ASEAN’s B2B Sales is Urged to Digitalize Post-COVID-19 According to YCP Solidiance's Report
The COVID-19 pandemic has caused economic disruption in Southeast Asia and affected overall B2B sales. With the need for businesses to stay afloat, this region is well-positioned to leverage on the digital revolution with a much younger and tech-savvy working population joining the foray compared to other major economies. Digital adoption in this market will allow the companies to cope with the current economic challenges.
Singapore, Singapore, November 22, 2020 --(PR.com)-- With the need for businesses to stay afloat, COVID-19 has accelerated an inevitable digital revolution on B2B sales, forcing companies to shift from traditional sales approaches and embracing online sales channels as highlighted in our latest white paper, "Transforming B2B Digital Sales in Southeast Asia."
How the COVID-19 Pandemic Affects B2B Sales
The COVID-19 pandemic has forced B2B companies to round up new methods to meet potential clients beyond their usual traditional approach to preventing the spread of COVID-19. This pandemic has caused economic contraction - the IMF projected the average GDP growth of ASEAN-6 to shrink at -3.4%, with the Philippines suffering from the worst and falling by -14.5%. Economic contraction is also predicted to occur in the ASEAN’s major trading partners, such as Japan, China, the US, and the European Union.
Why Digitization is Critical for B2B Companies in ASEAN
This digital shift directly impacts the B2B industry as its workforce becomes more tech-savvy, with an average of 64% of the population being 40 and below. B2B buyers have increasingly relied on online channels as a supplement, with a massive 94% of B2B buyers conduct online research before making a purchasing decision, and 68% eventually make purchases online.
With the ongoing shift in B2B buyers’ purchasing behavior, there are excellent opportunities for B2B businesses to establish their online channels to be well-positioned to capture new sales leads.
There are five critical success factors for B2B firms in Southeast Asia to consider sales digitization:
- Effective online sales content, integrating industrial experiences with digital expertise to translate a sales pitch from offline to online.
- Prioritize key stakeholders, to increase the quality of leads and in turn maximize ROI.
- Establish a CRM database and integrate it with the sales digitization strategy.
- Define and track KPIs using relevant metrics to monitor performance.
- Efficient and selective follow-up on leads to ensure more time and effort is spent on higher quality ones.
As the most efficient and cost-effective approach amidst the current crisis, sales digitization provides a low-risk way of testing the various markets and allows companies to target several markets effortlessly and simultaneously with localized content to reach out to their potential customers and achieve desired outcomes.
To learn more about Transforming B2B Sales Digitalization in Southeast Asia, download our white paper on our website.
How the COVID-19 Pandemic Affects B2B Sales
The COVID-19 pandemic has forced B2B companies to round up new methods to meet potential clients beyond their usual traditional approach to preventing the spread of COVID-19. This pandemic has caused economic contraction - the IMF projected the average GDP growth of ASEAN-6 to shrink at -3.4%, with the Philippines suffering from the worst and falling by -14.5%. Economic contraction is also predicted to occur in the ASEAN’s major trading partners, such as Japan, China, the US, and the European Union.
Why Digitization is Critical for B2B Companies in ASEAN
This digital shift directly impacts the B2B industry as its workforce becomes more tech-savvy, with an average of 64% of the population being 40 and below. B2B buyers have increasingly relied on online channels as a supplement, with a massive 94% of B2B buyers conduct online research before making a purchasing decision, and 68% eventually make purchases online.
With the ongoing shift in B2B buyers’ purchasing behavior, there are excellent opportunities for B2B businesses to establish their online channels to be well-positioned to capture new sales leads.
There are five critical success factors for B2B firms in Southeast Asia to consider sales digitization:
- Effective online sales content, integrating industrial experiences with digital expertise to translate a sales pitch from offline to online.
- Prioritize key stakeholders, to increase the quality of leads and in turn maximize ROI.
- Establish a CRM database and integrate it with the sales digitization strategy.
- Define and track KPIs using relevant metrics to monitor performance.
- Efficient and selective follow-up on leads to ensure more time and effort is spent on higher quality ones.
As the most efficient and cost-effective approach amidst the current crisis, sales digitization provides a low-risk way of testing the various markets and allows companies to target several markets effortlessly and simultaneously with localized content to reach out to their potential customers and achieve desired outcomes.
To learn more about Transforming B2B Sales Digitalization in Southeast Asia, download our white paper on our website.
Contact
YCP Solidiance
Sitaresti Astarini
(+62) 21 2598 2120
www.ycpsolidiance.com
Sitaresti Astarini
(+62) 21 2598 2120
www.ycpsolidiance.com
Contact
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