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McKinsey Survey: US B2B decision maker response to COVID-19 crisis

As governments and organizations continue to work toward containing COVID-19 and stem the growing humanitarian toll it is exacting, the economic effects are also beginning to be felt. Through a series of regular, global surveys,1 we are tracking how customers’ expectations, spending, and behaviors are changing throughout the crisis across multiple countries over time. Please check back regularly for updates.

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McKinsey Survey: US B2B decision maker response to COVID-19 crisis

  1. 1. McKinsey & Company 1 Optimism is relatively high but waning: Half are optimistic about the economy, down five percentage points from two weeks ago Confidence level on economic conditions after the COVID-19 situation1 % of respondents 11 10 33 41 55 50 April 1 April 27 Optimistic: The economy will rebound in 2–3 months and grow just as strong as or stronger than before COVID-19 Pessimistic: COVID-19 will have lasting impact on the economy and will show regression/fall into lengthy recession Neutral: The economy will be impacted for 6–12 months or longer and will stagnate or show slow growth thereafter 1Q: How is your overall confidence level on economic conditions after the COVID-19 situation? Figures may not sum to 100% because of rounding; a “prefer not to answer” option was given, but <1% of respondents filled it out in 2020. Source: McKinsey COVID-19 B2B Decision-Maker Pulse #1 3/30–4/1/2020 (n = 622); McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607)
  2. 2. McKinsey & Company 2 US remains slightly more optimistic compared to other regions, with the exception of India and China 12 11 9 12 18 12 10 41 13 12 10 43 47 47 50 49 50 29 19 48 58 51 41 45 42 43 37 33 39 68 71 10 30 37 50 ItalyFrance UKSpainAll countries Germany 2 China India Japan S. Korea Brazil US Confidence level on economic conditions after the COVID-19 situation1 % of respondents Optimistic: The economy will rebound in 2–3 months and grow just as strong as or stronger than before COVID-19 Pessimistic: COVID-19 will have lasting impact on the economy and will show regression/fall into lengthy recession Neutral: The economy will be impacted for 6–12 months or longer and will stagnate or show slow growth thereafter 1Q: How is your overall confidence level on economic conditions after the COVID-19 situation? Figures may not sum to 100% because of rounding; a “prefer not to answer” option was given, but <1% of respondents filled it out in 2020. Percentage- point change in optimism between April 1–9 surveys and April 20– 28 surveys Europe APAC 1% -9% 4% 7% 0% 0% 12% 3% 2% 8% -10% -5% Source: McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/28/2020, (US n = 607), (France n = 219), (Spain n = 215), (Italy n = 407), (UK n = 218), (Germany n = 414), (China n = 443), (South Korea n = 200), (Japan n = 202), (India n = 411), (Brazil n = 419)
  3. 3. McKinsey & Company 3 US overall budget continues to decline but less so than global averages; near-term spend reductions decelerate 48 51 27 25 25 24 April 1 April 27 Company’s budget (changes already made)2 Expected in the next two weeks3 US Global4 55 54 26 24 19 21 April 9 April 28 Spend shifts as a result of COVID-19 % of spend changes 46 39 26 33 28 27 April 1 April 27 50 42 28 32 22 27 April 9 April 28 1“About the same” refers to ±3% change in budget. 2Q: How has the coronavirus (COVID-19) situation affected your company’s budget for the following areas? Percentages may not add to 100 due to rounding. 3Q: How do you think spending on the following may change in the next two weeks? Percentages may not add to 100 due to rounding. 4Includes survey respondents from (France n = 200), (Spain n = 200), (Italy n = 400), (UK n = 199), (Germany n = 400), (China n = 400), (South Korea n = 201), (Japan n = 200), (India n = 400), (US n = 619), (Brazil n = 400). IncreasedAbout the same1Reduced Source: McKinsey COVID-19 B2B Decision-Maker Pulse #1 3/30–4/1/2020 (n = 622); McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607)
  4. 4. McKinsey & Company 4 Respondents report downward budget shifts across all categories, with banking and insurance least affected to date 58 46 39 56 54 54 55 54 55 54 54 49 44 18 30 33 22 22 25 25 16 21 21 27 26 37 24 24 28 22 24 21 21 30 23 25 19 25 19 Software and telecom Finished goods Banking and insurance Packaging Distribution and transportation Commodity inputs Specialty inputs Energy Processing supplies Vehicles IT hardware Capital equipment Real estate Reduced IncreasedAbout the same3 Budget changes due to COVID-19 (changes already made)1 % of respondents Net intent2 Services Inputs Capex -11% -22% -34% -33% -30% -32% -34% -24% -32% -29% -34% -24% -25% 1Q: How has the coronavirus (COVID-19) situation affected your company’s budget for the following areas? Figures may not sum to 100% because of rounding. 2Net intent is calculated by subtracting the % of respondents stating they expect to decrease spending from the % of respondents stating they expect to increase spending. 3“About the same” refers to ±3% change in budget. Source: McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607)
