The lack of transformation in the face of the development of data and digital technologies makes B2B companies vulnerable to existing competitors and unforeseen insurgents. The choice is between taking an industry-leading position in digital sales and sharing experiences that benefit customers and foster unusual growth, or trying to respond to competitive developments with an ad hoc approach.
With more and more companies recognizing the potential of new technologies to boost sales and support customer relationships and the onslaught of digital trends, radical business changes are emerging in B2B and B2C sectors. Fast connectivity coupled with the ability to meet new requirements and exceed customer expectations. With these advances, we are seeing how B2Bs and B2C companies are undergoing transformations on the path to digital transformation that will play a central role in how they treat customers, how they optimize the customer experience and create new dynamics in an evolving market.
Digital B2B transformation is different for each business and involves updating systems, finding digital solutions and creating a coherent omnichannel experience. While previous digital B2B transformations have focused on improving efficiency, recent transformations have shifted to enhancing the purchasing experience. For businesses, recent updates such as 5G using IoT (Internet of Things) technologies have created new business models.
Research has shown that B2B companies that successfully manage digital transformation have 8% higher returns for shareholders and five times greater revenue growth than their competitors. This shows the power of digital transformation to create successful, future-proof B2C companies. The transition to digital has been a long coming in B2Bs and it has the power to change the way customers interact with the brands that run their business.
Simply put, digital B2B transformation involves the use of digital solutions to streamline processes and improve the customer experience. Executives say the biggest benefits of digital transformation are increased operational efficiency (40%), faster time to market (36%) and the ability to meet customer expectations (35%). In order to make the most of the digital transformation, companies must understand the challenges and avoid pitfalls such as resistance, random challenges, finding the right skills, compliance concerns, slow initiatives and difficulty measuring their ROI.
An overarching goal of digital transformation marketing is to find more customers and spend less money. Companies that use digital technologies and data to create value for their customers create value for themselves.
Customer experience has played a major role in many of the transformative efforts developed in the wake of the pandemic. These examples illustrate how important the experience has become for B2B buyers and how it can help B2C companies succeed in their digital transformation initiatives.
For many B2B companies, it is not only about purchasing products and services, but also about consulting and individualization. You need to understand and manage the customer journey using digital tools. For these companies, a great deal of effort goes into the top segments and major customers who place large orders for products that are tailored to their specific needs.
Established B2B (business to business) companies have been conservative and resistant to change for years – be it manufacturers, wholesalers, dealers or service providers who support companies. Old business models exist, and the underlying technology tends to be obsolete. While consumer goods and services are reshaped by the tsunami of digital revolution and companies like Amazon, Netflix, Airbnb and Uber are reshaping the market with innovation visions that are close to the heart of customers “hearts”, their B2B relationships remain largely unchanged.
While the B2B marketing world is developing rapidly, many of the trends are long-term and perennial. Traditional players, while appreciating the depth of the changes required, tend to believe that these changes need to be digitized as part of their process, and stick to the same sales approach.
The latest and greatest B2B marketing trends will not only revolutionize your business, but will also train you to keep up with the pulse of your competition. If you take a step back and look at your place in the market and see how trends affect the market, you can make more strategic decisions.
Consultancy services such as valuable content, think leadership insights, webinars and panel discussions can help drive engagement, improve relationships and reduce customer flows. Digital Marketing is constantly evolving as new technologies are implemented and consumers change their buying habits.