Covid-19 is the most significant ‘black swan’ event in a generation. Few businesses were able to accurately predict the onset of the virus and even fewer were equipped to deal with the eventual fallout. We have seen mass layoffs, lockdowns, and the largest economic contraction since the Great Depression and increasingly organizations are not looking at their growth, they are looking at survival.
A second wave of Covid-19 is looming, and executives should be looking for the means of generating revenue whilst preparing for a second lockdown. For example, since the outbreak of the novel coronavirus, China has helped bolster its economy by protecting both B2C and B2B businesses and was recently able to report growth of 4.9% between July and September. There is huge value in preparing yourself for the worst and this should be the focus area within all businesses worldwide.
Covid-19 is now a global emergency. As lockdowns have lifted, we’ve seen R Numbers increase worldwide and as we approach the end of 2020 it’s foreseeable that we may have to return to lockdown once more. The question is, what should businesses be changing before this eventuality plays out? By driving lead generation in a digital-first world, enabling the seller to increase consumer engagement and redefining the sales culture in the ‘new normal’ businesses can better position themselves for an uncertain future.
Engagement of the Informed Consumer
The COVID-19 crisis is the greatest disruption to business functioning since World War 2. Sales have always had to be adaptable to the world around them and how it impacts buyers and the way they want to be communicated with, but the global pandemic has changed the landscape beyond recognition – not only are buyers disrupted, uncertain and upset, but they also continue to have increased access to information.
E-commerce is pivotal in the activation or reactivation of prospective clients. Consumer sentiment is changing near daily and businesses must invest in the tools which help them to communicate with the end-user and increase engagement, as well as those that help to upskill staff members and help them to sell during a period of increased economic uncertainty.
B2B – Where the B2B markets are concerned, over 45% of B2B technology buyers are 25- to 34-year-olds, making them the single largest demographic, followed by 30% in the 35- to 44-year-old age group. There is a new generation of tech-literate staff moving into positions of power across the business world and as such you must invest all possible resources in ensuring these individuals that you aren’t tone deaf when it comes to tech and that you have a strong value proposition.
B2C – When it comes to B2C, now more than ever, the consumer wants to feel safe and that a brand has their best interests at heart whenever it is undertaking its business. Even though 80% of consumers report still feeling somewhat unsafe, out-of-home activity is picking up with one-third of consumers resuming “normal” out-of-home activities. A migration to digital and omnichannel will define the holiday season, executives should ensure that they are positioned to assist customers in this aim.
Current business needs have accelerated the importance of enhancing skills across the organization. In a recent McKinsey Global Survey, 87% of executives said they were experiencing skill gaps in the workforce or expected them within a few years, when we consider the importance of agility in the modern workplace, this simply has to change.
To learn more, download the full report here or continue the debate either at the RevGen Insight Summit EU or Revgen Insight Summit NA, two GDS Summits where we bring together senior sales executives who are actively seeking to share, learn, engage, and find the best technology solutions.
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