  5. 5. McKinsey & Company 5 The consumer/retail industry is experiencing the most significant decline in budget across categories Budget net intent1 per category for each industry2 Overall industry net intent % where budget is about the same3 Advanced industries Technology, media, and telecom Global energy and materials Pharma and medical products Travel, transportation, and logistics Global finance, banking, and insurance Consumer/Retail Services Inputs Capex Net intent: % of budget decreases subtracted from the % of budget increases Below -50 -50 to -25 -25 to 0 0 to 25 25 to 50 50+ Specialty inputs Energy Processing supplies Packaging Commodity inputs Finished goods Software and telecom Banking and insurance Distribution and transportation Capital equipment IT hardware Vehicles Real estate 25 20 25 28 27 30 23 1Budget net intent is described as the % of budget decreases subtracted from the % of budget increases. 2Q: How has the coronavirus (COVID-19) situation affected your company’s budget for the following areas? 3“About the same” budget changes are those that are +/- 3%. Source: McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607)
  6. 6. McKinsey & Company 6 In the next two weeks, pockets of near-term spend increases are likely to emerge across industries Net intent: % of budget decreases subtracted from the % of budget increases Below -50 -50 to -25 -25 to 0 0 to 25 25 to 50 50+ Next two-week spending net intent1 per category for each industry2 Overall industry net intent % where budget is about the same3 Advanced industries Technology, media, and telecom Global energy and materials Pharma and medical products Travel, transportation, and logistics Global finance, banking, and insurance Consumer/Retail Services Inputs Capex Specialty inputs Energy Processing supplies Packaging Commodity inputs Finished goods Software and telecom Banking and insurance Distribution and transportation Capital equipment IT hardware Vehicles Real estate 35 31 27 37 38 32 39 1Net intent is described as the % of spending decreases subtracted from the % of spending increases. 2Q: How do you think spending on the following may change in the next two weeks? 3“About the same” spending changes are those that are +/- 3%. Source: McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607)
  7. 7. McKinsey & Company 7 Advanced industries Technology, media, telecom Global energy and materials Pharma and medical products Global finance, banking, and insurance Travel, transportation, and logistics Consumer/Retail All industries are shifting capacity down in light of tempered demand; advanced industries and travel seeing sharpest declines Flat -10% Demand for products/ services Operational capacity (eg, production)3 Flat-10% Impact of COVID-19 on demand and capacity1,2 % change due to COVID-193 1Q: How has the coronavirus (COVID-19) situation affected your company’s production (operation) capacity? Percentages may not add to 100 due to rounding. 2Q: How has the coronavirus (COVID-19) situation affected demand for your company’s products/services? Percentages may not add to 100 due to rounding. 3Weighted average uses following midpoints: “increased/reduced 25+%” is +/- 30%, “increased/reduced 11–25%” is +/- 18%, “increased/reduced 4–10%” is +/- 7%, “About the same (+/- 3%)” is 0%. Source: McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607)
  8. 8. McKinsey & Company 8 Companies are reducing marketing spend in all regions; nearly 60 percent of US B2B companies have reduced their marketing 62 63 58 56 68 71 62 69 65 71 58 57 18 19 21 23 18 14 19 8 26 20 16 20 20 18 21 21 14 15 19 24 8 10 26 23 SpainAll countries Germany ChinaFrance USItaly UK India S. KoreaJapan Brazil Europe APAC Marketing spend change1 % of responses 1Q: How has the coronavirus (COVID-19) situation affected your company’s marketing spend across all channels? Percentages may not add to 100 due to rounding. 2“About the same” refers to ±3% change in budget. IncreasedAbout the same2Reduced Source: McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/28/2020, (US n = 607), (France n = 219), (Spain n = 215), (Italy n = 407), (UK n = 218), (Germany n = 414), (China n = 443), (South Korea n = 200), (Japan n = 202), (India n = 411), (Brazil n = 419)
