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The economic effects of the current COVID-19 pandemic are affecting B2B companies worldwide. In an effort to take the temperature in B2B, McKinsey is surveying B2B decision makers on changes in customers’ expectations, spending, and behaviors. The global surveys are part of an ongoing effort. At the time of writing, the results of the April edition are published.
ISBM continues the Marketing in Uncertain Times series with a one on one interview between Lynn Yanyo, ISBM Executive Director and Dan Adams, The AIM Institute. Dan discusses the 10 advantages of Virtual VOC and shares his white paper on Virtual VOC.
“There are many crisis environments where “laying low” is a sound strategy. This is not one of them.” – Andrea Coville, CEO of Brodeur Partners as part of ISBM’s Marketing in Uncertain Times Town Hall Series. Andrea joined with B2B and B2C marketing expert Tom Kramer, founder and CEO of Essex Digital Platform, to show how businesses are still under-communicating to both customers and employees, why this high risk strategy needs to change, and how to leverage effective communications now and in the future.
The private sector cannot wait and see until the COVID-19 storm is over. They need to act, and be part of the solution. Helping out now may regain the trust that the private sector has lost recently, by demonstrating its ability of mobilizing resources, generating innovations, and scaling them up fast. However, in doing so, firms should consider the unique abilities of the nonprofit sector in times of disaster and crises.
What works for selling in times of economic expansion is not what works for selling in times of crisis. In addition, between 25% and 50% of the sales professionals in US companies never had to sell during an economic downturn… and thus, ready experience on dealing with selling in crisis is not abundant. This Harvard Business Review article on leading sales teams through uncertain times describes three principles that were useful during the 2001 crisis.
The influence of the COVID-19 pandemic on the electronics industry is far reaching – and especially significant on the semiconductor industry. Deloitte covers the pandemic and describes how COVID-19 might become a black swan event – an unpredictable evens with potentially severe consequences. The report describes how the current crisis might drive the semiconductor industry to transform its global supply chain.
During turbulent times when you’re not sure what to do, it helps to remember that this won’t last forever. Step back from the anxiety with action. Gather your data and your teams and prepare to come out on the other side in a stronger position. ISBM B2B Pulse brings you timely (timeless) advice from Director Emeritus, Dr. Gary Lilien. In his article ‘Winning Strategies fro B2B Marketers Facing Tough (Or Even Easy) TImes’, Gary Lilien describes three actions that firms will likely take to come out of this crisis healthier than before.
Focusing on the communication process, the United Nations has initiated a global crowdsourcing campaign to collect ideas that can help against the spread of COVID-19. Given the global nature of the call, the hope is that this will lead to work that will engage and inform people across different cultures, languages, communities and platforms.
ISBM’s introductory episode of the Marketing in Uncertain Times series was an insightful look at the power of pricing , channels, and B2B Business Strategy during a time of crisis and disruption. ISBM partner and instructor, Ralph Cummins of EMM Group moderated this panel discussion addressing these areas of concern with candid responses of practical advice and foresight. Highlights of this Town Hall include pricing power, ‘Survivalist Entrepreneurship’, and the focus on existing customers.
Managing dynamic and unpredictable challenges is hard, and stands in great contrasts with the efficiency-focus that dominates stable environments. However, the world has been seriously shaken up, and the new magic word seems to be ‘resilience’ – the ability to survive and thrive through unpredictable, changing, and potentially unfavorable events. In a Harvard Business Review article discusses crisis response for businesses and offer 12 pieces of advice.
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