Over the past few months, as the team at VK Transformation busied ourselves with client meetings and projects, one common concern among B2B clients was why should they invest in digital marketing if their competitors are primarily offline?
In fact, as we conducted quick industry research and competitive analysis for some of these B2B clients, we found that many of their competitors have made efforts to increase their digital presence, whether it is to optimize their website, or to simply set up Linkedin accounts for prospecting and maintaining customer relationships. Digital transformation in sales and marketing is no longer a choice but a way to survive and sustain in this complex business environment and prolonged pandemic.
While it might be true that many companies were hesitant to dive into digital marketing tactics and invest in their digital marketing infrastructure a couple of years ago, Covid-19 and technology advancement have fast tracked the changes in B2B buyer behaviour and customer journey as outlined in this diagram.
Digital interaction has gone up significantly where 80% of B2B decision makers prefer remote human engagement and digital self-serve.
Share of revenue generated from video-related interactions increased by 69% since April 2020.
Companies expect changes to stick with 9 in 10 decision makers, who will sustain new digital go-to-market models beyond 2020.
Source: Mckinsey
REASSESSING THE CUSTOMER JOURNEY WILL TRANSFORM YOUR SALES & MARKETING
The use of digital platforms has become integral in the majority of B2B customer journeys, and businesses who fail to see that would only lose out in the long run, as even the most seemingly non-digital industries have been making significant progress on this front. Google has found that even in industrial and manufacturing industries, 67% of purchases are influenced by digital (Source: Google). Nonetheless, utilising digital platforms to drive sales and marketing is not just a simple increase in the adoption of digital tools. The utilisation of these tools must be guided by the right digital transformation strategies in sales and marketing.
VK Transformation (VKT) has developed a B2B Digital First Playbook to help B2B businesses adopt a digital first mindset and strategies to increase the success rates in the execution of sales & marketing transformation. Typically, before Covid-19, we were seeing 30/70 split in B2B brand building/demand generation. However, we project that figure to skew to at least a 60/40 split in the coming months, especially for businesses with low online presence. Not only has the VKT 3-step B2B Digital First Playbook helped many of our clients to build digital brand presence, it has also generated quick wins for them, without losing sight of their mid and long term digital transformation strategies.
Brand
Building
Demand
Generation
Pre Covid-19
Brand
Building
Demand
Generation
Post Covid-19
Source: VKT Analysis
B2B DIGITAL FIRST PLAYBOOK
1
Build A Digital Brand Presence
Business Challenge
Businesses are facing challenges to scale their digital presence and brand awareness due to their inability to uncover B2B customer digital footprints and pain points.
VKT Program
Build a Digital Brand Presence: Evaluate, build, develop & manage digital branding strategies to deliver a consistent brand story across different digital channels, expand reach, improve visibility, competitive edge and customer engagements. A strong digital brand will improve performance marketing efforts.
2
Drive Better Digital Results
Business Challenge
Businesses are facing difficulties in converting website visitors into qualified leads, and have a lack of marketing know-how to exploit digital transformation.
3
Accelerate Digital Growth using a targeted approach
Business Challenge
Businesses are facing difficulties in improving their cost of customer acquisition, conversion rates and market share due to poor targeting in the competitive landscape.
VKT Program
Utilise customer data, web analytics and other digital tools to uncover market opportunities: Drive quality leads and customer acquisitions using paid and organic marketing campaigns (SEO, SEM, Social & Content) to increase performance-driven ROI. Improve sales conversion with the Digital High Impact Selling program.
VKT Program
Using Account-Based Targeting to identify high LTV customers. design & implement cross-selling and up-selling of products and services to improve customer retention or renewals rates.
KICKSTART YOUR B2B DIGITAL TRANSFORMATION JOURNEY WITH POTENTIAL FINANCING SUPPORT
VKT has helped many B2B businesses scale quickly and tap into alternative sources of financing like the Singapore Enterprise Development Grant (EDG), SkillsFuture or Malaysia Human Resources Development Fund (HRDF). The following are some of our notable capabilities:
EXTENDED MARKETING ARM
STRATEGIC BRAND AND MARKETING DEVELOPMENT
BUSINESS STRATEGY DEVELOPMENT
DIGITAL HIGH IMPACT SALES (DHIS)
CUSTOMER INSIGHTS GENERATION & LEAD ACQUISITIONS
MARKET EXPANSION
Eligibility is highly dependent on the respective requirements of the individual grants.
[EXCLUSIVE FOR VKT COMMUNITY]
FOR MORE DETAILS CONTACT OUR TEAM
Why is Digital Sales and Marketing important for your B2B business and how can you pivot, grow, and accelerate your digitalisation to drive your sales and marketing revenue?
Join Vivien and team for a 30-minutes Zoom Fireside Chat at your own convenience to find out more about the best practices of B2B Digital Sales and Marketing, past client experiences, and how VKT can help you in your digitalisation journey in sales and marketing to drive your business growth.
Click here to sign up for an insightful session: https://calendly.com/vktconsult/firesidechat
Vivien Koh
Founder and Managing Director
Practicing Management Consultant
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Cheryl Chia
Performance Marketing Analyst
Sammi Chan
Digital Marketing Consultant
Kelda Lim
Digital Marketing Consultant
For more information please go to: https://www.vktransformation.com. Reach out to us on our website and feel free to share our newsletter.