Digital Sales Report

We wanted to know what revenue leaders are going to be prioritizing in 2024, and a resounding 79% of them expressed a shared goal: to increase their win rates.

Perhaps this isn't so surprising, given that consistent revenue growth is one of the most obvious signs of a business doing well.

This makes sense because win rates are tangled up with lots of other positive things

A focus on increasing win rates is inseparable from so many other elements of what makes a business successful, such as:

• Increased operational efficiency. To increase win rates, teams typically need to streamline and optimize their sales processes. This not only leads to more effective use of resources but boosts overall operational efficiency, allowing teams to do more with less.
• Greater competitive advantage. Companies with higher win rates are better positioned to outperform rivals, secure market share, and establish themselves as leaders in their industry.
• A better understanding of your customers. Actively working to improve win rates requires a deep understanding of customer needs and preferences. This customer-centric approach not only increases the likelihood of closing deals but also fosters stronger relationships with clients, leading to repeat business and positive word-of-mouth.
• Maximized ROI. Every sales effort incurs costs, from marketing campaigns to sales team salaries. Increasing win rates ensures that these investments yield a higher return on investment (ROI) as more leads convert into paying customers.

• Financial resilience. A robust win rate is a key factor in financial resilience. It provides a buffer against economic uncertainties, allowing companies to maintain stability and navigate challenges effectively.

• Strategic decision making. Aiming for higher win rates necessitates a strategic approach to sales. Companies that actively analyze and refine their sales strategies are better equipped to make informed decisions, identify areas for improvement, and capitalize on emerging opportunities.

Companies are hustling for growth, trying to run smoother operations, and desperately aiming to stand out in a world that's changing faster than you can say "innovation."

And as well as internal factors, there's a lot happening outside the office walls that's making revenue leaders rethink their game plan.

In 2023, Gartner released a summary of the macro factors that will affect businesses over the next decade, stressing that leaders needed to acknowledge them in order to continue to be successful.

Source: Gartner, 2023.

Getting to know these factors is important because increasing win rates can't be done in a vacuum.

It's essential that businesses and revenue leaders shape their strategies around what's happening globally.

After all, your customers and reps are people, and what impacts people is going to impact your business. 

1. Threat of recession. From COVID-19 to markets that were already fragile, we've experienced serious economic volatility in recent times. For businesses, it's important to continuously strategise and re-strategise to best allocate resources and promote growth. Basically: Don't get complacent. We have no idea what's around the corner.
2. Systemic mistrust. Long story short: People are feeling jaded. From dwindling customer loyalty to a general sense of brand mistrust, companies need to learn how to build genuine connections with the people they hope to win over.
3. Poor economic productivity. Multiple factors mean that employees are being asked to do more with less. Without serious reconsideration of processes and workflows, things aren't going to improve and neither are your win rates.
4. Sustainability. Having a sustainable business can drive efficiency and revenue growth. So this is something for the company at large to try and address if they want to see improvements in the bottom line.
5. Talent shortages. If the Great Resignation taught us anything, it's that you've got to hold on to your best employees and provide the development opportunities necessary for them to upskill. This will empower them to keep up with the challenge of continually winning new business in a world that's going to keep getting more and more competitive.
6. Emerging technologies. We are in a period of massive technological growth that will have a disruptive effect on society and on business. To stay ahead of the game, revenue leaders need to understand what, how, and when to harness technology as part of their strategic vision.

Now that we've considered the macro and longer-term factors impacting business, let's zoom back in and take a look at some tactics your revenue team can adopt now to start increasing win rates.

Qualify ruthlessly

Qualifying the right deals is crucial for sales success because it significantly impacts conversion rates and resource efficiency.

When we spoke to Carl Carell, Co-founder and Chief Revenue Officer at GetAccept, he said:

“One of the biggest mistakes people make is trying to win the wrong opportunities.The ability to understand which opportunities you should spend 80-90% of your time on is what’s going to bring you closer to your goals. We shouldn’t cheat ourselves by diluting our pipeline with bad opportunities."

