The last few years have been anything but normal, characterized by global events such as the pandemic, geo-political situations, and multiple supply chain incidents. These events have left their mark on buyers, making them not only more demanding of vendors but also more skeptical.
In 2024, sales teams need to keep in mind these three top-of-mind expectations buyers are going to be on the lookout for when making a purchase:
Personalization: A tailored experience matched to their interests and needs will go a long way to persuading a buyer to make a purchase.
Authenticity: Hyperbole and false promises are no longer effective marketing techniques. Instead, buyers gravitate towards those vendors who are transparent about what they can and cannot offer.
Technology-first: Today’s buyers are increasingly tech-savvy and they expect sellers to be just as proficient with technology when it comes to making a sale.
In this blog, we’re going to talk about how your sales and pre-sales teams can not only match, but exceed buyer expectations with the help of technology, how the current global economy may impact your sales process, and how you need to be thinking about goal-setting and strategizing in 2024.
Technology is not an all-in-one solution - but it's a good first step
Emerging technologies, like artificial intelligence (AI), IoT, and augmented reality (AR) are rapidly reshaping and transforming the sales landscape. We’ve talked in detail about the use of GenAI in sales in our previous blog. Below are some of the powerful tools and capabilities sales and pre-sales teams can now implement or integrate into the sales process:
AI-powered search engines: Helps easily locate content (ebooks, whitepapers, reports, etc.) on your internal systems. It can also recommend relevant content that can be shared with your prospects.
Dynamic website personalization: Allows visitors to get a customized website experience tailored to their needs and interests.
Social listening tools: Keeps you apprised of market trends and sentiments so you can adjust your sales strategy accordingly.
Live chat and video conferencing: Enables real-time communication with prospects to allow for faster issue resolution and clarification.
Technology can undoubtedly provide significant value to any sales organization; however, relying solely on technology to meet the evolving expectations of buyers can present its own set of challenges:
Cluttered tech space: Sales teams use an average of 58 applications to do their job. Trying to work with so many apps can be overwhelming, and given the integration complexity involved, data could often exist in silos within them.
Data overload: With so many avenues of information and data, your teams could face information paralysis. Every additional app is also a potential security risk raising data privacy and data quality concerns.
Skills gap: Your teams need to be tech-savvy to handle so many tools and you need to be able to provide them with ongoing training. It’s important to ensure that the new technology being implemented will enhance the existing processes not eliminate the need for human touch.
It’s important to keep these challenges in mind when selecting the right tools and applications for your sales and pre-sales teams.
Today's volatile global economy could negatively impact your sales
‘Business as usual’ has taken on new meaning in the last few years. Businesses today need to be more dynamic and more agile to be able to respond quickly to changing market conditions. Some of the major global economic challenges to keep an eye on over the next 12 months are inflation, supply chain disruptions, interest rate hikes, and geopolitical uncertainty.
Economic conditions like these can also have a significant influence on sales strategies and their effectiveness as they have a direct impact on:
Buyer spending patterns - Buyers tend to be more cautious in times of economic uncertainty making it harder to close deals.
Budget constraints - You will see your prospects prioritizing essential purchases or focusing on more cost-effective solutions that drive high value and ROI.
Investment in technology - Many organizations could look to invest in technology to improve efficiency and effectiveness during challenging times.
5 things sales teams will need to keep in mind as they strategize for 2024
We now have some information on buyer expectations in 2024, how technology can help us match these expectations, the global economic situation, and how it directly affects sales and pre-sales teams. So how do you plan for the year ahead?
We’re giving you a list of five things you need to prioritize when putting together sales strategies for 2024:
Focus on value: Emphasize the unique value proposition of products and services, highlighting cost savings, efficiency gains, or other benefits that outweigh potential price increases.
Transparency and communication: Be upfront about potential delays or price adjustments due to economic factors. Maintain open communication with customers to build trust and manage expectations.
Agility and flexibility: Adapt sales strategies quickly to changing market conditions. Explore new sales channels, pricing models, and promotional offers to cater to evolving customer needs.
Focus on customer relationships: Strengthen connections with existing customers through personalized service, loyalty programs, and proactive support. This fosters trust and encourages repeat business.
Embrace technology: Utilize technology to streamline sales processes, improve efficiency, and gain insights into customer behavior. Automate repetitive tasks and leverage data analytics to personalize sales pitches and target ideal customers.
