How COVID 19 is Changing EMEA’s B2B Buyer Expectations

In this video, Nick Boyer, Director of Strategic Consulting – EMEA and Carl Smith, Senior Executive Account Manager at PROS, discuss the importance of, why now more than ever, businesses across EMEA need to focus on understanding B2B buyer’s needs. You’ll hear, Nick’s perspective on how buyer needs will change in 3 significant ways and how businesses need to use this time, during a global lockdown, to plan for the future, where e-commerce channels and personalised digital buying experiences will be key. Highlights [00:00:50] Nick discusses what we can learn from previous downturns [00:04:18] The 3 significant ways in which B2B buyer needs are changing [00:05:56] Nick and Carl discuss how to use your time in lockdown most effectively: discover your customers’ changing needs [00:08:15] How to better prepare for the post COVID-19 future [00:10:10] A final note on how PROS can help businesses in the time of crises Transcript Carl Smith: [00:00:00] Good afternoon, Nick, thanks for joining me and of course a warm welcome to any listeners who happened to be tuning into this podcast from wherever you may be. My name is Carl Smith. I'm a Senior Sales Executive here at PROS and I'm joined this afternoon by Nick Boyer, Director of Strategic Consulting. Nick, a lot's changed since we planned this conversation. I remember we talked about running a short podcast where we were going to look at how companies can use pricing to gain competitive advantage. But now instead of sitting in the office, we're like everybody else conducting this conversation online. And it just feels like a whole world's been turned upside down. And I know these are challenging times for everybody on so many levels. I've never personally experienced anything of this in my lifetime but from a business perspective, can you think of any events historically that we can draw any lessons from? Nick Boyer: [00:00:50] I think you're right, Carl, that this is nothing like any event that's happened in the past, but I do think we can still draw a few lessons from the past. There've been some quite severe recessions, but they tend to be due to declining consumer confidence caused by inflation or a collapse in the housing market or some other significant trigger. This situation we find ourselves in now is very different due to actions taken by the government to combat the Corona virus. Many aspects of both demand and supply have been completely shut down almost with immediate effect. And this is impacting different industries in different ways. Some companies like airlines and restaurants have seen demand almost wiped out, whereas other companies I've seen demand shoot up. I don't know if you've tried buying some exercise equipment recently. There's huge demand for that to exercise from home. So, there are lessons from the past that can be applied, I think, in terms of how companies can react depending on the specific situation that they find themselves in. For companies that are experiencing a significant drop in demand, they should have procedures in place that prevent price erosion, no point chasing volume that's not there at the moment, at the expense of longer term margin erosion, and they should focus on understanding what their customers now value and try and meet those underlying needs to remove the focus away from reducing price. And for companies that are experiencing the surge in demand, that kind of opposite effect. Really, it's about being seen as a responsible, trusted partner, have controls in place to make sure nobody has been taken advantage of, but at the same time, be nimble enough to cut promotions and unnecessary discounts. And I'd also urge companies to wherever possible, have processes in place to look after their loyal customers as well to make sure they're not the ones that are left with, with no stock and kind of a bad taste in their mouth from a bad experience at this time. Carl Smith: [00:03:09] None of us can predict when we might resume sort of normal business activities but do you think, given the experience we've had during this period, after all, many of us have got used to conducting meetings in this fashion, remotely. We certainly got accustomed to the idea of not having a commute or daily commute. So, do you think we'll ever go back to the old normal? I think some things will inevitably change for sure. Full Transcript: https://bit.ly/2WyHvHp Request a Free Consultation Call: https://pros.com/price-strategy-consultation/

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How COVID-19 is Changing EMEA’s B2B Buyer Expectations
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