The COVID-19 outbreak is one of the most challenging phases in human history which has affected more than 2 million people across the globe and still counting. This has affected every aspect of our lives including businesses, work and the economy.

Businesses around the world have been shut following the lockdown that aims to curb this virus. This has hit the world economy severely. 

While strict measures are being taken to battle this epidemic, companies are trying to find ways to cut costs, maintain liquidity, keep their companies running while making sure their employees are safe. Companies are now rethinking their long-term strategies especially the B2B businesses, in which moving to digital platforms will become more important than ever. 

How exactly are companies making use of digital platforms? 

Not many businesses can be completely run online and so they are coming up with innovative ideas to make use of the available online resources.

For example,

Selling Virtually:

Social distancing has hindered a number of one-to-one physical meetings between sales teams and their customers. Thus, to make sure the same results can be achieved companies are leveraging video call apps to give their customers a similar experience.

Demonstrations of products are shown and explained through recorded videos or in some cases live videos.

To make these experiences even better, companies are using visual graphics and slides too.

Below are some tips to make virtual selling effective:

  • Add value to your audience right from the beginning
  • Get your audience to engage
  • Use dynamic visuals to keep them focused and interested

Conducting live events online:

For many B2B businesses, face-to-face live events are the best way to generate quality leads. In fact, the majority of business leaders (from VP to the C-Suite) say in-person events are a very important component of their company’s success. 

While due to the lockdowns, many companies have canceled or postponed their events. Names like Google or Adobe have found innovative ways to reach out by utilizing virtual components like webinars and email marketing.

Restriction on travel may have barred most of your clients from visiting your company physically and vice-versa. But the good part is, there are many other ways you can still reach out and make connections.

How?

Open a web store:

According to a report by Quantum Metric, online sales increased by 52% year on year with the number of online shoppers going up by 8.8%. Although having an online store might not help operate some businesses at the same level, it might get them through this crisis.

It is important to know that not all your clients will be used to buying on a B2B online platform. Thus, it becomes imperative that your web store:

 1. Displays relevant information for your customer to make quick decisions 

 2. Allows them to navigate through the store easily and help them find what they need

 3. Helps them complete orders efficiently

This shift to e-commerce is significant and it is likely that clients will continue with this online habit.

Thus, launching an online store is not only important to address the changing consumer behaviour now, but will be very crucial after this lockdown period. 

Digital Marketing:

Opening an online store is not enough. People need to be aware of the store for it to bear any fruit. Thus companies are hiring agencies to use strategies like SEO, Google Ads, Social Media Marketing and Email marketing to make the best out of their online store.

Lorac Media has a dedicated team of experts specializing in Email Marketing which will help you find quality leads with creative and innovative strategies catering to your business needs.

The cost of online marketing in the current market scenario is far less than the cost of traditional marketing. And so rather than cutting marketing costs entirely, companies are instead investing the same money for digital marketing and also saving.

Help and retain current customers:

While getting new customers is a challenge, maintaining and improving their relationship with the existing customers is of the essence.  

Some businesses are doing so by:

  • Prioritizing their time, commitment, in-stock products, etc. for their existing customers over the new ones. 
  • Providing value to them through useful content 
  • Helping clients living in the severely affected regions by offering discounts, benefits like free delivery, or extending the due dates of payments
  • Last but not the least, keeping every customer updated and informed with the latest changes like
  • What precautionary measures are being taken to keep the employees and workers safe
  • And the safety protocols are being followed by every employee while working

Employees first:

Every business is run by its employees and thus it goes without saying that taking care of the employees should be one of the priorities. 

While the online store does help in restricting the interaction between the employees and customers, there are some services that require travel and meeting in person. 

Thus, precautionary measures like providing masks and sanitizers, setting rules to disallow any kind of interaction are being taken. 

Nothing lasts forever

And so won’t this crisis.

Companies around the world are not shying away from venturing and trying everything they can to stay at the top of the game, like-

  • Finding ways to cut costs and reducing the expenses mainly by going digital 
  • Taking care of the employees and existing customers 
  • Using various online resources such as video calling apps, e-commerce platforms are some ways companies are trying to continue their operations

Hope their efforts inspire you and keep your hopes alive. Stay safe!