Category: Business Trends

As consumers have shifted how they shop and what they buyduring the COVID-19 pandemic, business buyers are also altering their spend. We already noted how much media buying will change because of the coronavirus outbreak, but B2B buyers will alter several other spending categories as the economic fallout progresses worldwide.

Before this global health crisis, US B2B buyers were concerned about the possibility of a recession. In a November 2019 survey from digital commerce solution provider Avionos, more than 80% of US B2B buyers said they were concerned about a recession in 2020.

When asked what would help them get through a recession, US B2B buyers’ answers focused on vendors providing better resources: Roughly a third said they would need more quality and accurate information about what they are buying, while 23% of respondents noted they would need to have more confidence in the purchases they are making.

Now that a recession is looking more likely, companies are going to cut spend in order to mitigate losses, prevent layoffs and in a worse case scenario, avert going out of business.

In many cases, products and services that aren’t essential will be the first to get cut, at least in the short term. For B2B companies selling products that aren’t considered essential during this time, the next few months will not be easy. They should not pursue the hard sell or be too aggressive with marketing and sales touchpoints, which will come off as insensitive and turn off buyers who face tough decisions about where they need to cut. Instead, B2Bs should show compassion and offer solutions and deals while being consultative. This might not bring in revenues right away, but it will ultimately help them maintain and restore relationships, which will be beneficial once budgets return to normal.

Some B2B buying will still occur and be necessary, especially for B2B tech buyers seeking software to enable remote working. An email survey conducted in mid-March by software reviews site TrustRadius asked software buyers worldwide about how they expect COVID-19 to impact their spending. Four in ten noted that they will spend more at least initially in order to make sure their employees can work from home with limited hiccups. That same survey found that 30% of respondents of those spending more purchased videoconferencing software, and 15% bought security software, such as VPNs and firewalls, to keep company information protected while working remote.

About a quarter of respondents said there would be no change in their spending budget, and 15% noted they were unsure. For those landing in the unsure category, TrustRadius asked why, and 39% of that respondent base said it was too early to tell.

Only 18% of respondents from the US B2B buyer sample said they would spend less because of the pandemic. Roughly 30% of those spending less were looking to make “aggressive cuts.” And although there is uncertainty about when the pandemic will cease, 69% of those reducing spend said that they plan to return to previous budget allocations for software purchases.

“No one is buying, but everyone is learning,” said Michael Brenner, founder and CEO of B2B content agency Marketing Insider Group. “Outside of the healthcare sector, remote work tech and collaboration software, B2B buyer’s just aren’t buying right now. But they are researching online.

“My analysis [in late March] of more than a dozen B2B sectors found that daily B2B keyword searches are down on average 35%. We are advising clients to slow or stop their spend on promotional ads, continue publishing educational content and even to take advantage of low CPMs in digital to promote helpful guides and webinars,” he said.

For now, B2B marketers need to be patient as their buyers, including current customers, are making hard decisions. Meanwhile, a priority should be to audit existing marketing plans. Are there any that are irrelevant or in bad taste because of the new reality bought on by COVID-19? If so, cut it or rework it. What email communications are going out? Do those serve the audience in a practical way? How can brand messages and marketing add value and not noise? Is there a way to pivot in an authentic way to show how the company will serve those affected by the pandemic? If so, marketers should strongly consider implementing those tactics to maintain client trust and relationships.

How B2B Buyer Behavior Has Changed in Light of COVID-19, and What Marketers and Sellers Can Do Now [E-Marketer]

Do you use Facebook Messenger or WhatsApp to chat with friends? If so, you may already be familiar with the features, but might not have considered that messaging apps are useful from a business perspective as well as personally.

Keeping this in mind, here are five reasons that messaging apps can benefit your business. Spend 5 minutes watching the video or read on for the tips.

Messaging apps continue to grow

Social media hit its peak in 2017. Yes, people are still spending a whole lot of time on social media, but the number of users are going down, not up. This is not the case with messaging apps, which are still growing and offer a great alternative for interacting with potential clients. In fact, WhatsApp has surpassed 1.5 billion active users.

Messaging apps are the best way to reach younger customers

Due to their popularity, messaging apps represent the easiest way to interact with young customers. Many younger customers are on messaging apps more often than they’re on

Facebook and email, so it makes the most sense to reach these customers through messaging apps.

Messaging apps are an appealing alternative to email follow-ups

If you’ve ever had a hard time tracking down a customer, try a messaging app. A company called ProfitBooks noticed a staggering 40% increase in response rate once they started using WhatsApp to follow up with customers. While this huge increase may not be the same for everyone, it highlights how effective messaging apps can be in encouraging follow-up.

