The COVID-19 Impact on the B2B Event Industry and How to Navigate It

With the vaccine for the COVID-19 virus still being elusive, the only way that people can stay safe is by socially distancing themselves. This pandemic has thus brought all events to a complete halt. Like us, if you also operate in the B2B space, I am certain that you are waiting for normalcy to return. However, while you wait, don’t feel dejected — all is not lost.

Here is our perspective on the current lock-down situation and how you can best use your time in a situation like this.

Optimism is the Need of the Hour

It is true, that no one knows how much longer the world will continue to be ‘locked up’. But know this — the normal will arrive one day. When tough and challenging times arrive, staying positive makes all the difference. Being a leader in your company, innovation is now the need of the hour if you want to keep your business running. So, while events and shows are no longer an option, you can find new ways of connecting with your customers. This, however, can be done only if you stay optimistic.

The World Beyond Events

Till now if most of your leads have been generated at events and shows, then it is likely that all the cancellations would have hit you adversely. This, however, does not mean that your business will end as there are many other ways through which you can reach out to your prospective customers. A research done by EE GlobalSpec found that 28% of marketers who operate in the B2B & Event Marketing space are now reinvesting the finances that were to be spent on events into digital avenues. Some of these are:

Focus on Blogging

Have a team that can write content on your website regularly. These can be about:

• Features that spread optimism amongst the audience
• Research has shown that there is rising traffic on websites that are financial or news-oriented. So, if you are in these verticals, focus on such articles

You can also approach other organizations and guest blog on their sites with a backlink to yours. This will drive new traffic to your page as well.

Generate Followers on Twitter

During this pandemic, Twitter’s performance has been the best amongst all social media sites. This is because people get the news and opinion of millions in real-time on this platform. So, reaching out to prospective customers through Twitter is another option. Use hashtags that are trending to share updates of your company, your thoughts on the prevalent situation, and more to create a base of followers who are likely to turn into customers in the future.

Change the Email Content

Instead of sending emails that focus on your product and sales, use it to reach out to the existing customers to know how they are doing during these trying times. For example:

• Let them know how they can deal with the anxiety that they are facing
• Share tips on how to stay safe
• Tell them how they can productively use their time at home
• Inform them how you are contributing to society

These shows of concern will generate appreciation and thus keep them loyal to you.

Review the Creative Content

If you are still using the old advertisements to reach out to customers, then you must review it. This is because it might contain videos and images that won’t be relevant today. For example, the advertisements that you are using could be showing pictures of crowded trade shows, handshakes, parties, and more. All this is likely to trigger a negative image of your company in the minds of the audience. Hence, it is time to introduce new creative content keeping in mind the current perspective.

Listening to Customers is Important

A situation like this has not been faced by anyone before and so naturally, the customers are anxious. Due to this their needs are fluctuating and changing. It is hence very important for you to listen to the customers to know what exactly they want. For this, you can send them emails, reach out to them on the phone, or even monitor their opinions on various social media platforms. This will give you an idea of the emerging trends which you can then use to devise your marketing strategy for this interim period.

Modify the Webstore to Make it Customer-Friendly

When it comes to customer engagement in the B2B space, it does not only mean events and shows — there are organizations that reach out to customers through stores. So, if you are a company that operates through multi-stores in different geographies, it is probable that you aren’t seeing too much footfall anymore. Now is thus the time when you should turn your attention to creating webstores.

Launch a Webstore

If you already have a web presence, you should focus on making the site more customer-friendly so that the purchase princess becomes simple and quick for the customers. However, if you don’t have a web presence, now is the time to launch a webstore.

Make the Return Process Easy

The pandemic has made customers anxious and unsure. Thus, you will find that their demand choices are not only evolving every day but are also changing. Hence, it is possible that they want to rerun orders after they have placed an order for it. Design your webstore in such a manner that the return process becomes an easy one. Also, don’t penalize them when orders are returned.

Keep Data Updated

At this point in time customers are not looking for blitz when they come to your webstore. Rather they want a simple-looking site that is easy to navigate through. Hence, design your site such that it has only the relevant information. Also, keep all information updated. For example, your inventory should be kept updated in real-time. Hence, the moment an item goes ‘out of stock’ it should be updated on the website. This will avoid customers from feeling any harassment.

Go the Extra Mile for the Customer

These are uncertain times. Hence, you should now focus on how to pacify the customer so that he feels less anxious. Here is what you can do:

• Those living in areas that have been the worst hit by the pandemic should be given priority and stocks should first be delivered to them
• Instead of focussing on growing the customer base, keep the ones who have been loyal to you happy, Hence, if your inventory is low, then deliver first to the loyalists.
• Don’t be too stringent on the payment dates. If you know that an existing customer is trustworthy and is unable to make the payment on the scheduled date, then you can extend the dates
• Customers always like freebies, and more so now. So give the customers special offers like say discounts and free delivery

Don’t try to Over Sell

If you are selling an item or a service that customers don’t regard as essential, they are unlikely to buy it at this time. Hence, you are going to see a fall in your sales figures. Even then, you should not try to oversell as you can then come across as being insensitive and can turn off prospective customers who are still trying to figure out what purchase is essential for them. Rather show compassion and offer cheaper deals and also get into a consultative mode where you advise them on what would work best for the customers. While this won’t bring in a profit for you, you will definitely create a customer base who will stay loyal to you when times become better.

Monitor Your Performance Using Dashboards

It is possible that your sales are showing a dip. However, if you analyze the data you will find that the sales dip is not the same in every geography. In fact, there could be places where the sales, are showing a rising trend as well. Also, if you offer multiple products or services, you will find that not all have been equally adversely affected. Use dashboards to monitor your performance in detail and keep track of fluctuations. With this information in hand, you can now devise a better marketing strategy for your business.

Final Thoughts

The world might have come to a halt — but as they say, “This too shall pass” and when it does, it will be back to normal business once again. Till then, use these innovative ways to engage with your customers. With a little bit of optimism and a little bit of empathy you will definitely manage to keep your business running.