As the market changes, businesses must be nimble in their response. Ntara CEO Jeff Morris discusses market opportunity and acceleration for manufacturers, who are currently experiencing a disruptive period.
Full video transcript:
Recently, an article came across my desk and it was striking. One of the things it talked about was that Disney+, with the launch of it last year, did in two months what took Netflix seven years. Now, this isn’t one service being better than the other as much as it is about market opportunity and acceleration. They had 10 million subscribers to Disney+ in 24 hours.
McKinsey also reported telemedicine experiencing a 10x growth in 15 days last year during the pandemic. These things accentuate a decade of digital adoption in a number of weeks.
A disruptive period for manufacturers
For manufacturers, it’s important to remember that they, too, are in a disruptive period in the marketplace. A trend in growth in B2B has now been rapidly accelerated. And now is an important time, more than ever, for brand awareness to the end consumers to be solidified.
Over 72% of brands are convinced that by the year 2025 over half their revenue will come from online channels. Buyers’ journeys, if they’ve not been studied in the last two to three quarters, they need to be reevaluated because buyer trends are rapidly changing. B2B buying behaviors have been inspired by B2C ones traditionally. And now, 34% of millennials are the final decision maker in B2B buying purchases today. They want to be able to do a 24/7 buying cycle in off-hours—or any hours they choose—so traditional schedules are going away.
Manufacturers, to be prepared for the current disruption, need to evaluate staffing and process. It’s imperative to have a digital presence and it needs to be supported by a strong digital infrastructure and team. And having a strong digital infrastructure allows you to be closer to the buyer and answer their needs in a more rapid manner.
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