4 Sales Industry Trends of 2023… and how to WIN from them! ??
Last week I spent two full days at the Sales Innovation Expo 2023 in London. I met some amazing people who are training teams, building companies, and creating software on the cutting edge of the sales industry.
?I attended as many seminars as I could and spoke to as many people as I could to find out what they’re seeing in the industry today, and where they see it going in the future.
There were some amazing ideas. Some I expected, some I didn’t!
There were four stand-out themes:
... so, let’s jump into each one a little deeper. ??
1. Using social media to build your own brand. ??????
Social media is nothing new and social selling has been growing in popularity steadily for a few years now.
What’s changing is:
In 2016, the average B2B Decision maker would use?5 different channels?before speaking to a supplier. (source on image below)
In 2019 that became 7.5.
In 2021 that became 10 – and will be growing now. ??
On top of that… 33% of buyers want a seller-free sales experience.
That number increases to 44% with Millennials?and will be even higher with Gen Z! ????
So, in warming-up and educating your prospects on the value your solution can bring, you to be present across 10+ channels providing a seller-free experience.
THAT points at social selling! ??
I will always advocate cold calling over posting a selfie… but in today’s competitive landscape you clearly need both. You NEED to be across every channel to make an impact.
Bang the drum and keep your message consistent. ??
If you want to know more about social selling – follow Daniel Disney - I met him personally and he's a LinkedIn #SocialSelling KING!
2. The global economic downturn and constant uncertainty. ??
Another force working against you!
We have economic downturn worldwide, a recession in the UK and across Europe, a War in Ukraine, Covid-zero efforts in China… and that’s just the start. ??
So your prospect have less money, less confidence and THEIR customers are the same.
Many organisations have seen their pipelines shrink and their salespeople struggle, so what can we do?
Work hard? YES.
Work smart? DEFINITELY. ??
One great talk was by James Isilay and discussed the language you need to use on cold calls, to reframe the buyer’s mindset.
Calls in which “budget” was mentioned, win rates went up by 31%. ??(https://www.trywingman.com/blog-posts/sales-in-the-times-of-an-economic-downturn)
Sounds great! But last year… that 'win rate increase' was even higher. So it's technically gone down! ??
It was the same for “timing”, “discount”, and more. A boost in win rates… but not as much of a boost as last year.
But there was one outlier… “ROI”. ??
Discussing ROI in cold call resulted in a 38.7% increase in the likelihood of success.
Last year… 29.7!???
It was the ONLY improved word – so it’s clear that propsects aren’t looking to cut costs, they just want MORE for their money.
And remember – if you can flourish in a recession, then when the economy recovers and is in another boom… you’ll be perfectly placed for massive growth!
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So, change your wording is number 1… but find efficiencies yourself is number 2.
Use tools to improve efficiencies internally and make yourself better.
Which brings me to number 3…
3. The Rise of AI and Automation. ??
This was a clear trend.
Every stall, every talk, every salesperson were talking about how either THEIR solution is powered by AI and Automation, or they tools they use are.
It’s a clearly dominant trend that is closer than ‘the horizon’… we’re in it!
?? For automation, there’s:
?? For AI, there’s:
One thing’s for sure – there’s a plethora of options that can all bring their value.
What’s that? You want me to make a course to lay it all out for you? What’s available, how it can be used, the common pitfalls AND a suggestion for each tool?
Well… today’s your lucky day! Last week my “Using AI and Automation to Sell More” course went live on LinkedIn Learning ?? Check it out here:
4. The increased number of Decision Makers. ??
This one I did not see coming!
Maybe it’s a result of the economic downturn and the focus on ROI.
Maybe it’s because we’re more connected than ever.
Whatever the reason, the fact is that there are more decision makers than EVER involved in the sales process. This makes a Salesperson’s job harder because they need to:
An example of this could be if you sell sales software, gone are the days of just speaking to the Sales Director.
Now...:
Gartner say than, on average, 6.8 decision makers are involved in B2B sales opportunities now… with the number only increasing!
So, you need to speak to people at EVERY level, and EVERY department now. The more you have, the increased likelihood of closing.
And with 47% of salespeople saying they’re NOT confident building relationships and EVERY level… it might be your competitive edge!
REMEMBER – don’t sell the pen… sell the SOLUTION!
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BDR| SaaS | Reviewer| Helping businesses get more leads and revenues|
2 年Very handing information in this article ????
Customer Success Manager at ProShop ERP
2 年I was at a recent Aerospace Summit and had very similar takeaways to industry trends. Keep up the great work, am enjoying your content!
★ Writer and Keynote Speaker, Project Management and Time Management, Negotiation Skills ~ UK-based. Top 10 video trainer in the world - LinkedIn Learning and Udemy.
2 年Great article - lots in here that I hadn't thought about - thanks Miles Croft
Chief Operating Officer at Immersive 360 | U.S. Veteran | Project Management | Strategic Partnerships | Business Development
2 年Great article and thanks for sharing the social selling King. I have never heard of him before, but I think his content along with your courses will help my next endeavor skyrocket.
En el negocio de servir a las personas | Director de Ventas & Marketing | Influencer Hotelero | Estratega en Generación de Ingresos Hoteleros | Ventas, Marketing | Innovador con Inteligencia Artificial | Keynote Speaker
2 年Wonderful Tips, Thank you. Social selling is Key to success today in sales, and this go in hands with personal brand.