In turbulent times, many things change, especially how we approach decision-making processes. Companies that have based their internal processes on how key decisions have been made for decades were forced to make fundamental changes during a global health crisis as standards seemed to shift almost monthly. And when those decisions also affect purchases, things get even more complicated.
Given ongoing economic and social uncertainty, some companies are realistically wondering how much capital they currently have available to invest. Is all investment a wise use of capital? Small businesses certainly bear out this concern. According to an UpCity survey, 57% cut spending during the global health and economic crisis. Those who kept spending the same decided to reallocate their budgets, spending more on salary increases (34%), marketing (28%), or operations management (27%).
Previously, companies set approval thresholds to approve expenses up to a certain amount. Decisions about major capital expenditures were left to the higher-ups of the organization. Of course, management asked for feedback to provide further context on acquisitions, but the final decision remained in the hands of senior executives. But things have changed. Remote and hybrid work has become the norm, and input can no longer be gathered in the same way. Meetings must be scheduled if significant costs are involved, but the process can take months. These obstacles have led some companies to abandon long-established processes.
The Changing Face of B2B Customer Engagement
These companies and the companies they work with have been adapting and evolving quickly to the new many-to-many relationships that have emerged. Supplier employees are increasingly communicating with many customer employees simultaneously, often across multiple locations and media. This often puts additional strain on a company’s internal processes. Staying in sync with customers and ensuring quality and consistency of messaging takes more time and energy, especially as B2B buyers are moving in different directions.
As multi-stage decision-making processes evolve, suppliers have had to adapt to support asynchronous communication. This method of contact has created a new trend in the B2B customer experience where buyers are requesting information but not consistently requesting it. It is now the supplier’s responsibility to meet suppliers where they are and provide them with the latest information. All this brings about major changes to suppliers’ internal processes.
Internal systems have also had to change to accommodate this new form of remote decision-making. Things like video calling and video chat systems are crucial to keep internal teams on the same page and enable consistent communication with buyers. Process-based decision-making tools are also being rapidly adopted. Salesforce’s acquisition of Slack and Adobe’s acquisition of Workfront show how communication and decision-making among distributed people has become crucial to maintaining B2B customer loyalty throughout the B2B buying journey.
Introducing new strategies for customer loyalty in the B2B sector
Customer retention strategies in the B2B sector have changed. There’s no denying that. However, B2B problems need to be solved to stay relevant and in good standing with your customer base. It may take an operational tweak or two to get ready for the future. Here’s how to prepare:
1. Get everyone on the same page
You can’t deliver the right strategy to your clients if you and your team aren’t on the same page. Getting everyone on the same page seems easy, but Salesforce research shows that 86% of executives believe ineffective collaboration and communication are the top two causes of business failure.
Don’t just focus on tools and systems that make collaboration and communication easier. These likely already exist. Look at the processes involved. Similar to B2B issues, are there any that are preventing you from communicating more effectively? If so, now is the time to look for ways to streamline internally.
2. Evaluate the sequence of communication
No sequence of communication with your customers should be taken for granted. Just ask 82% of decision makers, who believe their salespeople aren’t prepared for meetings, according to SiriusDecisions. Forrester research backs this sentiment up, with 78% of executives saying their salespeople miss important information. And 77% believe these employees don’t understand the company’s problems or the product’s objectives.
To mitigate these shortcomings, make sure your team members understand where your customers are in the B2B buying process. If your customer is still in the design phase and hasn’t finalized their requirements, forcing your company to make a decision will only hurt the relationship. Get accurate data and crystallize B2B buyer insights to ensure you always meet your customers where they are.
3. Embrace the new normal
You probably already know that many transformation efforts fail due to internal resistance or lack of executive support. Therefore, you need to strengthen your internal change management skills to ensure you are always adapting to customer needs and the ever-evolving market.
The B2B buying process has changed forever and is likely to change again in the near future. Social and economic disruption has accelerated the adoption of digital solutions and driven continued improvements in how businesses connect. Getting certain aspects of the B2B buying process right can help prepare your team for whatever the future brings.
