7 Key Takeaways from the Salesforce State of Sales Report 2024

One of my FAVOURITE sales reports released new 2024 research last week! The sixth edition of Salesforce's State of Sales report is a must-read for professionals!??

5,500 sales professionals from 27 countries participated to give us the lowdown on the state of sales in 2024.????

67% of sales reps don't expect to meet their quota this year, and 84% missed it last year – but why???

Could one of the factors be that the report found sellers spend 70% of their time on non-selling tasks????

Let's find out!???

Here are my 7 key takeaways over a quick coffee!??

I've also linked the report below if you want the full read.???

1. Sales Are Up, But Challenges Persist??

Fact: Four in five sellers report an increase in sales??

Let's start with the great news: 4 in 5 sellers report an increase in sales – whoop whoop to that!??

However, despite the increase in sales, the 5500 participating sellers flagged quite a few challenges they face selling in the current environment.??

The top challenge identified was navigating growing customer expectations!??

Customers demand more personalised, value-driven interactions, and sales teams must adapt to meet these increasing expectations.??

I'm absolutely seeing this in the market, too, from real-time response expectations and communication on over 10 channels to highly personalised and exceptional experience expectations—as customers, we are expecting a lot!??

Top Tip:?Lean into data and customer insights more, using your CRM to gain real-time insights to tailor each interaction to the customer's bespoke needs. Whilst this is not new, only a few businesses are leveraging data to its full potential.??

2. The Top Priority for Sales Leaders is Improving Sales Enablement and Training??

Fact: The number one growth tactic the report identified for sales leaders is enhancing sales enablement and training.??

Sales enablement isn't just an annual tick-in-the-box at Sales kick-off —the report found it's a vital component of a successful high-performance sales team.???

Sellers leverage everything from one-to-one sales strategy reviews, performance reviews, win/loss reviews, and training resources to support their achievement.???

AI-based tools for enablement have increased in popularity to provide real-time call coaching, helping sales professionals refine their approach at the moment.??

Top Tip:?Implement regular bite-sized continuous learning, not just an annual one-hit wonder.???

Ensure that enablement is not purely focused on product/service but also on developing the sales skills and competencies needed to thrive in today's market.??

3. AI Adoption is On the Rise??

Fact: 81% of sales teams use AI today??

Artificial Intelligence in sales is no longer a futuristic concept; it's a present reality transforming sales and sales operations. From automating administrative tasks to providing predictive analytics, AI helps sales teams work smarter.??

With 67% of sales reps not expecting to meet their quota this year and 70% of sellers' time spent on non-selling tasks, it's safe to say AI is needed immediately as a virtual sidekick to reduce admin and increase efficiency.??

59% of business buyers say most reps don't take the time to understand their goals. Personalisation is the key to high-performance sales, yet buyers do not feel sellers are hitting the mark. AI can help sellers be far more efficient in their research and personalisation efforts.???

Top Tip:??Too many sellers are consumed by admin and non-selling activities. Leverage AI to automate routine tasks such as data entry and lead prioritisation. This will free up your sales team to focus on what they do best: selling.???

Additionally, AI-driven analytics can be used to gain insights into customer behaviour and predict future sales trends.??

Finally, AI should be considered for research and personalisation tasks.???

4. Employee Retention is Up, But It's Complicated??

Fact: Employee retention is rising, but 64% of sales professionals would leave for better pay.??

While more sales professionals are staying with their companies, retention remains fragile. Compensation continues to be a major factor in job satisfaction and retention.??

Top Tip:?Review your compensation structure to ensure it's competitive. To keep your team motivated and engaged, consider introducing performance-based incentives that reward high performance and provide clear paths for career advancement.??

5. Partner Sales Are a Major Revenue Driver??

Fact: 89% of sales teams currently use partner sales (partner channel).??

Partner channel sales are increasing, with 89% of sales teams using a partner strategy.???

Partner sales play a crucial role in expanding market reach and driving revenue. By collaborating with external partners, sales teams can leverage additional resources and expertise.??

Top Tip:?Ensure program programs are attractive for partners and sellers are encouraged to truly collaborate rather than compete with partners. The rules of engagement need to be clear.???

6. Focus Shifts to Recurring Revenue??

Fact: One-off sales are taking a back seat to recurring revenue models??

Maintaining customer relationships and generating recurring revenue through subscriptions / SaaS style models and upsells is more important in the current sales landscape.??

Many clients are changing their spending from Capex to Opex investments and are looking for consumption-based models.???

Top Tip:?Implement feasible subscription models and train your sellers to shift from a capex to an opex-based sale.???

Ensure sellers maximise opportunities for upselling and cross-selling to maximise customer lifetime value. Whilst this might seem obvious, it is so often missed, or compensation plans don't encourage this behaviour.???

7. Sales Reps Are Bogged Down by Non-Selling Tasks??

Fact: Sellers spend 70% of their time on non-selling tasks??

With 67% of sales reps not expecting to meet their quota this year, surely we need sellers spending more time selling!??

Administrative tasks continue to consume 70% of sales reps' time, reducing their capacity to focus on selling.???

Top Tip:?Identify the most time-consuming tasks and explore automation and AI options.??

The Salesforce State of Sales report gives us great insights into the State of Sales in 2024 and what Sales Leaders can focus on to boost performance.? What's clear is that whilst sales are up overall, achievement of quota and time selling is not where it needs to be despite the increase in AI and enablement.???

You can check out the full report here.???

?