Many industries worldwide are severely affected by the coronavirus pandemic, B2B industries are no exception. As consumers become more tech-savvy, B2B sellers are forced to adapt to this new-era trend, digitizing their sales approach.
YCP Solidiance’s latest white paper titled “Transforming B2B Digital Sales in Southeast Asia” pointed out that sales digitization is significantly necessary for B2B businesses’ sustainability.
B2B Sales Overview during the Global Pandemic
The widespread pandemic has brought economic contractions over Southeast Asia and is further predicted to continue in 2021.
The worst drop is forecasted in the Philippines, with its GDP falling by 14.5% before COVID-19.
The production growth across SEA countries is predicted to plunge even further due to reduced demand from major partners, such as China, Japan, the United States, and the European Union.
As lockdown regulations are getting stricter around countries, sales transactions involving physical meetings can no longer be conducted between B2B companies in Southeast Asia and other business partners.
Thus, digitizing sales is the only option left for B2B industries to remain their business.
Sales Digitization Barriers for B2B Businesses
Various B2B companies are still engaged in conventional sales methods to establish strong business relationships with their partners.
This is largely due to the unwillingness of those companies to adjust because they lack the confidence to utilize digitalization with their expertise and they are unaware of the undiscovered potentials of digital sales.
Hence, it is inevitably clear that B2B companies must transform to digital needs in the current era.
How B2B Industries Can Survive with Digitizing Sales
With a need to explore new markets for businesses to stay afloat, COVID-19 has accelerated a digital revolution across B2B sales, forcing companies to shift from traditional sales to embracing online sales channels.
Sales digitization contributes to increasing businesses’ sales capabilities to maximize their ROI and attain higher quality leads. B2B businesses have to be ready for changing trends due to the pandemic.
The report also highlighted that sales digitization could help the industry through:
- Creating effective online sales content,
- Prioritizing prime stakeholders,
- Establishing a Customer Relationship Management (CRM) database,
- Defining and tracking key performance indicators (KPIs) and
- Forming effective and selective follow-up on business leads.
Companies can effortlessly target several markets simultaneously with localized content to reach out to their potential customers in the most effective manner.
Considering the potential benefits of sales digitization, B2B companies clearly need to consider adapting this digital trend to further earn strong revenue streams during these uncertain times.
In addition, sales digitization also comprises a low-risk way of market testing, in a way that it provides a controlled and measurable test marketing.
Consequently, B2B industries, particularly in the Southeast Asia region, should alter to a digital approach to stay afloat in the business.