Impact of Quarantine on Business-to-Business Sales: Free versus Paid Trials, and Empowering Power Users with Training
In the face of the unprecedented challenges posed by the COVID-19 pandemic, businesses are seeking innovative strategies to sustain growth and adapt to the evolving market realities. A team from a leading venture capital firm has offered several strategies to help B2B enterprises navigate this turbulent period and position themselves for post-pandemic growth.
One of the key strategies suggested is to proactively pursue Direct-to-Consumer (D2C) growth where applicable. With the accelerated shift from offline to online sales, businesses should leverage digital capabilities to diversify revenue channels and better control the customer experience.
Another strategy is to focus on high-impact marketing. This involves optimising marketing spend on channels with proven Return on Investment (ROI) and prioritising high-value customer segments with personalised tactics. By adopting this approach, businesses can avoid broad budget cuts and instead reallocate marketing spend towards high-impact channels like search and personalised direct marketing.
The team also recommends adopting integrated omnichannel approaches. This means combining digital channels such as search for intent-driven traffic, automated engagement options for visibility, and direct marketing for personal customer engagement. This approach creates a more effective sales cadence suited for remote buyer journeys.
In addition, the venture capital firm's team suggests leveraging problem-solving support from VCs. Venture capital firms often help their portfolio startups with business model pivots, cost restructuring, and strategic coaching to adjust to pandemic-driven market shifts, which can indirectly support B2B sales continuity and growth.
Other strategies shared by the enterprise team at the venture capital firm include building pipeline through targeted virtual events, getting creative with Business Development Representatives (BDRs), renewing customers by being flexible on all levers except price, implementing a deal desk, managing the psychology of salespeople, and looking for channel partners with strong customer relationships and pull from the field.
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In conclusion, these strategies provide a framework for B2B enterprises to navigate the challenges posed by COVID-19 and position themselves for post-pandemic growth. By focusing on digital transformation, data-driven marketing, channel optimisation, and strategic operational support, businesses can not only survive the pandemic but thrive in its aftermath.
In the realm of business technology, embracing digital transformation is essential. This includes proactively pursuing Direct-to-Consumer (D2C) growth, optimizing marketing spend on high-impact channels with proven Return on Investment (ROI), and adopting integrated omnichannel approaches that cater to remote buyer journeys. Additionally, leveraging problem-solving support from venture capital firms can be invaluable, offering guidance on business model pivots, cost restructuring, and strategic coaching.
