While the initial impact of coronavirus on B2B sales may have lost its shock value, the effects continue to shape the sales channel. The pandemic has forced a complete restructuring of the B2B landscape, leaving businesses little time to respond. The best practices for instituting change when short on time is to identify the biggest challenges and begin calculating practical solutions. Check out the infographic below for a look into five key impacts of the pandemic on B2B sales, alongside five ways to manage them.
Infographic: Managing the Impacts of Coronavirus on B2B Sales
A Closer Look at The Impacts
By understanding our obstacles, we are better able to overcome. Let’s take a deeper look into the five key impacts of coronavirus on B2B sales.
1. Engaging the Remote Workforce
Keeping channel partners focused and engaged in times of uncertainty is key. Depending on your typical sales practices, conducting business remotely may be a large adjustment for all members of the channel alike. Incentive programs are a great way to motivate, reward, and encourage behavior. With a virtual platform to connect with your partners and drive sales, you can begin to navigate the impacts of coronavirus on the B2B sales channel together.
2. Collaborating to Combat the Disrupted Supply Chain
In an effort to slow the spread of the virus, more than half of U.S manufacturers have implemented changes in their operations. Reduced numbers of workers and shorter business hours are a significant impact of the coronavirus on B2B sales as product availability becomes a question.
Staying informed of the specific effects on your business and communicating this information to channel partners will help minimize disruption. Consider investing in a customer loyalty strategy to strengthen relationships with your channel partners and
3. Replace Meetings With Digital Marketing
One of the largest impacts of the coronavirus on B2B sales is the cancellation of trade shows and in-person meetings. Businesses that rely heavily on these events to drive conversions and market their brand are tasked with finding new platforms to promote their products. Consider reinvesting sales and marketing budgets reserved for these events into digital marketing alternatives. Your buyers have all moved online, making it the perfect space to engage, market, and even provide online training for supply chain members.
4. Seeking Stability in Fluctuating Demand
With a pandemic comes shifting priorities and a determining of what businesses and products are essential. Businesses can’t control whether their product makes it on to the “essential” list, which is undoubtedly a negative impact of the coronavirus on B2B sales. What businesses can do in this volatile time is begin to shift focus inwardly, such as:
- Redefining your value proposition, and adapting sales strategy to the current B2B landscape; and
- Making note of your top earners and investing in customer retention strategies as opposed to acquiring new sales.
5. Embracing the Need for New Technology
If the impact of the coronavirus on B2B sales has taught us anything, it is that the shift toward digitalization couldn’t happen faster. The good news is that we live in 2020, and the avenues for digital sales and marketing are exponential. If your business is willing to see this pandemic as an opportunity to invest in channel software, you can increase market share, track sales, and move product, all while rewarding loyal customers. Steps taken now can continue to benefit your company well after the pandemic has subsided.
Get the Help You Need to Manage the Impacts of Coronavirus on B2B Sales
It is important to remember that there are no quick or easy solutions in these unprecedented times. In all moments of adversity lie an opportunity for growth. There has never been a stronger or more global push for updated, flexible practices within in the B2B channel, so why not start today?
Finding ways to digitally connect with your partners and motivate sales is essential now more than ever, and Extu is here to help. Sign up below for a free consultation, and see how you can build a stronger presence in your channel.