2018 Sales Strategy Report
In the last 5 years companies have more than doubled their total investment in sales technologies. In 2018, companies spend an average of $5,200 per employee on sales technologies. Although the amount that companies are investing in sales technology is rising, recent reports show that only 55% of salespeople have the tools that they need to sell their product. This brings up the question: are companies investing in the right areas of the sales process to generate higher sales? Do employees have the resources to build a good sales pitch?
In this report we will cover 6 major statistics that every sales team should be considering as they invest in technology, trainings, and other sales enablement software’s.
55% of people in sales do not have the necessary resources to be successful
This statistic is not at all shocking to most salespeople. CRM’s have taken over the sales world. With so many competing with Salesforce, it is no surprise that the majority of companies are dumping their funds into CRM subscriptions.
What is happening in that 45% range? If nearly half of all B2B sales people do not have the right resources does this impact your potential revenue? Is your business leaving 45% of your sales to your competitors because you haven’t invested in the right technology for your team? It’s time to start investing in the sales pitch process. KPI’s and automation will help you build out leads, but it doesn’t help your team close deals.
5 People are involved in most buying decisions
For companies that have an average head count of 50 employees or more, there are at least 5 people involved in most buying decisions. 7 out of 10 initial product demos/meetings are done with just one person from the buying team. This is a major detail that businesses need to consider when reviewing their selling motion. How many meetings do we expect our sales people to conduct? How long is our average sales cycle? What are they sending in their follow up sales pitch?
The size of your customers buying team has a major influence on how long your sales cycle can be.
Considering that at least 4 of the major decision makers will never be present for a sales presentation or demo, your sales content and follow up strategy is critical to a deal being closed.
90% of B2B buyers make their purchasing decision based on a sales persons follow up sales pitch.
The previous statistic ties directly into this stat. The content that you share with a prospective customer will determine if they are going to buy from you or not. With nearly 80% of the buying team absent from meetings, your sales pitch and follow up is your one opportunity for success.
Decisions (in most cases) are made by Director, VP, and C-Level personnel. These levels of buyers are going to be absent from the sales process until the final negotiations. They have other initiatives that they are working on. The content you share reflects your value to their business.