The proliferation of hybrid and remote working environments over the past couple of years makes it evident that B2B interactions should follow a digital roadmap. Research shows that almost 80% of B2B sales interactions will occur through Omnichannel and digital channels by 2025, and it's because 33% of buyers desire a seller-free sales experience.
Moreover, according to McKinsey, B2B sellers are stuck between choosing either excellent digital capabilities or a great sales force. But why do companies need to pick one in today's digitally competitive era?
Our history shows that businesses that continue to thrive adapt according to their buyer's needs. Moreover, they have the advanced knowledge to anticipate future demands and adjust their business operations to take advantage of the current situation. As the digital shift continues, B2B businesses must make informed decisions and strategize in order to stay ahead of the competition while keeping up with the tough times.
This dramatic shift is guaranteed to become more focused and self-service, reducing the time spent on buyer and seller interactions. In order to make this a reality, it's significant to adapt to the omnichannel reality – there is a strong need for reimagining their go-to-market approaches.
Want to know more? Keep reading as we discuss how digital selling transforms the B2B dynamics. But first, let's understand what digital selling has in store for the modern B2B buyers and sellers.
Digital Selling – Brief Overview
In simpler terms, it's the ongoing process of leveraging digital channels to find and connect with prospective clients in the B2B arena. The goal is to build robust relationships on online channels while turning those digital connections into offline sales conversations.
This new era of B2B sales is defined by online selling, predictive analytics, and advanced technologies to boost the productivity and effectiveness of sales representatives. Digital selling technologies offer new opportunities to add value to the customer experience, leading to better growth than the traditional outreach channels.
Moreover, did you know that 92% of B2B decision-makers have stopped responding to cold calls?
This highlights the need for new ways to connect with B2B buyers, deliver superior customer experiences, and create a competitive edge. Undeniably, digitalization is the answer to all – optimizing customer analytics, efficiently managing profitability, and prioritizing future strategies.
Pillars of Successful Digital Selling
B2B companies need to be mindful of the evolving needs of their own organization as well as seek out new ways of improving, optimizing, and accelerating the digital selling process.
Here are four key pillars for successful digital selling:
1. Accurate and Quick Quotations
B2B sales teams tend to underestimate the impact of their speed and ability to close a deal. They miss an opportunity when they fail to quote a comprehensive price or proposal. After all, time is money, hence, it's essential to harness the power of technology to reduce the time required to send sales proposals and quotes.
According to Benchmark Report for Revenue Leaders, only 84% of businesses implementing a CPQ software are capable of sending a quote within the 30 mins margin in comparison to 57% of businesses that fail to achieve such a short quotation margin.
2. Enhanced Experiences for B2B Clients
Your clients expect seamless, highly personalized, and low-friction buying experiences, and if your B2B business is struggling to deliver, it's time to go digital. Now is a good time to focus its efforts on right-time experiences to achieve smooth and effortless buying experiences.
3. Strong Cross-Team Collaboration
B2B business involves an average of 11 shareholders, and that's only on the buyer's side.
The involvement of numerous stakeholders becomes a major friction point for many organizations leading to significant delays. On the contrary, digitalization has the power to enhance alignment, improve communication and remove friction. As a result, it's easier for your sales team to make a sale.
4. Leveraging Insights & Analytics
Companies are fully aware of the potential value behind revenue, sales, and customer data. The challenge here is efficiently managing and extracting valuable insights to achieve higher competence. This data has the competencies to improve the overall digital selling process by capturing actionable insights and optimizing them into sales strategy makes all the difference.
Digital Selling Creates Competitive Edge
Without a doubt, digital technologies are the gateway to developing successful and newer business models capable of empowering sales teams to achieve higher-value goals. B2B businesses can achieve benefits only when they realize the significance of human and digital capabilities – and use them to their full advantage.
To learn how digital selling can help you gain digitalization benefits, visit Definity First. Our representative will help your sales team navigate omnichannel selling while reducing costs, scaling the business, and improving sales effectiveness.