  9. 9. McKinsey & Company 9 The importance of digital sales has doubled over that of traditional sales interactions since the onset of COVID-19 Importance of digital vs traditional to B2B buyers themselves1,2 Points allocated out of 100 1Q: Prior to COVID-19, how important were each of these methods in delivering an overall outstanding sales experience? Please distribute 100 points across these two items, giving more points to the method that you believe is more important to you personally when interacting with your suppliers. 2Q: Now, thinking about the next two weeks given the environment with COVID-19, how important are each of these methods in delivering an overall outstanding sales experience? Please distribute 100 points across these two items, giving more points to the method that you believe is more important to you personally when interacting with your suppliers. 3Q: Prior to COVID-19, how important was each method in delivering an overall outstanding sales experience? Distribute 100 points across these items, giving more points to the method that you believe is more important to your customers. 4Q: Now, thinking about the next two weeks given the environment with COVID-19, how important are each of these methods in delivering an overall outstanding sales experience? Please distribute 100 points across these two items, giving more points to the method that you believe is more important to your customers. Source: McKinsey COVID-19 B2B Decision-Maker Pulse #1 3/30–4/1/2020 (n = 622); McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607) Importance of digital vs traditional to B2B company customers3,4 Points allocated out of 100 47 65 53 35 April 27Before COVID-19 +40% 51 67 49 33 Before COVID-19 April 1 +30% Traditional Digital
  10. 10. McKinsey & Company 10 29 21 19 10 9 16 17 8 29 21 15 18 22 18 36 12 24 23 22 17 16 30 19 14 19 17 15 12 10 23 19 14 Email from sales rep Supplier website Google/web search Post on social media/online Customer referral Online material from supplier Text from sales rep Live chatInfo on mobile app Referral from someone in my industry Industry publication Print material from supplier Trade show Call from sales rep Meeting sales rep in person Direct mail from sales rep 93% 14% 70%-18% 8% 14% 78% 85% 28% -47% 13%-34% -19% 1% -35% -57% Source: McKinsey COVID-19 B2B Decision-Maker Pulse #1 3/30–4/1/2020 (n = 622); McKinsey Global Omnichannel B2B Sales Survey, 2019 (n = 605) 1Q: What ways of interacting with a supplier would be most beneficial to you when researching/considering suppliers going forward? Rank up to 3 that would be most beneficial. A free-response option was given, but <1% of respondents filled it out. Live chat is now seen as the most beneficial channel for researching suppliers; social media, text, and mobile are also gaining % YoY changeX% 2019 2020Most beneficial supplier interactions for researching/considering suppliers1 % of respondents ranking in top 3 Digital Self-serve Directed Self-serve Directed Traditional
  11. 11. McKinsey & Company 11 1Q: Which of the following methods do you/would you most prefer to use when submitting your order? Please rank up to 3 that would be most beneficial. Results for top 1 responses are consistent with top 3. A free-response option was given, but <1% of respondents filled it out. 2Question was not asked in 2019. 53 11 50 46 53 39 47 53 37 39 31 39 33 30 27 Using a mobile app Ordering from sales rep in person Using call center/customer service Using a supplier’s website Using my company’s e-procurement portal Using my company’s procurement department Emailing sales rep Calling sales rep 0% N/A254% -17%-39% -38% -24% -42% Digital self-serve for order submission is now preferred significantly more; mobile app ordering has risen 250 percent Source: McKinsey COVID-19 B2B Decision-Maker Pulse #1 3/30–4/1/2020 (n = 622), McKinsey Global Omnichannel B2B Sales Survey, 2019 (n = 605) Self-serve Sales rep involvementInternal processes Most preferred method for ordering1 % of respondents ranking in top 3 N/A2 % YoY changeX% 2019 2020
  12. 12. McKinsey & Company 12 The majority of companies that serve other businesses have shifted their go-to-market model in response to the COVID-19 crisis 57 50 63 47 2 20 39 73 50 2 In-person/field sales team (eg, meeting with customers face to face) Inside sales team (eg, interacting with customers on the phone) Online/web support (eg, chatting with customers via video/website/mobile app to support purchase) E-commerce (eg, products/services sold directly online with no sales rep involved) Other During COVID-19Before COVID-19 Go-to-market sales model during COVID-191,2 % of respondents 1Q: In what ways was your company’s product or service sold before COVID-19? 2Q: Now today, in what ways is your company’s product or service sold during COVID-19? 3Q: Which of the following statements best describe the changes your company has made to its commercial and go-to-market model during COVID-19? Figures may not sum to 100% because of rounding. 96%3 shifted their GTM model during COVID-19 Source: McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607)
