Preparing for the New Normal
The COVID-19 pandemic has confronted every type of business with unprecedented challenges. However, as we adapt to the new reality, we find comfort in knowing that we are all in this together, and that we can get through it with strategy, agility and courage.
At B2B International, we are committed to enabling B2B brands to succeed through the power of insights. Based on our multi-industry experience, we have identified the questions marketing and research professionals must be asking of their business right now, to better prepare for what lies ahead.
This Business Insight Audit serves as a self-assessment checklist, enabling you to determine knowledge gaps and critical topics to address with your leadership across the SAVE framework (based on the 4 Ps):
SOLUTION: Enhancing products / services
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How do we better address the challenges faced by customers, e.g. health & safety, productivity, etc.?
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How can our offering better serve a more remote, virtual b2b audience?
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How can our offering help customers become more efficient and successful?
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How are different user needs and behaviors (as a result of the new normal) impacting expectations of our solutions?
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How could we expand our service offering to capture more value given changing market dynamics, e.g. online learning / training?
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How do concerns around the likes of social distancing transform our sales / support and product delivery?
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How can we better prepare for demand post COVID-19, based on anticipated market needs and extended purchase cycles?
ACCESS: Strengthening the route to market
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How do we become the go-to brand in the path to purchase over other providers?
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How do we optimize the customer experience with our ecommerce offering?
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How can we reach prospective buyers through additional digital channels?
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How can we strengthen the supply chain e.g. through alternative suppliers, component substitutes, etc.?
VALUE: Optimizing pricing
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How do we ensure we sell on value versus get caught in a commodity trap?
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How can we optimize our pricing strategy or model, to better adjust to current market conditions?
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How can we offer more attractive payment terms?
EDUCATION: Improving communications
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How do we convince customers of the value we provide given limited budgets?
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How do we instill confidence in our customers that we are a safe bet for the long-term? What do they need to hear in terms of our financial stability, operational stability, supply chain stability, etc.?
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How has decision-making changed in view of the pandemic? How does this influence who we reach, how we communicate to them, what we say, when we approach them, etc.?
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How could our brand help inspire a more positive outlook? How do we ensure we are seen as forward-thinking, helping markets prepare for the post COVID-19 era?
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How do we position ourselves as thought leaders with the latest information of relevance on the coronavirus, and as business partners to help our customers get through these tough times?
How B2B International can help
Our B2B research consultants are available to discuss any knowledge gaps and the most appropriate insight method for your business and specific needs. Examples of cost effective tools we could use to obtain the necessary insights include:
- A voice of the customer study, e.g. depth telephone interviews (recruited by email), online survey, etc.
- A customer advisory board, e.g. an online community or bulletin board.
- An internal virtual workshop with key stakeholders.
- An internal online survey with certain groups of employees.
For external insights, interviews could be with your customers, or with your wider target audience reached through panels (separate from your customer database). Overall, B2B response rates to online surveys during the pandemic have been stable, or in some markets higher than normal due to increased availability of audiences in the current climate.