Due to the COVID-19 pandemic, B2B companies are beginning to shift from traditional interactions to digital ones.
As the spread of COVID-19 hit the worst in Southeast Asia, B2B industries in the region are striving to survive and fulfill the digital-savvy buyers’ demands.
How COVID-19 Has Altered B2B Businesses
Before the pandemic, the IMF forecasted the GDP of the ASEAN-6 (Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam) would grow to +4.4% for 2020. However, due to increased unemployment and principal economic contractions due to COVID-19, the forecasted ASEAN-6 GDP average growth shrank to -3.4%.
Some dominant players in the business, such as China, Japan, the US, and the EU, are also facing economic downturns.
Digitized Sales Opportunities for B2B Industries
As the population of Southeast Asia becomes more digital-savvy, the digital transformation directly affects B2B industries.
The rise of internet usage and the young people in the region require B2B businesses in the SEA region to transform digitally.
Buyers are now more detailed in making purchasing decisions towards products and services offered, proven by 94% of them doing online research before purchasing and 68% purchased through online platforms.
Such trends in B2B buyers’ purchasing behavior should be taken as an opportunity to increase sales through digital transformation.
As mentioned in YCP Solidiance’s latest white paper titled “Transforming B2B Digital Sales in Southeast Asia”, 60% of B2B sales managers perceive digitized sales as important to the business.
Untapped potentials of sales digitization forced B2B companies to adapt to digital needs, considering these reasons:
- Effective Online Sales Content
The management of online sales content is critical to digitalizing sales, requiring integrating industrial practice to form an excellent online sales pitch.
- Prioritize Key Stakeholders
B2B businesses, through sales digitization, can directly deliver sales pitches to key decision-makers.
- Establish a CRM Database
A higher return on investment (ROI) is feasible to achieve once the business target is optimized, thus requiring valuable business information to summarize potential customers’ profiles.
- Define and track KPIs
To precisely have effective cost control and track the sales performance, B2B companies must define and establish key performance indicators through sales digitization.
- Efficient and Selective Follow-Up on Leads
To ensure B2B industries invest more effort and time on higher quality leads and higher sales.
With the global demand for B2B products and services to remain curtailed as many countries continue to cope with this pandemic’s economic challenges, B2B companies, especially in Southeast Asia, are urged to digitally transform their sales approaches, taking into account the growing young and tech-savvy population’s behavior.
Companies should precisely get to the targeted markets and deliver more localized content to enter different ASEAN markets effectively. This process can be done through sales digitization, which, in turn, leads to achieving maximum ROI, higher quality, and higher sales probability.
Source: B2B Digital Sales Report