCG & food): 39%
- Telecom- 21%
- Government and non-profit- 45%
- Construction and engineering- 38%
- Energy and utilities-29%
- Business and professional services- 43%
- Manufacturing (other)- 46%
- Financial services- 28%
- Retail- 46%
Impact of COVID-19 on Countries and Different Sized Businesses:
- Sales fell 17% YoY across US, UK, and European Union
- Almost 46% of SMB’s planned on the virtual sales teams and infrastructure to drive results.
IT and Cybersecurity spending before and after COVID-19:
- During March, 40% of B2B companies planned more spending on software
- In May, 44% of B2B companies planned no more spending on software.
- 70% of organizations plan to increase on cybersecurity due to COVID-19
Changed Status quo or impact on Sales Process:
- Online web support before COVID-19- 63%
- Online web support after COVID-19- 73%
- eCommerce before COVID-19- 47%
- eCommerce after COVID-19- 50%
- Inside sales team before COVID-19- 50%
- Inside sales team after COVID-19- 39%
- In-person sales team before COVID-19- 57%
- In-person sales team after COVID-19- 20%
Digital Transformation of B2B Sales:
Before COVID-19, sales interactions favoured by Respondents:
- Traditional sales interactions- 52%
- Digital sales interactions- 48%
After COVID-19, Sales Interactions favoured by Respondents:
- Traditional sales interactions- 34%
- Digital sales interactions- 66%
How Businesses can improve their Strategy:
- Revamping the sales approach
- Training the sales team in new strategies
- Discovering your customer in a new way
- Refining your marketing strategy
The Techniques that Businesses should use in this Strategy:
- Increasing the online prospecting
- Using the email marketing at the right time
- Focusing on the right alignment of marketing and sales
- Making your loyal customers delighted with the service
- Making the right usage of technology in the process