Post-COVID - 8 Major Changes for B2B Sales
“we’re only haunted
by the things
we refuse
to accept”
from Bridgett Devoue
Mixed in with the messaging about how the current crisis affects the business world, is the realization that post-COVID will probably never be like pre-COVID. For most companies, there has been a noticeable impact on all areas of a business, resulting in e.g., new or changed products, new business models, new marketing strategies and tactics, and also companies unable to survive.
Companies and employees have made adjustments in the past weeks, and many of these changes will stick around. Some will because circumstances continue to demand it, and others because they have proven to be changes for the better. After all, there often is no better time than a crisis to do what may have been long overdue.
So, what will the new normal look like for Sales?
As a B2B salesperson or sales leader, there are some very real changes to prepare for, some more obvious than others:
1. More home-office based sales jobs: Many field sales reps have been working from home all along. But for most inside- or sales development reps and their managers, the past weeks have been a new experience. And many companies, leaders, and individuals are finding out that it works just as well. And while working from home comes with its challenges, the number of full-time or part-time home office-based sales positions will most certainly be higher post-COVID.
2. More online sales: More people than ever before have now been exposed to buying everything for their daily life online. And this will transfer into the B2B space: products previously deemed unsellable online, or companies that were standing on the sidelines of online selling, all will be forced to change. This will further break down the walls that still exist between marketing and sales. Successful online sales require an integrated process from content marketing and social selling to demand generation and straight into self-service and e-commerce.
3. More use of video technology: …and technology in general, as BCG comments: “The current crisis poses an opportunity for sales to gear up in technological terms. Sellers and support teams must have laptops, smartphones, and internet access and, more important, must know how to use the features...” Turn your PowerPoint presentation into a video, the industry conference into an online keynote presentation, and your face-to-face meeting into a videoconference. And if you do not like Zoom, don’t expect it to go away: according to TrustRadius, 87% of companies expect to continue paying for tools purchased during COVID-19.
4. Migration to the inside sales model: In the past weeks, road warriors were forced to forego customer visits, essentially turning into inside salespeople. Companies will take note and eye the savings e.g., in travel cost. BCG writes: “Armed with data about the customer’s progress along the buying journey, an inside sales rep can talk to a potential customer and close a sale faster and more cost-effectively than traditional call centers or face-to-face reps can.”
5. More meaningful travel: There will be business travel post-COVID! But I believe individuals and organizations will be more thoughtful about it, both buyers and sellers. The proverbial “cup of coffee” will no longer be an acceptable reason for a trip. Time spent face-to-face will be valued more than before. And with it comes the expectation that meetings have more "meat on the bone."
6. Reduced budgets and more educated buyers: Buyers who are currently not buying – e.g., because their budgets are frozen, or demand has dried up, are researching online. The share of the buying process completed before even speaking to a salesperson will continue to increase. Not only do sales teams need to adjust their tools and tactics, but they also need to be able to show a higher ROI to win the business.
7. Easier Hiring: As a sales professional, this is difficult to accept. But many of us are losing our jobs as a result of the crisis. In the months and years to come, hiring sales staff will be easier as there is more great talent available.
8. Focus on current customers: In the pre-COVID sales world, a lot of focus for most teams was on winning new logos and growth. Many sellers and organizations have become very humble over the past weeks, and in the course, re-discovered the value of serving and retaining existing clients. And those that stuck with you during the crisis need to be held in particularly high regard going forward! “Retaining existing customers and upselling to them will become a priority during the upswing. Sales must double down on existing customers to drive product adoption and land upselling and cross-selling opportunities,” comments BCG.
The sooner we accept these changes, the sooner we can prepare for them.
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BCG – Leading Sales Through the COVID-19 Crisis
TrustRadius – New Data on How COVID-19 Will Impact B2B Tech Spending
Photo by Anne Gosewehr