B2B companies prepared to conduct a substantial portion of business via digital means are positioned to outperform their more traditional competition in the face of COVID-19 and a possible economic slowdown. The “always on” nature of digital business creates continuity and cost advantages for numerous activities including sales, customer service and back-office operations.
“Digital business growth is built on minimal human interaction. That is a substantial sales and operational advantage during this current health scare and economic uncertainty,” said Marc Waldeck, Brave New Markets’ Chief Results Officer. “Enabling customers to have a full, digital relationship, beyond just simple E-commerce, forces innovation throughout an entire organization and that is a beneficial process. In any economy, this type of innovation delivers superior customer acquisition, stickier customer relationships and revenue growth at a significantly lower cost-to-serve.”
Digital Customer Experience
A 24/7/365 digital “path-of-least-resistance” for conducting business is especially advantageous as business travel and face-to-face meetings are put on hold. With 46% of B2B researchers and buyers being millennials and every other demographic turning to digital channels, the ability to attract and retain customers with digital business tools is quickly transitioning from competitive advantage to imperative.
Digital Business Operations
Creating a digital customer experience links digital touchpoints to customer processes throughout an organization. In many organizations, it is the first time direct and indirect customer relationship functions have ever been assessed. The results are lower operational costs and reduced human interaction, which supports work-from-home and other geographically disbursed process management.
Recent opinions from the private equity sector reinforce these observations. Active customer base, stickiness of those relationships, E-commerce and lower cost-to-serve are attributes of companies that will perform measurably better than the overall market and continue to grow in a downturn.
About Brave New Markets
Brave New Markets (BraveNewMarkets.com) is the Digital Growth Company. Partnering with mid-size B2B companies committed to growth, Brave New Markets supplies leadership, knowledge, strategy, talent and technology for transformational Digital Growth that drives revenue, margin improvement and value. Founded in 1999, the company is located just outside Baltimore in Owings Mills, Maryland.