Get your comms right

Good communication is key to keeping buyers engaged, but 91% of sellers find it hard to get – and keep – their buyers’ engagement.

It also contributes to building better relationships and making sure you’re quickly attending to any needs or questions that arise.

Tip! Look for software that can help reps stay on top of communication with prospects, whether it's through in-proposal commenting, live chat, or deal activity updates.

Get key stakeholder involvement ASAP

Alongside uncovering early on whether your offering is a good fit or not, getting key decision maker involvement quickly helps you to influence the decision-making process and proactively address any objections that arise.

Tip! Digital Sales Room software allows you to see who is interacting with your sales documents. So the next time a buyer forwards a proposal to someone new, you can start up discussions quickly!

Establish good sales and marketing alignment

Building a close relationship with marketing is key to reaching your revenue goals. Laura Erdem, Sales Leader at Dreamdata, tells us:

"Think about what kinds of accounts you're best at closing and then work with marketing to produce content, ads, events, etc. that help you to target those opportunities. Buyers want to meet you at their premises, which is your marketing and the places where they find you.”

In the constantly evolving landscape of digital sales, the imperative for revenue leaders to invest in technology has become more pronounced than ever.

And our research reflects that, with 60% indicating that they will allocate budget to sales tools and technology in 2024.

What's motivating the spend?

• Need for increased efficiency. Sales technologies streamline processes, automate repetitive tasks, and provide valuable insights through analytics. This not only saves time but allows reps to focus on high-value activities, such as building relationships and closing deals.
• Need for higher productivity. Sales tech can enable better collaboration, communication, and knowledge sharing among team members. This collaborative environment makes for a more efficient and effective sales ecosystem.
• Customer expectations. Modern sales tools empower revenue teams to deliver personalized and seamless customer experiences. From AI-powered chatbots to customer relationship management (CRM) systems and digital sales rooms, these technologies improve communication, responsiveness, and overall satisfaction.
• Data-driven decision making. Certain types of tech can provide valuable data and analytics, helping leaders make informed decisions based on real-time insights. This data-centric approach improves forecasting accuracy, identifies areas for improvement, stalled deals, and enhances overall sales strategy.

Research by Salesforce uncovered that sales teams are using an average of 10 tools to close deals. And as a result, two-thirds of reps say that they're overwhelmed.

This can spell bad news for business, with sellers who feel overwhelmed by technology in their roles 43% less likely to meet their targets than those who aren't.

For the Gartner Sales Practice team, the key to managing this overwhelm and unlocking the true value of technology is to "treat tech as a teammate rather than a tool".

...but getting it right will help your reps to focus on building relationships

When we asked revenue leaders about the most important elements of a good buying and selling experience in digital sales, 'positive working relationships' came in 2nd place after 'security and trust'.

Research shows that automating activities essential to the seller role, but viewed as "administrative", can help to build rep trust in technology. This includes tasks like updating the CRM or "low-value" work like data capture.

This can in turn allow reps to focus on the unique human elements of the role, like understanding the psychological and emotional parts of buying and selling.

Rather than investing in more separate tools to add to your existing tech stack, it could be worth considering the ways you can level-up what you already have.

Take the CRM giant Salesforce, for example. While it's already a powerhouse in and of itself, there are integrations available on the market that can give your sales reps new functionality and increase productivity without them ever having to leave the platform.

According to research by McKinsey, "bringing tech, data, and AI together under one customer relationship management (CRM) platform — all enabled by gen AI — can transform customer experience and turbocharge employee productivity."

Furthermore, they found that analytical tools can help to increase revenue by up to 20% and are most effective when they're embedded into the sales process. The result of this is that reps can act quickly on insights, such as contacting top-priority leads, or displaying a score for a deal.

So, what are some of the ways that integrations could speed up your sales processes, automate certain tasks, and boost rep productivity?

Document generation

A good proposal software integration will help you to power your sales process with dynamic document generation and easy-to-use templates. The result will be  speedier creation, approval, sharing, and signature.

e-signature

An e-signature integration for your CRM can seriously simplify your sales workflows and speed up deals. Look for solutions that bunch doc gen and e-signing together and can automatically update your CRM after a signature is received.

