How COVID-19 Has Changed B2B Price Strategies

COVID-19 has changed life as we know it. Events have been canceled, physical contact is limited, and large crowds are a big no-no. As a result, many businesses worldwide have either significantly slowed down or closed up shop altogether.

Despite all the doom and gloom around, it's business as usual for many companies around the world. Some businesses have actually seen an increase in activity as a result. But even with the increase in business, these companies have had to adapt to the COVID-19 crisis affecting us all. During these times, it's important that your business adapts to the current business climate as well. Here are a few ways on how to successfully change your pricing strategies so that your business can survive COVID-19.

Focus on Digital & Remote Sales

While B2B purchases will still be happening in the near future, there very likely won't be any physical meetups anytime soon. With traditional sales being throttled by COVID-19, digital and remote sales have become more important than ever. And many B2B companies know this as well. Statistics show that B2B companies see digital interactions up to 3 times more important than traditional sales in the foreseeable future. While many businesses have been slowly transitioning to digital and remote sales options, the current business landscape should be all the motivation you need to go all-in on these sales models if you haven't already.

Cut Down or Shift Advertising Dollars

Advertising as a whole has gone down. While many companies have put out at least one advertisement to address the COVID-19 crisis, outside of companies that sell essential products, most companies have cut down on advertising dollars whether it be on TV, social media, or any other platform.

While many products and services won't sell well in this climate, it's still business as usual. And as a result B2B buying will still occur. Change your marketing strategies accordingly. Adjust your advertisement spending depending on the type of items you sell. Aggressive marketing strategies aren't the way to go, especially if the item isn't considered to be essential. Don't turn off the businesses you deal with just to make money. B2B businesses need to be more compassionate given the circumstances.

Change Your Spending Habits According to What's Selling

While overall spending has declined as a result of COVID-19, there's still plenty of money being spent. With that being said, consumers and businesses alike have shifted how they shop. Certain items that might've once been an afterthought all of a sudden have higher priority over others.

And this applies to B2B companies as well. As a result, companies are paying real close attention to their recent transactions. For example, Pros B2B price strategy article states that paying attention to how customers are spending will help you assess how customer priorities have changed. Look over recent purchases from your customers and act accordingly.

Companies around the world are quickly having to adjust to the new normal forced upon us by COVID-19. Take some time to adjust your business practices so that your company can survive the current business climate going forward.

Photo: Freepik
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