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What are the key factors to consider when investing in new sales technology?

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Sales technology is constantly evolving and offering new ways to improve the efficiency, effectiveness, and performance of your sales team. However, investing in new sales technology can also be a complex and costly decision that requires careful evaluation and planning. In this article, we will discuss some of the key factors to consider when investing in new sales technology, such as:

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1 Business goals

Before you start looking for new sales technology, you need to have a clear understanding of your business goals and how they align with your sales strategy. What are the main challenges and opportunities that your sales team faces? How do you measure and optimize your sales processes and outcomes? How do you support and enable your sales reps and managers? How do you align your sales activities with your marketing, customer service, and product teams? By defining your business goals, you can identify the gaps and needs that new sales technology can help you address.

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Saranya Roy

Senior Sales Strategy & Operations Manager, Amazon.com | Ex-founder, SaltnSoap.com
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When investing in new sales technology, consider compatibility with existing systems to ensure seamless integration. Assess the scalability of the technology to accommodate future growth. Evaluate the ease of use and the learning curve for your team to ensure quick adoption. Analyze the potential ROI by comparing costs with the expected efficiency gains and sales improvements. Check for customization options to tailor the technology to your specific sales processes. Review security features to protect sensitive data. Seek feedback from end-users and consider vendor support and service quality for long-term success.

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2 Budget and ROI

Another important factor to consider when investing in new sales technology is your budget and the expected return on investment (ROI). You need to assess how much you can afford to spend on new sales technology and how long it will take to recoup your investment. You also need to consider the total cost of ownership (TCO) of new sales technology, which includes not only the initial purchase price, but also the ongoing maintenance, support, integration, and training costs. To calculate the ROI of new sales technology, you need to estimate the potential benefits and savings that it can bring to your sales team, such as increased productivity, revenue, customer satisfaction, retention, and referrals.

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Eddie Davis

Technology Entrepreneur | Sales Funnel Builder & Teacher
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Before you consider purchasing a new technology, you need to be absolutely sure you can't already achieve your aims with your existing sales stack. SalesForce, HubSpot, Hotjar, etc. have become such broad products that it's extremely common that new features are already available to you that you don't even realize. You may just need to optimize your configurations. You may be able to purchase an upgrade versus a product from a totally new vendor.

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3 User adoption

A third factor to consider when investing in new sales technology is user adoption. You need to ensure that your sales team will actually use and benefit from the new sales technology, rather than resist or ignore it. You need to involve your sales reps and managers in the evaluation and selection process, solicit their feedback and input, and communicate the value proposition and benefits of the new sales technology. You also need to provide adequate training and support for your sales team, as well as incentives and rewards for using the new sales technology. Moreover, you need to monitor and measure the usage and impact of the new sales technology, and adjust your implementation and adoption strategy accordingly.

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4 Integration and scalability

A fourth factor to consider when investing in new sales technology is integration and scalability. You need to ensure that the new sales technology can seamlessly integrate with your existing sales technology stack, as well as with other systems and platforms that your sales team relies on, such as CRM, marketing automation, analytics, communication, and collaboration tools. You also need to ensure that the new sales technology can scale with your business growth and changing needs, and that it can support multiple devices, channels, regions, languages, and currencies. Additionally, you need to consider the security, reliability, and compliance of the new sales technology, and how it protects your data and privacy.

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Eddie Davis

Technology Entrepreneur | Sales Funnel Builder & Teacher
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Integration is critical, and more specifically, you need to understand whether or not your team needs to be spread across yet another user interface or whether the new tool can be accessed within a CRM, email client, browser window, etc. Integrations where your new tool is an app in one of your existing stack tool's app stores are generally much easier to implement and adopt versus something that requires custom API calls, etc.

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5 Vendor selection

A fifth factor to consider when investing in new sales technology is vendor selection. You need to choose a vendor that can provide you with the best solution for your specific needs and goals, as well as with the best service and support. You need to evaluate the vendor's reputation, experience, expertise, and customer reviews, as well as their product features, functionality, performance, and innovation. You also need to compare the vendor's pricing, terms, and conditions, as well as their customer service, technical support, and product updates. Furthermore, you need to establish a good relationship with the vendor, and negotiate the best deal and contract for your business.

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Eddie Davis

Technology Entrepreneur | Sales Funnel Builder & Teacher
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These factors matter but potentially more important is how fast a particular vendor's innovation is cycle is running. Are they really breaking ground quickly and can they keep up the pace? If not and you're using one of the larger CRMs, the functionality may become available within what you already have in the near term. You should ask. Most new sales technologies are immediately copied (or purchased) by the bigger players.

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6 Testing and evaluation

A sixth factor to consider when investing in new sales technology is testing and evaluation. You need to test and evaluate the new sales technology before you fully implement and roll it out to your sales team. You need to conduct a pilot or trial project with a small group of users, and collect their feedback and data. You need to measure the performance, usability, and satisfaction of the new sales technology, and compare it with your baseline and expectations. You also need to identify and resolve any issues, problems, or gaps that arise during the testing and evaluation phase. Lastly, you need to review and refine your implementation and adoption plan, and prepare for the launch and rollout of the new sales technology.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the key factors to consider when investing in new sales technology?

1

2

3

4

5

6

7

1 Business goals

2 Budget and ROI

3 User adoption

4 Integration and scalability

5 Vendor selection

6 Testing and evaluation

7 Here’s what else to consider

Sales Operations

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What are the key factors to consider when investing in new sales technology?

1

2

3

4

5

6

7

1 Business goals

2 Budget and ROI

3 User adoption

4 Integration and scalability

5 Vendor selection

6 Testing and evaluation

7 Here’s what else to consider

Sales Operations

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