We are in the center of a financial crisis without comparison. In addition to the obvious safety consequences, firms have witnessed economic and political crises and the most volatile financial era in recent years.
The coronavirus epidemic is now one of the significant business news headlines in the world, and it has impacted all forms of markets from production to tourism to global supply chains. The stock market has experienced a new phase of instability. All conferences and events have been canceled or delayed. There are almost none physical networking opportunities or business trips. Digital is the only “window” into the business world.
Many B2B industries are much more affected than certain companies that work directly with customers (B2C) because huge amounts of business pause activities or operate very slowly. Small bounces create a domino effect with alarming consequences.
As COVID-19 pandemic is declining in many parts of the world, and some markets are finally getting in better condition, we are aware that this is just the beginning of a global economic recession which will last at least one or two years.
B2B sales professionals are exploring ways to stay efficient and reduce the impact of COVID-19. There are several B2B sales techniques that companies can consider now when we can “feel” some recovery on the markets.
This article addresses quick B2B sales strategies for companies whose market performance has been impacted by the epidemic.
Although most professional recommendations are related to how to outreach the clients affected by Covid-19, we recommend that you do the exact opposite and identify the stable and healthy businesses and interact with them. The first move should be reevaluating the markets that you are considering. Think about how you can shift your offer to be more significant to sectors in top condition. This can be difficult for many businesses, but you can see so many options for reconfiguring your product/services value proposition to companies who are healthy and - and can pay right now.
We understand that pivoting a business can be difficult, but sometimes even with a slight change in direction, we can adapt to some other industries/markets. This is especially relevant if business targets mainly the high-risk sectors. Over the last few months, you’ve probably seen some areas were hit hard like tourism and hospitality, while others have boomed. Try switching to better-performing market sectors if feasible with limited adjustments to your product.
Out of sight implies out of mind. You have to stay connected. Maintaining and up-selling to existing customers is much cheaper and faster than attracting new ones.
So the main task is to continue to keep MRR (monthly recurring revenue) to the maximum possible level and hold all existing ongoing projects.
The biggest issue we are discussing is that lowering rates can harm your brand image. This is possible only in normal situations, but if Covid-19 impacts the company, and you have free assets to make use of, you can provide some discount deals to the past/existing buyers. Market dynamics are modified such that the laws of the game have to be adjusted.
Depending on your “industry”, “client size” and “applicable number of your clients”, you can:
Concentrate on quality-added content at a stage when the conventional demand mechanism and competitive sales strategies are collapsing at a period when we are all confused, terrified, and suffering from these conditions. Staying on top-of-mind through online channels and maximizing value-added content is vital as it helps with consumer engagement during crisis — which ensures you'll have a community to connect with, once life gets back to normal.
Advice for clients who canceled agreements:
Since most of them didn't want to cancel cooperation, most probably they have been forced to do that - At least, ask them to give you review/testimonials and try to get as much value from them as possible, or in specific business areas, they can recommend you to their complementary clients or partners that can become clients.
Direct response paid click campaigns are the best approach for quickly improving B2B lead generation and get clients who are in the “consideration phase” and already have some intent for buying your type of product or service.
Globally, due changed bahaiveors in advertising ecosyistems and global internet usage, PPC prices are lower in the most markets and on almost all platfroms, and ad Inventory for search, display, and is higher. There is big “gap” for fast results.
Keep in mind that in the times when most of the people are working remotely and usage behavior patterns have been changed a lot (for example we are seeing huge increases in desktop traffic compared to normal market activities).
In times of financial crisis, you have to keep up on sales opportunities. Dedicate additional time, attention, and resources to lead generation and sales prospecting right now, even if you're busy at the moment.
Nations and markets have experienced many disruptions over a couple of months. What we can learn for past financial crises is that every time companies that recover are more prepared, more skilled, and with many stronger plans for growing their business.
We are confident you will make up quickly for any temporary losses.
We are Creitive, digital product agency. If you want to learn more, check out our Digital Strategy Consulting page.