The market will be transitioning into the last quarter of the year, and every business will be looking to upsell and make the most of the holiday season. Many businesses will forecast sales figures for the next year that is 2018. In my opinion, strategies are always based on the current or forecasted market trend. It is a necessary step because no business should invest money in the market with a blindfold. They increase their risk of drowning in the deep waters if they do so.
The best sales leaders are the ones who can predict the growth opportunities and capitalize on the sales trends before their competitors do. The best way to predict the sales trends is to do a thorough research about the economic, demographical, and technological advancements because they have a significant impact on the way your sales strategies will work.
What are the trends that play their part in your sales strategies?
The sales world has experienced changes in several ways, some of the trends that are influencing these changes are discussed in detail.
Adopting Automation and Artificial Intelligence
Research published by McKinsey Global Institute revealed that 40% of tasks within the traditional sales function could be automated. Let’s talk about prospects. Many companies are unable to do follow-ups with 75% of their prospects. Failure to do a follow-up means that money and resources that the company invested in getting these prospects in the loop are now lost, and this is bad for the revenue of the business. Thankfully CRM systems provide a perfect solution to this situation as they are programmed to keep you posted about every event that is created inside them, be it a scheduled call or meeting with clients or prospects or a team meeting scheduled for discussing the current sales strategies.
Many organizations have adopted artificial intelligence (AI) for their lead generation qualification. Although the human element can never be eradicated from the sales process, including automation and artificial intelligence will undoubtedly influence the way you handle your overall complicated sales process.
Understanding your customers is the biggest advantage you can have if you are the kind of organization that survives doing hardcore sales. It becomes crucial to understand the individual traits and characteristics of the customers.
You must be able to quickly bifurcate who the decision maker is, who handles the finances, who is your potential buyer. Developing a sound social selling skill means that you will be able to understand the psyche of these potential customers on the basis of what they share on social platforms.
Utilizing Big Data and Advanced Analytics
Today, every industry is producing huge amount of data and scenario in sales industry is nothing different. Sales leaders are aware of the shift in the sales trends, and they realize that big data and predictive analysis has its influence over the sales process.
However, large data sets make it tough when sales leaders need to derive better, quicker, and effective, actionable insights. Smart sales software have been designed for this purpose to support the sales leaders around the world in making better decisions regarding deals and opportunities, hence help refine the complex sales process data.
Sophisticated analytics of current and historic data help businesses predict sales opportunities by giving valuable insights about the risks involved. Three-quarters of fast-growing companies and 53-61% of slow-growing companies are among the business crowd that make use of such smart predictive analytics tool. Still, there is significant potential in the area of predictive analysis that remains to be utilized.
But it does not mean that this cannot be done, you just need better data scientists and experienced business experts that can help you understand the output that is provided by the analytics tool.
Uniting the Marketing, Sales and Services
62% of the sales cycle starts even before a sales rep is involved in the sales process this elaborates the fact that the prospect is making decisions or is influenced in making a purchase decision even before the sales happen.
Sales and marketing a highly volatile and concentrated relationship, while sales dominate the B2B segment, the B2C segment is highly influenced by marketing. Moreover, if the latest trend is to be believed, then 61% of the companies that have a balanced output of sales and marketing can deliver better revenue and profitability when compared to the companies where the rift between marketing and sales is quite visible.
Keeping the Future Growth in Mind
Sales growth is the ultimate reality for any business because it helps keep the engine running and lets your business progress in the path that you have predicted. You need to stay three steps ahead in this competition and if your sales leader has this inborn talent then you are lucky but what if your sales leader lacks this skill.
The experienced sales leaders are adaptive to the sudden changes that occur in the market, but knowledge is just a part of one side of the coin. Forward looking-sales plans influence the first-mover advantage and help the organizations in creating better opportunities for themselves.
To have a proper plan of action for the years to come sales leader must know and understand where to invest the sales budget and for how much time. Sales leader also have to allocate the resources for the future usage.
What does the upcoming year (2018) have in store for companies?
The sales landscape will be experiencing better changes where SaaS-based sales tools will play a pivotal role. Artificial intelligence will be looked up to for assisting the sales process; big data will become more important for deriving actionable insights and predictive analysis. Sales reps will need to adopt and adapt the modern technologies that will help them become productive.
Salesmate CRM is designed in an intuitive way to suit all the requirements of your sales team and set intuitive and actionable sales strategies for availing maximum productivity and generating better revenue.
If your business is in need of a smart and easy to use business tool that can help you with predictive analysis and other better sales tools that you can get in touch with us with your inquiries.