With the wealth of online information giving business customers unprecedented power, the traditional marketing and sales model has run its course. Mark Kovac, the global head of the Commercial Excellence Group within Bain's Customer Strategy & Marketing practice, recommends that B2B sellers upgrade their digital presence and redefine the role of the sales representative.
Read the transcript below.
MARK KOVAC: Chief commercial officers and heads of sales of large B2B companies face two fundamental challenges these days. The first is B2B buyers. Their customers have a wealth of information that they gather online and are much more educated before they engage with the sales rep. The second is, product portfolios are constantly expanding, either through organic product line expansion, or through mergers and acquisitions. We recently surveyed these executives and only 12% of them said they were prepared for these fundamental changes.
To respond to these changes, we believe B2B companies need to do at least two …