The sales industry has reached a turning point in the age of the customer. Gone are the days of aggressive sales pitches and traditional selling strategies. In the modern business landscape, a deep understanding of your target market reigns supreme. This is why companies need to slowly embrace sophisticated sales strategies that include utilizing sales software, AI, and predictive analytics in order to keep their edge against the competition. Moreover, it pays to keep up-to-date on the latest sales statistics to know where the industry is headed.
The question now is: how is your company keeping up? Are you prepared to handle the sales challenges that the industry has in store for you? In this article, we will be discussing the most noteworthy data on sales this 2019. From sales prospecting and CRM data to talent management and sales tech facts, we have covered as many topics as we can to give you insight regarding the shifts in the industry. This way, you can thoroughly prepare yourself for success in the coming years.
While times may have changed, it seems old habits are still prevalent in a typical sales rep’s routine. Many still allocate time for manual data entry and prospecting. They also spend a lot of time on emailing and scheduling calls instead of actually getting in touch with potential clients.
However, through 2019 and beyond, we will see priorities shifting. Sales teams will eventually put more emphasis on optimizing sales efficiency and cutting down the amount of time spent on customer cycles. Moreover, we will observe a higher demand for sales technology.
With the recent technological advancements and changes in the demands of clients, it seems that many sales teams fall short in terms of preparation. As you can see below, many are struggling with finding prospects and closing deals. Some even feel ill-equipped to perform their sales responsibilities.
With that said, now might be the time for sales teams to review their processes and see what aspects of it they can optimize. This way, they can easily plan how to overcome selling challenges in the near future. It might also be wise to start considering the utilization of new sales tools that are built to adapt to the shifts in the modern business landscape.
When’s the last time you found a prospect and closed a deal within a day? Chances are, not recently. According to the sales prospecting statistics we’ve culled, the process has become more difficult over the years especially with consumers being more evasive towards appointments. In addition, many sales reps are having trouble reaching the right prospects. To optimize prospecting efforts, you can consider focusing more on proving the value of your products and services.
Setting up appointments
Consistent cadence of contact across channels
Reaching the right stakeholder
Creating targeted strategies
Source: Richardson Annual Selling Challenges StudyDesigned by
There’s one thing that successful sales teams have in common: they have thoroughly planned, regularly updated strategies. Sales professionals put effort into finding out how to best communicate with their leads. They are also in it for the long haul, making sure to map out sales plans well into the future to improve their agility. Moreover, they place emphasis on collaboration among departments.
In addition, they often invest in reliable sales tools at your disposal to make work more efficient.
In the digital age, having a good product and flashy sales pitches are not enough to secure sales. It is best that you know your customers’ behavior and needs if you want to stand out. This is where sales data usage comes in handy. By leveraging analytics and actively collecting information from your prospects, you can provide them with a better sales experience that will secure more conversions in the future.
Contrary to popular belief–or at least the 35,600 Google search results that say so–, cold calling isn’t dead. Many sales representatives still use it. However, a good chunk of professionals find it ineffective primarily because there are too many factors to consider when you choose to use this method.
In the statistics listed below, you will see that timing your calls and calling repeatedly will give you a higher chance of reaching your prospects and keep your message from ending up in voicemail. Furthermore, being prepared to answer any question that leads throw your way will also help you accelerate transactions.
Emailing is a tried and tested sales method that many professionals have relied on for decades. Because of this, you should expect that your prospects receive dozens of sales emails on a daily basis–emails that they will delete if they find no value in the subject line of your message.
So, how do you make sure your emails get opened? For starters, you can start by stopping bulk emailing. Statistics show that personalization is where the money’s at. Just be sure to send your prospects information that they would actually enjoy reading and take extra time into crafting your subject lines. This way, they won’t simply delete your email or put it in the spam folder.
Social media is all the rage in the past few years. A vast majority of the global population stay connected using sites like Facebook, Twitter, Instagram, and YouTube. So, it does not come as a surprise that many sales agents use these platforms to find and get in touch with leads. The only problem here is that many sales agents are not proficient when it comes to social selling so it might be difficult to roll this out without proper training.
Word of mouth is perhaps the most effective method to boost sales. For most consumers, it is much easier to take the word of a colleague than a salesperson when it comes to buying advice. After all, friends and/or business partners won’t recommend products and services that they can’t attest to. However, it seems that a good chunk of sales representatives aren’t using this to their advantage.
Sales transactions are all about building relationships. This is why having a solid customer relationship management (CRM) system is a must for any company. You can use CRM to improve sales techniques and accelerate sales journeys. So, it only makes sense that a growing number of sales teams have integrated this into their routine.
In fact, the adoption of CRM technology has grown quite a lot over the past few years and it is expected to reach greater heights in the future.
