McKinsey says B2B is behind — are you?
The consulting firm McKinsey states B2B is far behind B2C in digital. Here are my summary and key takeaways…
You probably always knew that B2C companies are better at digital than B2B companies. The most recent McKinsey research confirms that. Here are a few of the highlights:
- Only 6% of B2B companies (vs. 30% of B2C) have a mobile strategy
- B2B is behind in the use of data and advanced analytics
- Fewer than 15% of B2B companies have adopted “test and learn” for digital initiatives
- It can take more than a year to bring a new digital idea to implementation
I was surprised to hear how long it could take to finish an implementation. However, it makes sense in the context of the lack of a “test and learn” philosophy. Once you adopt test and learn, you can pull off digital initiatives in weeks, not years. Lenovo is a great example of this. They like to run digital campaigns where they do their A/B testing in real-time. They change the campaign during the campaign, continuously improving while the campaign is running.
The key question when I read an article is — what should I do now? Here’s my take:
- Show your reps how to use the latest digital tools to help them sell — especially social selling
- Get your mobile strategy right, especially as it relates to customer interaction
- Invest in your use of data and advanced analytics
- Study B2C companies to learn from the best
- Know that you are probably way ahead of your B2B customers (you are, aren’t you?)