B2B companies are increasingly leveraging digital practice to drive revenue.
The recent digital revolution has enabled companies to digitize their back-office workflows and modernize overall business infrastructure. It has made it essential to deliver consistent, high-quality customer interactions that can help drive business growth. By focusing on advanced analytics and machine learning, B2B sales executives can have access to historically unprecedented amounts of data and computing power. These digital technologies allow them to envisage the most valuable sales opportunities with a high degree of precision.
Digitization of B2B companies can help build a transparent ecosystem that can be used for research and development, sales, marketing, and other business functions. Leading B2B companies now have started responding to the increasing need of digitization to serve their clients more efficiently. They have started streamlining communication with all vendors and service providers in order to increase value.
Growing competition from the B2C sector, the emergence of new technologies and changing customer expectations and requirements are the major factors blurring the boundaries between B2B and B2C companies. Both sectors acquire different business models and users alike. While a B2B business makes money by selling their product or service to another business, B2C sells to individual consumers.
When it comes to prescribing digital strategies, B2C companies have first made a digitization journey, subsequently garnered interest from B2B’s. Since digitization has made it more crucial to provide consistent, high-quality customer interactions to gain a competitive edge over their peers, regardless of the channel, B2B companies need to adapt themselves accordingly.
Despite having rich in product descriptions, company websites selling models firmly planted in the offline world are often little more than digital brochures that fail to deliver an easy way for customers to make their purchase. Although sales teams are working around the clock to navigate deals that stretch longer and involve multiple influencers and buyers, they often lack the analytics needed to assess and manage the sale profitably, identify who the real decision-makers are, and what sorts of outreach might prove persuasive.
Moreover, B2B leaders must cope with dwindling product shelf lives, greater price transparency, and a changing cost basis. They also must grow the capabilities needed to deliver consumer-like experiences, with personalized services and hassle-free purchasing across platforms and devices.