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Who’s changing with the times?

Anyone thinking that the B2B sales process hasn’t changed over the past few years, or is even going back to where it was in 2019, should perhaps reconsider. Research by McKinsey & Co in the US suggests that “B2B selling has truly changed much faster and more dramatically than many would have imagined.”

The company found that 94% of respondents saw what they call the new ‘omnichannel’ sales world (where customers buy face-to-face, remotely, and online) as being as effective or more than before COVID-19.

Buyers are more willing than ever before to put significant orders through remote or online sales channels, with 35% willing to spend $500,000 or more in a single transaction (up from 27% in February 2021), and 77% willing to spend $50,000 or more.

Although many suppliers continue to insist their industry is different, McKinsey found that a ‘rule of thirds‘ applies across all major industries, at all company sizes, in every country. This rule says that customers now employ a roughly even mix of traditional sales (e.g. in-person meetings), remote (e.g. videoconferencing and phone discussions), and self-service (e.g. e-commerce and digital portals) at each stage of the sales process.

You can read a lot more here.