  13. 13. McKinsey & Company 13 E-commerce revenue is up nearly 30 percent since the onset of COVID-19 Percent of company revenue driven by e-commerce before and during COVID-19 (among companies that sell online)1,2 Average % of total revenue 1Q: Approximately what percentage of your company’s revenue before COVID-19 was driven by…Figures may not sum to 100% because of rounding. 2Q: Approximately what percentage of your company’s revenue during COVID-19 is now driven by…Figures may not sum to 100% because of rounding. 40 52 Before COVID-19 During COVID-19 +29% Source: McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607)
  14. 14. McKinsey & Company 14 E-commerce share of overall B2B company revenue is up in all countries, most notably in Brazil and Italy Percent of company revenue driven by e-commerce before and during COVID-19 (among companies that sell online)1,2 Average % of total revenue 45 56 51 47 46 47 44 42 47 61 42 40 56 65 56 64 51 57 52 47 53 68 62 52 All countries IndiaFrance JapanUKGermany SpainItaly China S. Korea Brazil US 1Q: Approximately what percentage of your company’s revenue before COVID-19 was driven by…Figures may not sum to 100% because of rounding. 2Q: Approximately what percentage of your company’s revenue during COVID-19 is now driven by…Figures may not sum to 100% because of rounding. Before COVID-19 During COVID-19 Source: McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/28/2020, (US n = 607), (France n = 219), (Spain n = 215), (Italy n = 407), (UK n = 218), (Germany n = 414), (China n = 443), (South Korea n = 200), (Japan n = 202), (India n = 411), (Brazil n = 419) Europe APAC 23% 16% 11% 21%36% 20% 12%13% 11% 46% 29%12% X% % change
  15. 15. McKinsey & Company 15 13 18 29 34 7 April 1 As effective as before Much less effective Somewhat less effective Much more effective Somewhat more effective 100 1Q: How effective is your company’s new sales model at reaching and serving customers? Figures may not sum to 100% because of rounding. 65% of B2B decision makers believe the new sales model is as effective or more than prior to COVID-19 (up from 60% in early April) Effectiveness of new sales model in reaching and serving customers1 % of respondents 11 23 31 28 7 April 27 100 60% as effective or more compared to prior to COVID-19 65% as effective or more compared to prior to COVID-19 Source: McKinsey COVID-19 B2B Decision-Maker Pulse #1 3/30–4/1/2020 (n = 622); McKinsey COVID-19 US B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607)
  16. 16. McKinsey & Company 16 Companies are likely to keep their new sales model for more than 12 months after the onset of the COVID-19 crisis 32 47 17 4 NA, made no go-to-market changes Unlikely to sustain 12 months after Very likely to sustain 12+ months after Somewhat likely to sustain 12 months after 79% “very likely” and “somewhat likely” to sustain these shifts 12+ months after COVID-19 Staying power of new sales models1 % of respondents 1Q: Which of the following statements best describe the changes your company has made to its commercial and go-to-market model during COVID-19? Figures may not sum to 100% because of rounding. Source: McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607)
  17. 17. McKinsey & Company 17 More than 80 percent of B2B companies have adjusted incentives in response to the effects of COVID-19 30 26 19 17 11 More fixed incentives Lower quotas Short-term bonuses/incentives More variable incentives Higher quotas 20 No change Sales team incentive structure changes in response to COVID-191 % of respondents 1Q: To what extent has your company made changes to the incentive structure of your sales team in light of COVID-19? Figures may not sum to 100% because of rounding. Source: McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607)
  18. 18. McKinsey & Company 18 22 20 16 15 10 10 7 Global energy and materials Advanced industries Technology, media, and telecom Global finance, banking, and insurance Consumer/Retail Travel, transportation, and logistics Pharma and medical products 10 20 20 19 20 11 $1B to < $10B $1M to < $25M $25M to < $100M $100M to < $500M $500M to < $1B 10B+ 1 5 16 21 35 9 6 7 100–499 50–99 <50 500–999 1,000–9,999 50,000–99,999 100,000+ 10,000–49,999 30 26 15 7 6 5 4 3 3 Purchasing IT/computer services Sales Top management Operations Engineering R&D/Innovation/Product design Shipping/logistics Marketing 1Percentages may not sum to 100 because of rounding. Survey respondents by no. of employees of company % of respondents1 Survey respondents by role in company % of respondents1 Survey respondents by industry % of respondents1 Survey respondents by annual revenue of company % of respondents1 Pulse #1 closed on April 1, 2020 Pulse #2 closed on April 27, 2020 B2B Pulse Decision-Maker Pulse #2: Respondent Overview Source: McKinsey COVID-19 B2B Decision-Maker Pulse #2 4/20–4/27/2020 (n = 607)

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