The State of Sales 2024: Analysis & Insights

I've been quiet in these LinkedIn streets because I have been heads down trying to figure out how we can salvage a tough year of sales in the last months of 2024.

I've broken down what 1,170 buyers want and what 7,200 sales reps do to close them.

74 hrs work - and it's yours. For FREE.

Why? Because you need to know what’s working NOW so you can crush your sales goals.

What did I analyze?

→ 1,170 Buyer behaviors

→ 7,200 Sales Rep performances

→ 150 Pages of industry research

→ 111 hours of sales call transcriptions

Here's a snapshot of what I learned:

?? Deals are taking 22% longer to close

?? Customer acquisition costs are 30% higher

?? Inbound leads have dropped by 18%

???? Killer Insights that will change how you sell

I have good news and bad news.

Bad - 2024 has sucked for most of us. For 80% sales are down, 15% are flat and 5% are growing.

Good - For those who are winning, what they are doing is DOABLE for everyone.

I am so proud of the work our team has done to not only understand what we are doing that is contributing to slower sales

And figuring out what is common among the ones who are winning so you can win too!

In a recent LinkedIn Live training, I dove deep into the current state of sales in 2024, analyzing data from over 1,200 buyers and 7,200 sales reps and over 111 sales calls.

The insights were not just eye-opening—they were game-changing.

Today, I'm sharing the most crucial takeaways to help you not just survive, but thrive in today's challenging sales environment.

The Hard Truth: The Sales Landscape Has Shifted

Sales are down 30% on average across industries

• Deals are taking 22% longer to close
• Customer acquisition costs are rising by 30%+
• Inbound leads are dropping by 18%-48%

This isn't just a temporary dip—it's a fundamental shift in how business is done. But here's the good news: with the right strategies, you can buck this trend and accelerate your growth.

The Digital Revolution in B2B Sales

80% of B2B sales interactions now start on digital channels

• 86% of decision-makers go to LinkedIn first when looking for providers

• Your LinkedIn profile is now "social proof" before your website

Action Step: Audit your LinkedIn profile today. Does it clearly communicate your unique value proposition? Does it speak directly to your ideal client's pain points? If not, it's time for an overhaul.

The New Buyer's Journey

Buyers are more research-obsessed than ever

• 80% of the buying journey happens before contacting a salesperson
• 59% of buyers say salespeople don't understand their needs

Action Step: Create a content strategy that addresses every stage of your buyer's journey. Think beyond blog posts—consider whitepapers, case studies, and video content that showcase your expertise and understanding of your clients' challenges.

What's Working on LinkedIn in 2024

Strategies that are driving results:

• Creating "viral lead magnets" - ultra-high value content that sparks engagement
• Optimizing your profile to clearly communicate your value proposition
• Leveraging events to expand your network
• Building authority through consistent, valuable content

Action Step: Commit to creating one piece of high-value content each month. This NOT just an in-depth industry report, a comprehensive how-to guide, or a data-driven infographic.

This is something that is incredibly valuable for your buyer to know now. It feeds their research and education-thirsty appetite. It should take a while to really think and incorporate your thinking IN the content. You are allowing your future clients to peek behind the curtains into the genius of your thinking, methodologies, or your approach. This differentiates you and educates your buyer as to why you are better at solving their problems than anyone else.

The key is to provide information so valuable that your audience would be willing to pay for it. People may say, "I would have paid for this!"

The Rise of Social Selling

Social selling is Queen or King

• Having real conversations in DMs can lead to sales without traditional calls
• Focus on adding value and building relationships before pitching

Action Step: Dedicate 30 minutes each day to engaging authentically on LinkedIn. Comment on posts, share insights, and start meaningful conversations. Remember, your goal is to build relationships, not to pitch.

The Power of Persistence and Adaptation

While these changes may seem daunting, they present enormous opportunities for those willing to adapt. Here are some additional strategies to implement:

Leverage AI and automation tools

• Use AI-powered tools to personalize outreach at scale
• Implement chatbots for initial qualification and to provide 24/7 support

Focus on existing customers

• It's 5-25 times more expensive to acquire a new customer than to retain an existing one
• Implement a robust account expansion strategy

Invest in sales enablement

• Ensure your team has the tools, content, and training they need to succeed in this new landscape
• Regular training sessions on new technologies and social selling techniques are crucial

Embrace video

• Incorporate video into your sales process for more personal touchpoints
• Use video prospecting to stand out in crowded inboxes

Measure what matters

• Move beyond vanity metrics and focus on metrics that directly impact revenue
• Regularly analyze and adjust your strategies based on data

The sales landscape has shifted dramatically, but there are still massive opportunities for those willing to adapt.

By leveraging platforms like LinkedIn strategically and focusing on delivering immense value upfront, you can thrive even in this challenging market.

Others are winning right now. You can, too.

Your Next Steps

1. Audit your LinkedIn presence:

Ensure your profile and company page are optimized for 2024.

2. Create a high-value lead magnet:

What information do your prospects desperately need? Create it and share it.

3. Implement a social selling strategy:

Train your team on effective social selling techniques.

4. Review your sales process:

Is it aligned with the new buyer's journey? If not, it's time for an update.

5. Invest in your team:

Provide training on the latest sales technologies and techniques.

Want to dive deeper into these insights and get my full analysis? Check out this post and let me know if you want me to send you the analysis.

https://www.dhirubhai.net/posts/bethanienonami_ive-broken-down-what-1170-buyers-want-and-activity-7241898357504229377-AJ-F

Here's to your sales success in 2024 and beyond!

Bethanie

P.S. If you're ready to take the next step and optimize your 2024 sales strategy, let's chat! I'm opening up some limited spots where we can dive into your challenges and unlock immediate growth opportunities. Please send me a DM so we can see what's going on with you and see if it's a good fit.

P.P.S. Did you miss the Live Event? No worries, check the comments for the link to watch the replay. No opt-in is required. Link to video on YouTube.