Connecting With Your Customers in Their New Reality

Our recently released State of Sales 2020 report shines light on a number of fundamental changes taking place in the world of sales:

• 77% of responding sales professionals said they’re holding more virtual meetings
• 44% said they anticipated a decrease in responsiveness to outreach
• Another 44% said they’re experiencing longer sales cycles

Each of these shifts is driven by the altered circumstances of our buyers. Like everyone, they are turning to virtual meetings, dealing with new priorities that demand their attention, and scrutinizing spend in the face of financial challenges. 

The better we understand the new reality of our customers, the better we can align and connect with it.

The New Reality for B2B Buyers

The current environment has changed the world of sales, accelerating the adoption of virtual selling techniques that were already trending. At the same time, the world has also changed for buyers, who are often grappling with remote work, restricted budgets and increased scrutiny in the buying process. The most effective salespeople will understand their buyers’ changing world and will provide what the buyer needs, which can range from a solution to simply offering an empathetic ear.   

McKinsey & Company recently conducted a global survey of B2B organizations to gain insight on the broad impacts of COVID-19. They identified emerging trends around three main themes:

• Spend
• Digital
• Remote

Let’s take a look at the shifts that are taking place, and the corresponding changes for sales strategies.

Spending is in Flux

This probably isn’t news to anyone. McKinsey’s research found that while a portion of B2B companies were increasing spend, a majority were experiencing freezes or reductions. This finding aligns with the expectations of sellers, more than half of whom said their customers were expecting budget cuts. Sellers also see many specific industries at a standstill, with sales cycles often increasing.

These challenges are compelling teams and managers to accelerate their progress toward modernizing operations. “Top sales organizations were already making a shift toward emphasizing trust, adopting sales technology, and prioritizing existing customers, but this crisis has accelerated the need tenfold,” said Joseph DiMisa, Sales Effectiveness and Rewards Leader for Korn Ferry, in the State of Sales report.

Going Digital

McKinsey found B2B organizations have massively increased their emphasis on digital interactions, believing them to be twice as important as traditional interactions. Prior to COVID-19, the two methods were viewed as almost equally important.

This also jibes with what we’re hearing from the sales community. As mentioned earlier, 77% say they are holding more virtual meetings. A majority of respondents also said they’re using more email (51%) and phone calls (57%). But the adjustments shouldn’t end with communication channels.

In McKinsey’s report, buyers expressed an increased preference for self-serve options, including mobile apps. Think comprehensively about the digital experience you’re providing, and whether it’s up to snuff. 

Per McKinsey: “To deliver outstanding digital experiences and encourage loyalty, B2B companies need, at a minimum, to address customers’ most pressing pain points and frustrations. When we asked our sample of decision makers to select their top-three most frustrating issues with suppliers’ websites, 36 percent cited the length of the ordering process, 34 percent the difficulty of finding products, and 33 percent technical glitches with ordering.”

The Rise of Virtual Selling

Adapting to a distributed work dynamic goes hand-in-hand with the digital revolution, because technology is what enables communication and collaboration to proceed with minimal hindrance. 

“Everything has shifted to virtual selling, using video conferencing, sending emails, creating webinars and info sessions,” said DiMisa in the State of Sales. “It is a big adjustment for many direct sellers. The most successful reps will adjust more quickly and learn to build relationships through different digital channels.”

The More Things Change…

When you look at what’s happening right now in the context of long-term trends, it’s easy to see the transformation more as an inflection than a disruption. Sales organizations (and their customers) were already moving toward more efficient, digital, and remote processes. Now, the events taking place are accelerating the timetable.

We’re no longer preparing for a future state. The new reality is here for our customers, and that means it’s here for us too.  

Get fully in tune with the current landscape by downloading the State of Sales 2020, and stay plugged into our blog for continual updates and analysis as this landscape evolves.

LinkedIn Sales Navigator helps sales professionals connect with customers in their new reality. Find out more.