WhatsApp doesn’t require a strong internet connection

If you’re constantly on the go you don’t always have access to WiFi, it’s nice to know that WhatsApp is a light program that can be used even with a weak internet connection. WhatsApp uses very little data due to its small size and will work even in the middle of nowhere!

Messaging apps are a great way to serve customers

Are you a makeup artist doing consultations? Then let your clients send pictures through a messaging app. Do you want to try that new restaurant that everyone is raving about? Maybe you can use a messaging app to make reservations.

As you can see, messaging apps are great for business-to-consumer interaction. If you’re hosting an event try sending attendees a quick notice about parking or construction. You can even use a messaging app for screening job candidates.

Small business owners should definitely take advantage of the convenience that messaging apps offer.

5 Reasons Why Messaging Apps Matter to Your Business [Business2Community]

Coronavirus has made its way to the U.S. And the CDC recently released guidance for businesses that are concerned about its potential impact.

Coronavirus, also known as COVID-19, is a virus that causes a wide range of symptoms. Mild cases include cough, shortness of breath, fever, and respiratory issues. Severe cases can lead to viral pneumonia, which cannot be treated with antibiotics. It’s part of the coronavirus family, which has mainly impacted animals in China to this point. It has since spread to several countries around the world, including the U.S.

For businesses, the spread of coronavirus may also impact the workplace. It’s possible that your employees may need extra time off to get medical attention for these symptoms, or to care for loved one who have been affected.

However, it’s usually better to deal with a few absent employees than the alternative. If people feel pressured to not miss any work and an infectious disease spreads around your office or facility, employees may miss significant time and put others at risk. For the good of your team, customers, business, and the community, it’s best to exercise caution when it comes to employees showing symptoms.

The CDC statement reads, in part, “All employers should be ready to implement strategies to protect their workforce from COVID-19 while ensuring continuity of operations. During a COVID-19 outbreak, all sick employees should stay home and away from the workplace, respiratory etiquette and hand hygiene should be encouraged, and routine cleaning of commonly touched surfaces should be performed regularly.”

What Small Businesses Can Do Now

More specifically, the CDC recommends that businesses adopt flexible sick time policies and avoid making employees adhere to limits or obtain doctor’s notes. Place posters or literature around your office or business to explain any policy changes to employees and make sure they know to take time off and let a supervisor know, if needed. You may need to take alternative measures to make up for a potential loss of man hours, like outsourcing or asking some team members to be on-call.

The agency also stresses the importance of proper hand washing and environmental cleaning. So make sure sufficient cleaners and hand washing stations are present around your facility.

The coronavirus outbreak could prove potentially even more troubling. Especially to business owners or professionals who travel on a regular basis. Do you or a team member take frequent trips? Heave they flown recently to countries where there have been outbreaks? Then look out for symptoms. And contact a healthcare professional right away if you experience any.

Overall, businesses need to take the risks of coronavirus seriously. And plan for potential absenteeism. This may become necessary if employees need to get medical attention. Or if they need to assist sick family members. However, the CDC also notes it’s also important to maintain confidentiality. Protect the privacy of those who may be dealing with coronavirus symptoms. And never make determinations based on other factors like race or country of origin.

What Your Small Business Needs to Know About Coronavirus and What You Should Do Now [SmallBizTrends]

Clients, customers, and employees all share one unique quality: being human. As human beings, we know when someone is being genuine as opposed to speaking “corporate talk,” mouthing the words that relegate us to being a number rather than an individual.

We know the difference between rote, systematic adherence to policies and procedures and addressing personal needs with interest and compassion. We know when someone is being authentic. We know when they’re being real.

One of the greatest competitive edges in business today is authenticity. Professionals and companies that encourage practices based on this authentic truth immediately differentiate themselves from the competition.

The Strategy: Be Your True Self

In life, as in business, our feelings impact our decisions. Years ago, when purchasing an automobile, I decided to avoid the tumultuous dance of a salesperson having to “check with the manager” over and over again to win the sale. Before walking into the dealership, I put time into research and was competent and knowledgeable about my purchase. Rather than go through the car-buying tug of war, I gave my price and said, “Take it or leave it.”

Since that time, I’ve incorporated this method into many areas of my life. Today, this take-it-or-leave-it strategy has transformed into “Here is my true self. Accept me or not.”

For many years, I played the part of who I thought others wanted me to be: the high performer, successful executive, strong male figure, breadwinner, husband, and father. Years of subduing my true self brought only unhappiness and a sense of dread. I felt a falseness that others would pick up on, a constant undercurrent in our interactions. When I was able to start sharing my real self as a unique and loving person, people around me began to have a very different experience.

While better products, improved customer service, and operational excellence are important attributes for a successful organization, authenticity separates the “good” from the “amazing.” It’s at the heart of the work we center on in supporting our clients and the companies they lead. Dare to be honest. Build strong ethics and integrity for yourself and your organization. Authenticity changes the playing field in a big way.

