Digital leaders in B2B achieve up to five times the revenue growth and up to eight times the EBIT (earnings before interest and taxes) growth of their peers as per McKinsey’s report.
B2B companies often miss adopting digital enablement to provide their customers with seamless experiences, which can generate insights that enable their sales team to improve the efficiency of their operations.
Traditional challenges we have today in B2B!
- If we go by 80/20 principle, It’s challenging for the sales engineers to engage with 80% of the customers who give 20% of business and won’t be able to do sales follow-up with all.
- It might sound familiar, your B2B customers would tell you, I didn’t even know that you have this product in your portfolio.
- B2B customers always look up to a salesperson for technical product selection and prices. There has been a delay in your salesperson’s response because of many such requests leading to revenue loss or unsatisfied customers.
Why do they live with the challenges?
- B2B companies are running in the traditional method and bit scared to make the changes in the existing operation (or) adapting technology due to lack of understanding and guidance
- Companies can’t deploy too many sales teams to connect all the customers as it is too expensive a proposition to get 20% business.
- Because salespersons have minimal time to upgrade their technical skills to showcase the complete range of products/solutions
The simple solution
- Digital customer portals, widely used in B2C, we made it manageable for B2B customers with B2C user experience, from product search, product recommendation, digital catalog, etc.,
- As most of the consumers used to have B2C or market place buying experience, there isn’t much training required to use our commerce platform.
- We digitized the current offline transaction such as Quote to Order process with versions, assigning customer-specific price, exclusive price negotiation and internal approval process for special price requests, etc. to make it work more efficiently.
It functions as a single complete customer-facing application to manage all your B2B customers. Automating your quote transactions digitally, it helps the companies to make data-driven decisions and get ready for AI drives future B2B sales.