Wonderful article by McKinsey & Company. The B2B digital inflection point: How Sales have changed during COVID-19. The findings reveal three emergent themes:
1. Spend. While companies are generally reducing spend, a sizable number are increasing or maintaining it, with rates depending on company size, sector, and—more than any other factor—location in the world.
2. Digital. Looking forward, B2B companies see digital interactions as two to three times more important to their customers than traditional sales interactions.
3. Remote. Almost 90 percent of sales have moved to a videoconferencing(VC)/phone/web sales model, and while some skepticism remains, more than half believe this is equally or more effective than sales models used before COVID-19.
Typically these transitions take years to play out, but given the fact that the entire economy is going through this simultaneously, we are essentially all taking part in a worldwide Hackathon. Organizations are deploying a wide range of tools might have taken years to deploy, but now are being taken for a test drive. Necessity is the mother of all inventions. Ingenuity and resilience are thriving around the world. I am confident that we will learn and adapt to overcome the current challenges we all face.