Here are five reasons to gain this competitive edge:

1. Authenticity ignites human connection

Human beings are highly complex, superconductive, electromagnetic miracles. The flow of positive energy increases when we are honest and genuine. You are never better, stronger, more creative, or compelling than when you are your true self. The energy you possess and emit connects you with your employees, your customers, and those you care for.

2. Authenticity opens the door to vulnerability — and unity

When we are vulnerable, we drop the false trappings of title, status, and formality. Human beings want to connect. Living in a way that’s open and honest, even while acknowledging your shortcomings and mistakes, is life-affirming and builds unity. Great leaders show their humanness, dropping the corporate guard and standing with those being led.

3. Authenticity allows you to learn about others, including your customers

If you live your life on the fringes—always being afraid of opening up, letting fear be the guide as opposed to love and compassion—you miss out on the wonderful experience of learning and knowing others on a deeper, more meaningful level. Being authentic creates room for others to do the same. Leadership is best delivered by modeling what you seek from others.

4. Authenticity moves you into the present

When you decide to show up as the real you, you have consciously moved into present, into a realm of real-time connections. Here, you are better able to make informed and enlightened choices, ones that uplift you and others. When you live in the present, you experience one interaction at a time despite the disruptive nature of a rapidly evolving digital world.

5. Authenticity changes your world perspective

When you no longer need to hide behind what others want you to be, say, or do, you put aside falseness and lies and open up to a world of endless and positive opportunities. Try it. You just might like it. Step into the full version of yourself.

5 Reasons to Be Real: Authenticity is the New Competitive Edge [Biz2Community]

 

 

Greater diversity and inclusiveness will play a leading role in creating a more harmonious society. In such a society people of all genders, sexual orientation, race, ethnicity, nationality, or religion will be equal partners. While such a society may seem a utopian paradise, holding the vision and dedicatedly working toward it is the key. During the previous century, hundreds of millions died in two scathing world wars while the majority of humanity was under colonial subjugation to European powers. Institutions such as the UN, whose success as a keeper of peace is considered debatable by many, have had success in creating a global narrative on the most important global issues. No such institution existed in prior centuries. The UN Human Rights Council has been created explicitly to protect human rights, while its success may well also be questioned. That there is today a definition of human rights, which was absent in centuries prior certainly bodes well for the realization of a more peaceful society.

Diversity Is the Key to Wealth

It was the economist David Ricardo who revealed the secret that makes countries rich. He showed to the world that rich countries were those which traded most with one another. A simple reason for this is that countries have a comparative advantage over other countries in the production of goods. Similarly, diversity in the workplace allows people who have different strengths to contribute to the success of the organization. It is no coincidence that some of the leading minds in technology are Indian despite relatively low standards of education in India when compared to those in developed countries. The benefits that Indian IT workers and leaders in the sphere of technology bring are understood by recruiters in the west. Indians, David Ricardo would say, have a comparative advantage in the development of software.

How Diversity Benefits Organizations

One of the reasons to have a diverse workforce is that it allows the sharing of a wide range of viewpoints. Such a wide range of viewpoints are more likely to allow companies to foresee challenges and take advantage of new opportunities.

A company that has a diverse workforce will be better able to identify new trends because it will have a workforce that represents its customers. A representative workforce will allow a company to understand what kind of products or marketing strategies will work with certain segments of consumers. Such a head start in identifying new trends and in understanding consumers makes diverse organizations more profitable.

Greater diversity is also proven to motivate staff and leads to lower absenteeism and to greater productivity as well. Hence, an inclusive environment that values diversity will create stronger organizations that are more likely to remain successful.

Role of Leaders

Leaders plays a key role in managing diversity by creating within an organization a culture that is respectful and inclusive and in which employees have an opportunity to learn, contribute, and grow. To make a workplace more diverse organizations should perform annual monitoring and diversity audits. Diversity ratios and hiring should be part of Leadership KPIs. Doing so allows an organization to not only understand the ethnic makeup of its employees but allows it to create a more diverse workforce in the future.

How To be Diverse

To make themselves more diverse, organizations can create partnerships with colleges and other organizations in different parts of the country. Some companies have succeeded by making their companies more diverse by offering well-paying summer internships to people from a background from which few work in the company.

Companies can also use mentoring as a tool to ensure that people from diverse backgrounds are recruited and suitably promoted to all levels within the organization. A mentor plays an important part in aiding the progression of minority candidates to leadership roles in an organization. Such initiatives are needed to ensure that all employees in an organization are allowed to flourish and progress in the corporate hierarchy. Greater participation by all employees, including those from diverse backgrounds, ensures that talent is recognized and harnessed allowing everyone to reach their full potential.

Diversity and Inclusion are Driving Force of Future of Businesses [Entreprenuer]