The New Transaction In B2B
The department in Business (B2B) that has been hit the hardest by the new normal is marketing/sales.
It is a known fact that transaction in B2B happens on the premise of personal relationships between members of the businesses involved.
Even in 2004, when Web 2.0 became popular, the best marketing channels favored by B2B companies were still calls, trade shows, events, seminars, radio, tv, brochures, magazines, billboards. Face-to-face transactions were preferred. Why were these channels popular? Because they are easy to access and known to create a better human connection than anything on the web (online).
But since phones became smarter and accessible, social media exploded, marketing distribution changed drastically as well as sales conversion. But even with this new development, most B2B companies still prefer traditional methods because, according to them, change is hard, and after all, if it’s not broken, why fix it?
Weirdly it was working for most of them until 2020, a pandemic came, and within three months, most of them either went out of business or fired half of their staff while relying on fake remote work experts to rescue their businesses.
While most people might not be a big fan of Bill Gates, I respect him so much in business. In 1995, he said if your business is not on the internet, then your business will be out of business. Sadly, that is what is happening today.
Everything you wanted to achieve with your potential customers through the traditional methods is more achievable now online. They are spending more time on the internet with their phones and PCs than any TV or physical location, and the best part, it is easier to reach them. Ask Netflix. Even your old customers would enjoy the comfort of doing business at the click of a button.
If you are yet to embrace the power of the internet as a business or you care about running a successful business in the new normal, here are six advice for you:
- Get a market-fit website if you don’t already have one or redesign your outdated one to become market-fit.
- Enable your business process, customer relationship management, and marketing online with the right tools and platforms.
- Build a strong brand image on social media.
- Get an experienced remote consultant to set you up for remote work as an option or fulltime.
- Hire remote-fit employees going forward.
- Stay curious about digital trends in business.