As EDO’s prepare for a wave of new investment that will follow the re-opening of world economies, these five powerful B2B sales dynamics will help them compete effectively. A recent article from Accenture identifies 5 sales dynamics that will shape B2B sales in the “new normal”.
In this perspective, Acccenture explores how COVID-19 and its economic consequences will impact the future of B2B selling. The old rule book is a thing of the past. It’s time to embrace the unpredictable. EDO’s should take new and different strategic steps now to capture the market share while keeping pace with constantly changing investor demands.
1. Rediscover Your Customer
Investor priorities are changing completely. COVID-19 is forcing tectonic shifts in demand throughout the global economy. In some cases, the crisis is sparking growth. In others, demand is dwindling due to the lockdown and the economic aftershocks that followed.
The leaders of tomorrow are modifying their organizations’ sales priorities using a powerful blend of person-to-person communication, predictive analytics and AI engines. They are doing this by proactively reaching out with empathetic, custom messaging and making concerted efforts to transform customer needs into value-driven solutions.
2. Refocus the Sales Team
Government-mandated shelter-in-place and social distancing guidelines across the globe have forced organizations to move field sales inside for the foreseeable future. Smart organizations are boosting the effectiveness of their virtual sales teams by completely redefining their sales journeys inside out.
Bold new ways of using virtual tools within the B2B selling realm have allowed EDOs to maintain business continuity, reduce sales cost and improve the quality of interaction with investors. Both buyers and sellers are getting used to virtually connecting with customers, offering the potential for much more effective sales engagement and negate the geographical barriers inherent in FDI sales. In many ways, it is levelling the playing field, allowing smaller EDOs to compete more effectively.
3. Reimagine the Offer
To stay relevant, B2B sales organizations must anticipate these massive shifts by understanding changing customer buyer patterns and unmet needs. They must also actively test, learn and accordingly reposition their interactions, offers, messaging and deal terms to fit these new needs.
4. Reset your sales approach
EDOs must focus on helping customers solve problems in both immediate and intermediate terms. In the long run, exceeding investor needs now will demonstrate loyalty and a genuine commitment to helping them in uncertain times.
As sales organizations invest in gaining a greater understanding of existing customer needs and opportunities, they must also rally their team around newer and better concepts of value. The focus moving forward must be on building an adaptive, future-ready workforce and culture.
5. Re-enable your sales team
The COVID-19 downturn is expected to amplify the value proposition of innovative selling approaches, powered by emerging data insights and technology. EDOs can leap ahead of the curve by collecting real-time data that is currently available about changes in investor business brought about by the COVID-19 downturn. HMC offices around the world can help provide this data, along with the local insights that allow your sales teams to deliver value-added services to investors.
Now is the time to unlock the powerful potential of tech-driven marketing, sales and service platforms. These insight-driven automated innovations dramatically improve usability and deliver hyper-relevant insights to empower the sales teams to act swiftly on crucial opportunities. At the same time, they also enable extended account teams and leadership to collaborate better together—and, ultimately, win.
HMC has over 30 years’ experience in helping deliver world class investment across the world. Our team will work with you to leverage the latest sales and digital technology to effectively compete for new inward investment. As a first step, email firstname.lastname@example.org to learn more.