THE CHANGING FACE OF B2B SALES
The pandemic has understandably forced a rapid rethink about how B2B sellers and buyers interact.
Traditional FACE-TO-FACE approaches have been HALVED from 61% OF ACTIVITY PRE-COVID to 29% NOW, according to recent global research from consultants McKinsey.
By contrast, VIDEOCONFERENCING HAS SKYROCKETED BY 41%, up from 38% to 53%. Meanwhile ONLINE CHAT IS UP 23%, with USE RISING FROM 40% TO 49% OF B2B SALES teams.
75% OF BUYERS AND SELLERS now PREFER DIGITAL SELF-SERVE AND REMOTE ENGAGEMENT over face-to-face interactions.
Only about 20% OF B2B BUYERS hope to RETURN TO IN-PERSON SALES, even in field-sales-focused industries like pharma.
It’s not just about safety in a Covid world. Buyers enjoy the speed and convenience, saying it is EASIER FOR BUYERS TO GET INFORMATION, PLACE ORDERS, AND ARRANGE SERVICE.
In terms of order value, 32% are WILLING TO SPEND UP TO $500,000 ONLINE; 12% willing to spend $500,000-$1 million; 15% willing to spend $1 million+
VIDEO IS PREFERRED TO THE PHONE for meeting:
- Existing customers – 76%
- Prospects – 76%
- Vendors & suppliers – 77%
- Colleagues – 79%
89% think these CHANGES are VERY LIKELY or LIKELY TO STICK – UP 11.25% since April.
Source: McKinsey, “These eight charts show how COVID-19 has changed B2B sales forever”, 14 October 2020, https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/these-eight-charts-show-how-covid-19-has-changed-b2b-sales-forever