Automations

Good integrations let you to set up automations that help reps to focus on the human elements of the job. E.g. Set alerts and follow-ups for signed, rejected, or undeliverable documents, or create customized workflows to save time.

As revenue leaders, it's going to be essential to think tactfully about how and where you're investing your budget in new technology. Questions to ask yourself and your team before making the leap include:

• How does the proposed tool align with our overall business strategy and objectives?
• Can the new tool seamlessly integrate with our existing sales and CRM systems?
• What is the plan for user adoption, and how easy is it for our sales team to learn and use the new technology?
• How will the new tool enhance or impact the productivity of our sales team?
• Is the tool scalable to accommodate our business growth, both in terms of users and data volume?
• What is the reputation of the vendor, and what level of support and ongoing maintenance do they provide?
• Will the adoption of this tool provide us with a competitive advantage in the market?

In our worldwide marketplace, competition isn't just your next-door rival — it's a global showdown. We're talking about companies from every corner of the world, all jostling for attention and customers online. It's a colossal digital bazaar where standing out is the name of the game and every single deal counts.

But competition isn't just a hurdle to overcome. It can be a driving force that compels businesses to innovate, differentiate, and ultimately deliver better value to customers.

So when we discovered that 39% of revenue leaders feel they're losing deals to competition, we tried to see it not as a problem but an opportunity. 

From spurring innovation and enhancing customer focus to stimulating economic growth, competition is a good thing for businesses and it's a good thing for people. Let's remind ourselves of a few reasons why:

1. It's an innovation catalyst. The rivalry between market competitors stimulates innovation. To stay ahead, businesses invest in research, development, and creative solutions, leading to advancements that benefit consumers and drive industry progress.
2. Market diversity. A competitive landscape leads to diverse offerings. Companies differentiate themselves to capture niche markets, ensuring a variety of products and services that cater to the diverse needs and preferences of consumers.
3. Quality improvements. To stand out, companies strive to deliver high-quality products, services, and buying experiences. The pursuit of quality becomes a competitive advantage, raising industry standards and benefiting consumers with superior offerings.
4. Adaptability and resilience. Competition necessitates adaptability. For revenue teams, this means being able to flex your approach in response to what's going on around you. We've got to be responsive to market changes, emerging trends, and consumer feedback, creating a culture of resilience and agility in the face of challenges. 
5. Global market positioning. International competition pushes us to compete globally. Companies that can navigate and succeed in a global context enhance their market positioning and contribute to economic interconnectedness. Of course, this means your sales team is competing with reps across the world for business. No pressure. 

The next question on our lips then is: What do revenue leaders think they need to improve to start upping their competitive game? We were keen to understand, so we asked them to tell us where their challenges currently lie.

For 46%, sales process improvements are high on the agenda. And this makes sense, given that businesses are continuously grappling with aligning their sales strategies with rapidly changing customer expectations and technological advancements. All while keeping an eye on what their competitors are doing.

Next up, we discovered that there's fairly widespread discontent with sales methodologies, with 46% of our respondents saying that this is also an area that requires

Get laser focused on your sales processes

Rome wasn't built in a day, and neither are solid sales processes. You can read our full guide to improved sales processes here, but the long and short of it is: 

1. Start by sitting down and having an honest look at the current state of things.
2. Map your sales stages.
3. Align these with your ICP's buyer journey.
4. Put someone in charge of the process.
5. Define and track your KPIs.
6. Use tech to automate processes. This will let reps focus on building relationships.
7. Align marketing and sales.
8. Keep updating your processes as you grow.

Get everyone aligned on your sales methodology

Your sales methodology is the actionable, 'How-To' guide behind your sales processes. Unfortunately, sales leaders are often pressured into launching new ones too fast, resulting in lack of alignment and subpar adoption.

The trick to implementing one that works is getting everyone on board. Start the process by aligning with the heads of the functions who will be using the methodology (sales enablement, marketing, product marketing, customer success, etc.).

