B2B companies are quickly becoming more focused on their digital activities to acquire new customers, remain relevant or for immediate market growth in their particularly niche. In many instances, its success or failure will be directly linked to the survival, stability or growth of the business. There are some difficult times ahead for B2B companies in Australia.
There are a number of industries that have been decimated at the forefront of the pandemic - businesses in events, conferences, venues, hospitality that rely on the in-person connection are forced to adjust considerably to survive. There are a number of businesses that feed off these industry sectors that have created a flow on effect. If these businesses are not digital savvy or have digital capabilities, it will be a significant mountain to climb to win back customers, remain relevant and connected. One of the overlooked aspects of businesses in this environment is the huge number of man hours spent on projects or activities for 2020 that will not yield any results, let alone the expense or investment that has gone into these activities where there will be no return.
Many bigger B2B companies have larger exposure in these industry segments and are often slower to adjust and do things differently, despite having larger budgets, larger workforces and more capability. For B2B companies, the focus on content marketing, digital campaigns and digital distribution of their products & services is a must. Moving fast and remaining adaptable is the order of the day in this environment.
The nature of B2B discussions will be a stark contrast to pre-Covid-19 world. The traditional face to face nature of doing business is moving into the "Zoom" video meeting. Expect this to continue as B2B customers will be less likely to want face to face meetings and prefer to do so over video to save time and risk. In some ways, expect this to be an ongoing option for video meetings to part of the sales process, putting a premium on the face to face meetings when they occur in the future. The internet and digital capabilities means we can adapt, launch new products & services and bring them to market faster than ever before. Now is the time to create new channels to market and reach new audiences.
New B2B channels like The Melbourne Network provide a platform for distribution, target B2B audience and the ability to "network" and "connect" even during these difficult times. Channels like these need to be maximised long term. Any decisions B2B companies make digitally, these are likely to remain part of the long term mix. During difficult times, opportunity presents itself and now is the time to look at new ways, new channels and new partners to help each other survive, prosper and grow as we enter a new era of business.