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Research Outline
Prepared for Patrick M. | Delivered October 8, 2020
COVID-19: Impact on B2B Selling
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Goals
To gain a broad understanding of how COVID-19 has changed the B2B selling environment and its potential impact on B2B selling in the future.
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Early Findings
Impact of COVID-19 on B2B Selling
A majority of B2B companies have shifted their go-to-market (GTM) model during COVID-19 towards
digital and remote selling
.
According to a survey report from
McKinsey
, B2B companies see digital interactions as
2-3 times
more important to their customers as compared to traditional sales interactions.
B2B sales operations are going digital, and there is an increased reliance on
virtual selling
, which will continue well into the future. The survey report published by McKinsey revealed that about
90% of B2B companies
have shifted to remote selling, and most of them are working via videoconferencing(VC)/phone/web sales model.
According to the McKinsey report, India and the US have rated remote working highest in perceived effectiveness, at
68 and 60 percent
, respectively.
B2B sales leaders must open up new ways of hearing and understanding customer needs by
enhancing selling approaches
with AI-powered tools and deepen sales integration to nurture opportunities at scale.
B2B businesses are bound to invest more in virtual events to
maintain social distancing
and will
embrace digital advertising
, webinars, and virtual conferencing for their virtual marketing events in the future.
Research published by Hanover revealed that B2B buyers are primarily purchasing through
digital self-serve channels
(28%) since the COVID-19 pandemic.
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