Far from standing on the sidelines, many of the B2B companies have incorporated the digital revolution. Most are outperforming B2C companies in digitizing back-end workflows and, source planning and, in streamlining their existing IT infrastructures.
However, those efforts are inclined towards focussing on internal cost and, process competencies and, less on innovating around sales and customer experience—and that’s where a quantifiable growth lies.
B2B corporations need to adjust accordingly. At the moment, trade models to a significant extent endure firmly embedded in the offline world. Company websites, though rich in product descriptions, offer just a little more than a digital brochure that misses the mark to provide a seamless and, easy way for customers to buy goods and, services.
In addition, though sales professionals are striving a notch harder to steer deals that stretch longer and, involve multiple influencers and customers, but they often fall short of the analytics required to achieve the sale profitably, and comprehend about who are the actual decision-makers, and, what sorts of outreach might prove to be influential.
It is not going to be an easy task. B2B players must contend with dwindling product shelf lives, better price transparency, and a fluctuating cost basis on the one hand, while simultaneously developing the capabilities, required to create consumer-like experiences on the other, with tailored service and, hassle-free purchasing across a number of platforms and devices.
Tech-enabled players like Moglix, are already cashing in on this trend by providing business buyers with simple and, convenient digital marketplaces.
Thereby, what can be done? Our objective is clear: by capitalizing in a targeted set of digital abilities and, approaches, B2B companies can significantly improvise upon their fiscal performance—and not just by a percentage point or two.
Rather, the B2B companies who are pushing in more efforts in these areas are generating an additional 8 percent stockholder returns and, a revenue compound annual growth rate (CAGR) that is five times better than the rest of the players.