B2Bs are figuring out how to stay in business, operate and recover from the economic effects of the COVID-19 pandemic. This often requires a digital transformation of marketing and sales efforts.
The rippling impact differs greatly by sector. Two-thirds of B2Bs from the tourism and hospitality category said they saw substantial disturbance to their business.
Other hard-hit B2B segments include:
- Personal services (60%),
- Education (52%),
- Wholesale (46%) and
- Manufacturing (46%).
The B2B sectors experiencing minimal impact, albeit compared with others, were:
- Tech and telecom (21%),
- Financial services (28%) and
- Energy and utilities (29%).
Uncertainty was a central theme for B2B respondents from an earlier wave of B2B International research:
- 58% noted they were worried about sales and revenues,
- 56% were concerned about cash flow and liquidity and
- 52% cited the disruption to executing their business strategy.