The pandemic has changed the way of commerce at an unprecedented pace. It was the only way for most B2B brands to survive in one of the harshest times. Going forward in 2021, B2B brands need to follow certain imperatives to successfully navigate the uncertainties that still plague the marketing ecosystem.
In 2020, the pandemic forced B2B brands to develop digital commerce processes as well as experiences for evolving customer demands and revenue requirements. These significantly impacted manufacturers which then were forced to pivot toward digital channels.
Before the COVID-19, less than 40% of manufacturers, distributors, B2B enterprises had an e-commerce strategy in place. In fact, According to Adobe Digital Trends Report 2021, only 18% of the executives in the B2B focused enterprises agreed that they have a high level of customer experience maturity.
For CMOs and CDOs in the manufacturing sector, this presents a great challenge as they often have to deal with long sales engagements, complex buying committees, dependency on face-to-face interactions, to name a few.
Though having short-term goals can help them to keep their business operations intact for now, they won’t help them drive long-term revenue. Moreover, according to a recent report published by McKinsey, 80% of the B2B buyers prefer digital self-service over in-person ones. Hence, to successfully embrace meaningful changes, B2B brands must embrace the following changes:
Optimizing the customers’ digital journey
Since the proliferation of new digital channels as well as the flood of data, the buyer’s journey has become disjointed. According to Adobe 2021 Digital Trends report, 57% of the B2B executives have reported enormous growth in digital and mobile visitors over the past few months.
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To meet buyer’s expectations and drive conversions, B2B brands need to take initiatives to transform their digital experiences for their customers. Brands need to make active efforts to make online experiences similar to the in-store ones. Using relevant and accurate product data, up-to-date inventory, pricing information and delivery timelines, they are equipped to drive engagement. Furthermore, brands can leverage customer data to craft personalized customer experiences with recommendations and topical content.
In 2021, brands should approach digital experiences with a mobile-first mentality as it can increase their revenue by as much as 40%.
Implementing interactive tools
Visualizations and guided tools can help brands to reduce the complexity in the manufacturing as well as B2B buyer’s journey. They can offer a personalized portal to cut down unnecessary content clutter and deliver the right information at the right time at the various stages in the buyer’s journey.
Evaluating channels strategies
Since many B2B brands do not have strategies to maintain their e-commerce channel, there’s a lot of room for improvement, especially across direct and indirect channels.
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B2B marketing teams should also strengthen their relationships with distributors and partner channels to build better online capabilities and tie disjointed channels. This enables brands to gain access to key market areas and strategic accounts as well as reach out to underserved market segments.
Though many B2B brands adapted to various market realities and changing buyer preferences, it is still difficult for many B2B brands to build digital commerce that aligns with their current buyers. However, by following the digital imperatives, brands can substantially increase their revenue and build a long-term relationship with their customers.
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