When it comes to embracing change, B2B is following – slowly – in the footsteps of B2C. Businesses that are focused on B2B have to overcome more hurdles to make those changes, including legacy systems and more traditional processes.
So what can B2B companies do to improve their digital capabilities and revenues? A recent article from McKinsey makes it clear that investment in specific practices can help improve performance.
1. Commit to digital
According to the McKinsey survey, only 10 percent of B2B companies claim digital is a top investment priority. Digital strategies tend to be divided among smaller initiatives and wind up being too diffuse to make a difference. Strategic shifts are difficult; they require management to sign off on a shared vision, as well as incorporate new mindsets, skills and practices.
We at Credorax believe that being fluent in “digital” is a key to success. A good example would be how we’ve fine-tuned our merchant onboarding experience to be as smooth as possible, with speed and credibility being of the utmost importance. A team of Credorax experts will handle your questions and concerns throughout the process.
2. Use data to serve customers better, from start to finish
Data analysis is vital to acquiring, serving and retaining customers. As the McKinsey report states, “Top-performing B2B companies are using advanced analytics to improve their insights-generation capabilities and deploying tools that help marketing and sales understand what offers, content, and services will hit the right notes with key segments.”
Following this vision, Credorax has developed Insights, a cloud-based customer portal that shows, step by step, how to analyze and use your data, and puts it together in a start-to-finish process that allows merchants and payment service providers to leverage their analytics to make insightful decisions.
3. Reorient the office
Changing corporate culture in order to adopt a more digitally oriented “face” can be extremely difficult. The McKinsey report suggests getting buy-in from employees to assist in making it over and using metrics to support digital goals. The Credorax team is built on innovation and integrity, as well as open communication. We pride ourselves on being available to respond rapidly to our customers, who, in turn, can respond quickly to their customers.
Turning a company from digitally aware to digitally savvy takes perseverance, a plan and requires that they stay on top of the data. If our expertise in payments and acquiring for an increasingly digital universe is what you need to help your business, contact us at firstname.lastname@example.org