Let’s face it: 2020 has rocked the world and it is only June. From the Covid19 pandemic to murder hornets to racial inequality being brought to a head, no facet of life has remained untouched. The way in which companies do business with one another has changed. The future has been brought to the “now” at a much faster rate. Many trends that became popular during the pandemic, such as extreme breadmaking, will fall to the wayside. We won’t always be furiously baking banana bread. But many of the ways in which companies relate to one another will likely be permanent. We will rely more heavily on technology and we have now all learned which meetings could’ve been emails. (Thank you, 2020).
So what trends will stick?
Teleworking:
Long before Coronavirus, teleworking was trending. But up until the Pandemic, it had struggled to take hold most likely due to in house corporate work structure and a lack of interest from employers to invest in the technology to make it possible. Covid-19 made the possibility of teleworking a necessity and as a result, we have seen many companies extend their teleworking policies, such as Twitter, Capitol One and Amazon. Research tells us that roughly one third of all American jobs can be done from home and we expect this trend to stick. We seem to all enjoy working in our soft pants.
The importance of a Digital Footprint:
Even prior to the pandemic, Hubspot reported that 67% of a buyer’s journey happened online. And the increase in relying upon social media as a news outlet has led more and more customers to rely on content. Content that is useful, human, and educational serves your market best. To improve your ROI and sales conversions, you need to prioritize your digital interactions. While not in complete replacement of face to face interactions, digital interactions need to be of equal value to your marketing efforts because they are of equal value to your market.
Digital is now an essential means of doing business. Companies that provide their customers with enjoyable digital experiences with user friendly designs and helpful information are more likely to be chosen as primary suppliers.
The Pivot to Remote Selling:
With so many sales associates now working from home during the pandemic, we have seen that remote selling can work. In the wake of Coronavirus, we are seeing many companies continue to employ remote selling as the standard way of doing business. More than half of B2B companies report that they are likely to continue remote selling for the next year post Covid-19. Trends such as tech-enabled sales, ecommerce, telehealth, omnichannel selling, social media selling, and inside sales, will continue to play a major role for B2B companies.
Other Things to think about:
Budgets:
Many companies are tightening their budgets. More than half of B2B companies report that they are reducing their spending but do plan to increase spending the further we get away from the pandemic. Most are planning on strengthening their position for an eventual economic recovery. This is where budget planning and strategy come into play. Now is not the time to reduce marketing efforts, but to be strategic.
So What Does This All Mean?
Marketers need to prioritize strategy and relay all statistical findings to their sales team. Alignment of sales and marketing in this time is pivotal. Sales and customer service teams can alert content developers of the questions they are being asked in the field so that content is created that is useful. Blog posts, webinars where customers can ask pertinent questions and have them answered on the spot, informational videos and infographics are of paramount importance. Creating targeted email campaigns that speak to the questions your target market is having builds trust and can set your business up to be seen as a trusted subject matter expert. Even upping your social media listening so that you are able to predict the next questions your target market may have will help you be able to identify pain points and ultimately address them. Marketers can then pass along those qualified sales leads who have found this information helpful.
By utilizing digital technology to analyze the needs of your target market through CRMs and social listening products like HubSpot, you will be best situated to meet the evolving needs of your customers and clients.
The MPWRSource Squad is more than able to assist your small business by helping you identify your target market, its pain points, and create a tailor made strategy that will help your company evolve with these changing times.