COVID-19: Impact on B2B Selling

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.

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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