By Bernard Marr
Source: Forbes
In the coming months, businesses are going to become more reliant than ever on their digital strategy. Without wanting to sound too alarmist, in many cases it will be the deciding factor in whether they make it through the tough times ahead.
The unprecedented, almost-total disappearance of all channels related to live events and conferences, and the increasing barriers on face-to-face business, pose an enormous challenge. Key to resilience is the development of ongoing contingencies to mitigate against this loss.
B2B companies in particular rely on the annual circuit of trade shows and exhibitions to network and build customer relations. In industries that are not digital-native, they may also be less sophisticated in their digital growth and customer relations strategies. For smaller businesses especially, used to getting new customers through word-of-mouth referrals or on the strength of a hard-won reputation, their loss is coming as a shock.
Larger companies are also now finding themselves in the position of having potentially lost millions through cancelled events. They won’t claw back the hours of time and expense spent on preparations for this year, but insurance and flexible cancellation policies will leave them with marketing budget to reassign. Digital is likely to be the clear winner here, and companies – including ones that may not so much as had a Facebook page before – will need to move into social marketing, content marketing, SEO and influencer-led campaigns.
Of course, this means there’s opportunities out there for the taking, if you are a B2B supplier in an industry that has been slow to adapt to digital marketing. A key factor in resilience is adaptability. If it’s standard in your industry to go out and meet new customers face-to-face before you do business, adapting may mean opening new channels over web or social media platforms where introductions can be made and relationships fostered. In the coming months, your prospective clients are going to be less open to the idea of letting you walk through the door and shake their hand – and no-one really has any idea how long this will last and whether this will lead to longer-term change.