It’s no secret that COVID-19 has changed the way we do business worldwide, and the B2B sales industry is certainly no exception. Sales leaders have been forced to change the way they sell their products and services by going virtual internally with team members and with customers and prospects. Furthermore, it looks like the new way sales organizations are selling isn’t going to change anytime soon, even once we finally get through the lingering pandemic.
We examined studies conducted by McKinsey and Raconteur to identify seven ways COVID-19 has most impacted the business-to-business (B2B) sales industry.
1. In the B2B Industry, 70-80% of Decision-makers Prefer Digital Selling
While remote selling via phone and videoconferencing has become more popular over the last several years, the COVID-19 virus has made the buying and selling experience even more digital—and that’s not going to change. Besides pure safety reasons, businesses enjoy the ease of online communication and ordering and the cost savings of not having to travel. In fact, only about 20% of B2B buyers say they want to return to in-person sales after the pandemic.
What This Means for Small Businesses
Sales teams need to make sure they have the tools and resources in place to make remote sales a long-term reality. For example, every small business should be using a video conferencing platform such as Zoom to communicate with prospects and customers.
2. Buyers Are Not Afraid to Make Big Purchases Online
Traditionally, ecommerce was thought to be best suited for smaller, low-cost items. However, as digital sales increase at a rapid pace, businesses are making big-ticket purchases much more often. Seventy percent of decision-makers now say they are comfortable making remote purchases over $50,000, and 27% say they would spend more than $500,000 in a fully digital sales interaction.
What This Means for Small Businesses
Sales leaders shouldn’t be timid to tackle large sales deals without having to meet in person. Sales training should include how to engage prospects and customers on remote platforms effectively with tools such as live chat on your website, email techniques (such as including videos), meeting scheduling apps such as Calendly, and video conferencing tools.
Learn more about how to use live chat technology to communicate with prospective customers with our Ultimate Guide to Live Chat Software.
3. Buyers Have Higher Expectations When Making Purchasing Decisions Virtually
Over the last 18 months, the B2B buyer has changed dramatically. While sales reps in many industries used to manage territories and spend time visiting with customers in person, this hasn’t been the reality in 2020.
Therefore, customers are taking the time to invest in more research and conversation in a virtual sales environment before making a purchase decision. More research is being done by 51% of buyers before engaging in sales, and 50% require more justification before making a purchase decision.
What This Means for Small Businesses
Salespeople need to be aware that buyers are still adapting to this virtual environment. They need to do more prospecting to fill their sales funnels with qualified leads, have robust social selling skills, and be well-versed in email and video conferencing selling. Furthermore, since buyers are doing more research, the products and services you offer—and their prices—should be transparent on your business website.
Want to learn more about lead qualification? Read our guide on how qualifying leads works in sales teams.
4. Video & Live Chat Are Taking Off in B2B Sales
Video and live chat are the top two most-used tools in the sales process during the pandemic. Personally, I started seeing this trend take off in 2016 when I worked for a startup that was focused on scaling quickly around the country, so we employed a virtual selling model that was highly successful. Now, in-person sales have decreased by 52% since the pandemic began, while video conferencing has increased by 41% and live chat by 23%.
What This Means for Small Businesses
Leaders of sales management teams shouldn’t assume their customers prefer in-person interactions—their customers are perfectly happy having sales conversations and making decisions virtually. Salespeople should be experts in using the technology their customers want to use in order to close deals most effectively.
Pro tip: Want to learn more about the best video conferencing platforms available today? Read our guide on the six best video conferencing options.
5. Online Selling Isn’t Just for Warm Leads
It’s a common belief that when you meet a new prospect for the first time, it’s best if that meeting can be done in person. But that’s not what sellers are saying. In fact, as of August 2020, virtual sellers agree online selling is 75% equally or more effective when working with existing customers and 76% when interacting with new customers.
What This Means for Small Businesses
Sales reps shouldn’t hesitate to reach out to new prospects virtually. Most buyers have become used to and comfortable with online selling during the COVID-19 pandemic. Some of the best engagement strategies for engaging new prospects online are through using email marketing campaigns and custom videos with software such as Wistia.
Furthermore, it’s key to use sales tools to organize your pipeline of leads and customers. For example, a customer relationship management (CRM) tool such as HubSpot has a robust free plan for unlimited users to help you manage leads, create email templates, engage customers in live chat, and foster collaboration. Sign up for a free account today.
6. Buyers & Sellers Prefer Video Conferencing Over Phone Calls
We all have days where we just don’t feel like being on video, especially while working at home. However, the research shows that your customers and prospects prefer it. Seventy-nine percent of internal employees prefer to meet over a video conference than the phone and 76% feel the same way about meeting with existing clients and prospects.
What This Means for Small Businesses
If you’re still primarily trying to sell over the telephone—especially during the COVID-19 pandemic, it’s time for an upgrade. Fortunately, there’s no shortage of free and affordable video conferencing options available, such as Zoom, Google Meet, and RingCentral.
7. Post-pandemic, B2B Changes Are Likely to Stick
According to 89% of decision-makers, online selling strategies are likely to stay the same through 2021 and beyond. This is up from 11.25% from April to August—and sales organizations are only using virtual selling methods more and more as the pandemic continues.
What This Means for Small Businesses
Whether you’re onboarding new sales team members or training existing ones, the fact that online selling is likely here to stay for many industries is a reality that needs to be communicated with your team. This means training them in the best strategies for virtual engagement with customers and prospects and making sure you have the tools in place to provide a seamless customer experience.
In our virtual world, sales organizations need to change the way they set their sales goals when working with customers and prospects. Learn more about how to set sales goals for your team.
Bottom Line
COVID-19 has changed the way small businesses market and sell their products and services by becoming highly digital. While in-person meetings are the traditional way to foster business deals, the pandemic has proven that both buyers and sellers have become comfortable with an online sales process. Sales teams should be prepared to continue to engage prospects remotely with tools and software that make it easy to close deals and retain loyal customers.
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