If you haven’t joined the bandwagon yet, then, you probably want to know what CRM systems can bring to the table. Several studies showed that it has improved productivity for many sales teams as it can automate a number of tedious tasks. Consequently, this allows your agents to make more time for sales-related activities and close more deals which leads to higher revenue.
In addition to these, using CRM allows companies to spend less on each sale they make. This is because it helps them focus more on customer retention rather than new customer acquisition.
Finding strong leads is difficult; converting them is an entirely different story. According to sales closing statistics, professionals are losing more deals than they are closing them every month. This can be attributed to the increasing competitiveness of industries and the difficulty of creating value propositions for prospects.
In addition, sales representatives unknowingly make a number of conversation etiquette mistakes that can be hurting their chances of converting prospects.
So, how can you close more deals? Studies show that you don’t really need to overhaul your processes to do this. Just a few minor changes to your sales approach can improve customer interactions. For instance, simply being more selective of the words you say during a conversation and avoiding pushy sales pitches can help sales reps appear more approachable. Also, improving collaboration between sales and marketing teams for a more streamlined customer experience also helps.
Achieving good company sales have a lot to do with the skills of the representatives you employ. However, if you have yet to start hiring new employees, you might have trouble finding ones with the right credentials due to the increasing demand for trained sales agents. In fact, many sales teams nowadays even hire representatives who had no educational background in business.
So, a good compromise here would be to invest in training new sales employees. As you’ll see below, helping your staff members improve by giving them the guidance and state-of-the-art resources they need will all be worth it once you start seeing the results and reaping the benefits. Just be sure to set realistic timeframes for their progress so you know when to expect returns on your investment.
In addition to technology and training investments, it also pays to put focus attention to sales enablement. Having a system through which sales personnel can understand the ins and outs of your products and services allows them to perform their job better. Furthermore, it bridges the gap between marketing and sales teams and allows them to assist prospects more efficiently thus, allowing them to close more deals.
However, despite its many benefits, sales enablement remains an afterthought for many companies. Some simply don’t have dedicated functions for it or don’t even have an idea as to what it really is.
Talent management goes beyond finding the best employees and training them perform their responsibilities. It is also about keeping them happy so that they feel fulfilled in their career. Statistics show that many sales representatives aren’t meeting their quota and why not considering a majority of them don’t enjoy their jobs?
This is mostly attributed to the quality of work they’re given and the quality of training they receive. So, as you map out your talent management strategies, be sure to put yourself in their shoes to understand what it is they need to perform better.
Sales Tools Implementation%
Sales Process Improvements%
Onboard New Hires%
Enablement Tech Investment%
Source: 2018 CSO Insights Sales Enablement ReportDesigned by
The tech industry is booming and in the coming years, it will be even bigger. More and more companies are starting to realize how using sales software solutions and understanding sales data can improve their bottom line.
But of course, if you have yet to utilize tech for your operations, don’t just invest all willy-nilly. Many companies take their time in assessing their prospective providers. Down below, we’ve listed some of their criteria. You might also want to consider reviewing these sales software implementation problems so you can prepare yourself for any issues that you might encounter along the way.
Now, you might be thinking, using tech is great for improving sales but is it really necessary to make changes to your current processes? After all, why fix what isn’t broken, right?
Well, it’s possible that you are still able to keep up with competitors now using your traditional methods. However, as customer demands become harder to meet and the pace of your industry becomes faster, you will have trouble closing more deals and finding new leads without tech.
In the statistics listed below, you’ll see that many sales professionals are still stuck doing manual processes. This leaves them with little time to focus on actual sales activities. In addition, many shoppers now prefer to deal with companies that roll out tech initiatives. So, by opting not to use these tools, you are actually limiting your sales opportunities.
Sales managers that believe they lack time and resources to perform their job
Shoppers that prefer doing business with innovative companies
Shoppers that believe that AI is necessary in the sales experience
Sources: Data Dwell, 2018 Salesforce State of the Connected CustomerDesigned by
Sales is not easy and if there’s one thing we can take away from our list of sales statistics, it’s that the job is about to get more difficult. Reaching clients are harder, consumers are more demanding, and the pace of the industry is faster than ever.
The silver lining here is that you can get around these challenges. For example, making simple changes to your customer approach such as timing calls, optimizing emails, and adding value to your sales proposals can have drastic effects on success rates.
In addition, now might be the time to consider retraining sales representatives. This means helping them get acquainted with new sales channels as well as learning the emerging best practices in the industry. By doing so, you can equip them with the information and resources they need to perform their responsibilities.
You can also try your hand at automation so representatives can focus more on sales-related activities than administrative duties. Luckily, there are plenty of sales software for small business and large companies alike that you can choose from. Just be sure to pick one that can meet your sales team’s requirements.
To sum up, we hope that this compilation of sales statistics was able to give you an idea of what changes and challenges you should be preparing for in the near future.
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