The ongoing pandemic has impacted several regions’ businesses, resulting in new business activities, from conventional sales methods to online sales.
With its tech-savvy and young population, Southeast Asia is presented with a vast opportunity to adapt to the digital shift to sustain its high-demanded B2B businesses.
YCP Solidiance’s most recent white paper titled “Transforming B2B Digital Sales in Southeast Asia” highlights B2B businesses’ need to embrace sales digitization to survive in these uncertain times.
The Impact of COVID-19 on B2B Industries
Economic disruption has occurred across Southeast Asia countries, along with the increasing number of unemployment, declining economic growth is further predicted to happen in 2021.
The GDP growth projection of ASEAN-6 countries has dropped by -3.4%, in which the Philippines, Malaysia, and Thailand are expected to face a significant decline in its GDP.
Furthermore, export demands are negatively affected by major ASEAN trading partners’ economic contraction, such as Japan, China, the European Union, and the United States.
This global pandemic limits B2B business activities, like networking events and physical meetings, as the core of building long-term client relationships.
However, even with significant revenue losses, most B2B companies are trying to survive amid COVID-19.
How Sales Digitization Helps B2B Businesses
To keep up with recent market trends and changes, B2B industries should adapt to sales digitization for several reasons:
- Effective Online Sales Content
Sales digitization helps businesses form the most compelling sales pitch, resulting in a systematized online sales content.
Thus, B2B businesses could save time, effort, and costs through digitizing sales.
- Prioritize Key Stakeholders
Returns on investment (ROI) can be maximized by identifying the right target customers.
Sales digitization can deliver sales pitches directly to critical stakeholders, shortening the lead time and maximizing ROI.
- Establish a CRM Database
Customer Relationship Management (CRM) systems are mostly integrated to clearly understand customers, turn data into useful business information, and have the most effective targeting.
- Define and track KPIs
Sales digitization enables businesses to conduct sales dynamically, requiring B2B industries to define and establish KPIs, keep track of the business sales growth, and have significant cost control.
- Efficient and Selective Follow-Up on Leads
Efficient and selective follow-up is a significant factor in maintaining potential customers’ interests. Also, it would translate into higher quality leads and higher sales probability.
Sales digitization calls for a change in the business model for most traditional B2B companies, but such a change is needed to generate stable revenue amidst an unexpected crisis.
As ASEAN countries are to remain in economic contraction caused by the spread of COVID-19, sales digitization would effectively help industries in the region stay in business.
Through sales digitization, companies will be able to target and reach out to potential customers with an effective content sales pitch.
This digital shift across B2B sales will be the new norm to capture new leads and opportunities.
Source: B2B Digital Sales Report