In the Know: B2B COVID Industry Impact Update & Marketing in Response

Unfortunately, numerous businesses continue to be impacted by COVID-19 – restaurants, travel and hospitality, theaters, department stores, as well as many other brick and mortars heavily reliant on foot traffic to meet their gross margin pressures. Some have found relief in online sales or curbside pick-ups, but others are simply waiting it out or having to close their doors.

If there is any bright side to COVID-19, it is that is happened in 2020, a time when social distancing is not just possible, but easy, due to almost everything we need existing at our fingertips and inside our homes. This is what is making B2B industries that can provide most or all of their services and solutions digitally fare a little better. Here’s a brief rundown of some recent statistics surrounding B2B industries during COVID:

• Software & SaaS: In March, 40% of B2B companies expected to spend more on software, while in May, that percentage quickly dropped to 16%. As of May, 44% of B2B companies now plan for no change in their software spend. (Trust Radius)
• Healthtech: Almost 50% of doctors are using telehealth services to digitally treat patients during COVID, which is 18% higher than it was two years ago. (Merritt Hawkins)
• Cybersecurity: 70% of organizations plan on increasing their cybersecurity spend as a result of COVID. (LearnBonds)
• Audio-Visual: At the end of April, 79% of audio-visual providers reported that their business had been negatively impacted by the COVID pandemic. (AVIXA)

Whether or not you are one of the B2B industries experiencing these statistics, use the questions below to help assess how your B2B organization can continue to adjust to and succeed in light of the changes that COVID has compelled.

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B2B COVID-19 Direct Impact

For B2B businesses that have seen an uptick in sales due to COVID-19, it is imperative to keep momentum going. For others directly impacted in a negative way, it’s still important to promote how current customers are continuing to see value from your products, services, or solutions. Remain customer focused and consider questions such as:

1. Can I gather product and/or service feedback and quotes from my clients?

2. Are there currently relevant case studies and positive stories to promote re: use of our product or service?

3. How is our product or service making our customers’ day-to-day efforts easier or addressing their needs?

4. Where in our marketing could we incorporate quick quotes?

5. Is there a way to showcase feedback more effectively on our website?

6. How do our social media campaigns incorporate customer feedback?

7. Do we have budget that allows for testimonial videos?

B2B COVID-19 Indirect Impact

Some B2B organizations are not as acutely impacted by COVID-19, but still offer helpful products or services providing business continuity, remote work, or related aspects of the new normal. Consider these questions re: how to alter aspects of marketing and the customer experience:

1. How does our current campaign address social distancing and the new normal?

2. How does our messaging need to change during this time?

3. Are there places we can easily weave this new message into?

4. What customer experience points should we stop, start, or continue?

5. Does our website reflect “new normal” messaging?

6. What social campaigns could we carry out to promote our solution’s fit in the new normal?

7. How do we allocate budgets and timelines to put the right messaging at the forefront?

Of course, these sections can also be switched, and the direct impacts can ask the indirect questions and the indirect the direct. These are merely jumping off points to help you start positioning your organization as the go-to B2B resource in your market now, and years from now.

If you are a B2B organization that needs help navigating how to message and marketing during this time, Launch has compiled a set of helpful resources to get you started in our COVID-19 Marketing & Strategy Resources Hub:

• A phased-approach toolkit for readjusting your current marketing strategy
• Steps to plan your marketing 3-months out, 6-months out and beyond
• Quick reads on digital marketing, adapting to new buyer expectations, creating compassionate communication and more…

Does your organization need help planning for the future? The Launch team is here for you and can help via strategic consultation, messaging revamp, digital strategy, email optimization and more. Please do not hesitate to contact our team or schedule a free 1:1 consultation.