Updated: Jan 17
The world has undergone a digital transformation. And yet, B2B companies consistently trail B2C companies in digital transformation. And yet, not every B2B company is stuck in the digital mire. Many have moved deftly into the digital realm and embraced new ways of doing business. In fact, far from standing on the sidelines, many B2B companies are embracing the digital revolution.
Whether it be through digitizing back-office workflows and document management and resource planning or modernizing existing IT infrastructure, B2B companies set the stage for their peers to step into the digital world. And at the same time. deficiencies remain. Many of these efforts have focused on internal costs and processes, rather than innovating around the sales and customer experience. What many business leaders don't realize is that sales and customer service are where the real growth lies.
Research Shows B2B Companies Have a Ways to Go
Research completed by McKinsey & Company has shown that the "Digital Quotient" of B2B companies trails consumer companies in maturity. This shouldn't be that much of a surprise considering B2B operations must deal with a more complex environment, protracted deal cycles, lengthy RFP processes, vendor management and more.
B2B companies that outperform their peers create effective digital strategies designed to move markets. Even more, they ensure the necessary resources are available to get the job done. It's critical that an effective B2B digital marketing strategy is not just something tossed to someone in a side office. Digital needs to be a top investment priority and not enough B2B operators are considering it thus. Instead of splintering digital strategies into smaller priorities, B2B operators need to combine their efforts into one overarching strategy. This is the only way they will see success without throwing money at the wall and hoping something sticks.
Why Digitization Makes a Difference
Regardless of the industry or channel, digitization has made providing a high-quality customer experience the norm. However, one area that remains planted in the offline world is that of sales. Far too often companies view their websites as nothing more than window dressing, rather than sales tools that can be used to drive business. And while sales teams work ever harder to navigate deals that involve multiple people, they lack the analytics they need to understand whether their efforts bear fruit. Who are the decision-makers and what sort of outreach is the most persuasive? Many times, this information is difficult to come by. Even more - it isn't going to get any easier.
Another area of digital deficiency lies in communication. Companies lack the ability to either understand or facilitate communicating with their customers, whether internal or external. Fortunately, companies exist whose primary mission is to help companies enter the digital age. Whether it be through social media, search engine marketing, or reputation management, B2B companies have got to get a handle on digital communications through multiple mediums.
How We Help Our Portfolio of Companies Thrive in a Digital Marketplace
At Pluribus Technologies, we specialize in acquiring B2B technology companies that are primed for growth. Are all of them proficient at operating in the digital space? No. But that's where we come in. Our approach is clear: by investing in a targeted set of digital capabilities and leveraging experience across companies and organizations, we spur growth and increase the financial performance of our family of companies. And we do this by more than just a percentage point or two.
We help our family of companies master the digital arena and generate greater revenue, growth, and benefits for their employees. We understand that embracing digital practices drives higher performance. That's why we are hard at work leveraging synergies between our portfolio of companies and taking advantage of digital strategies wherever they may lie. For our B2B family of companies, their digital success is our digital success.