And take the rest from there.

Provide a better buying & selling experience

With over 80% of all sales interactions taking place via digital channels by the end of next year, sales and revenue teams need to align their processes with ever-changing and increasingly complex buyer journeys. And a digital sales room can help you to accomplish just that.

From dynamic proposals, e-signature, and in-document live chat, to interaction tracking and quick identification of key stakeholders, a DSR is transformative for sales reps and prospects alike.

Embed analytics into the tools your reps use

Only 21% of companies are systematically embedding insights from analytics into the tools their salespeople use every day. This is a shame, given that prospect and customer insights drive faster, smarter decisions.

When we talk about analytics here, we mean insights like deal scores or progress of deals, which leads are top priority, where churn risks are, etc. Essentially, any data that helps reps to act quickly and put their attention in the best place at the right time.

There's nothing better than finding — or creating — the perfect profile. And thankfully, there's no swiping involved when it comes to your ICP.

The perfect match in terms of solution provided, product fit, and relevancy, your ideal customer profile is your guiding light when it comes to knowing what kind of deals your sales team should spend their time on.

If you're doing it right, you'll have spent much time and effort defining your ideal customer, using data, customer surveys, and research to shape the profile.

And yet, we found that 98% of revenue leaders we spoke to are planning to make changes to their ICP in 2024.

So, what gives?

If what they say is 'nothing lasts forever', then what makes your ICP the exception?

Exactly. Panic over. Your ideal customer profile is supposed to evolve!

From changes in your sales strategy to product or service developments that allow you to broaden your scope, it's impossible to expect that your ICP will remain static forever.

Here are some of the signs that you might be ready to take a closer look at yours:

1. Your business strategy has changed. If your company undergoes a strategic shift, such as entering new markets, launching new products, or adopting a different business model, your ICP may need to be adjusted to reflect these changes.
2. Your sales team is struggling and it's not for lack of trying. If your sales team consistently faces challenges in converting leads or closing deals, it might be a sign that your ICP is the culprit. Analyze the characteristics of successful and unsuccessful deals to identify patterns that can help you to refine your ICP. 
3. You're facing some scaling challenges. Sometimes it's not that your ICP isn't right, but that it's self-limiting. If your business is experiencing difficulties in scaling, it might be due to limitations in your ICP. In which case, it's time to reevaluate whether your current profile allows for scalable and sustainable growth.
4. Something's not adding up with your Customer Acquisition Cost (CAC) and lifetime Value (LTV). Have you noticed a mismatch between these two metrics? Your ICP should be helping you to attract customers who provide long-term value, so discrepancies here might indicate your ICP needs some adjusting. 
   
5. New competitors are appearing or existing ones are making big moves. Changes in the competitive landscape, including the entry of new competitors or changes in existing ones, could impact your ICP. Evaluate whether your current profile allows you to effectively differentiate yourself in the market.
6. Your customers are churning or complaining a lot. Customer feedback, complaints, or requests might highlight areas where your ICP needs adjustment. Listen to your customers, as they can provide valuable insights into whether your current ideal customer profile is resonating with them.

Are you one of the 98% of revenue leaders considering making changes to your ICP in 2024? Then you might want to consider a few things before you start working on it again, like whether you've collected enough data and involved the necessary stakeholders across your company. 

Your ICP isn't backed by research and data

The first step to creating a solid Ideal Customer Profile is to dedicate a good amount of time to researching and collecting data about what is already working really well for your business.

Of course, there's no need to limit or put a damper on your ambitions, but your ICP is going to bring the most value when it's got a strong basis in reality and not fiction.

What kind of companies do you already have success with? Who is happiest with your product? Are there patterns when it comes to the companies bringing in the highest ARR?

Use customer surveys, data, and metrics like customer lifetime value (CLV), customer acquisition cost (CAC), and Net promoter Score (NPS) to help you get the most accurate answers to these questions.

You're not using your ICP to guide your marketing strategy

We've said it thrice and we'll say it again: The relationship between marketing and sales is super duper important. So once you've nailed down your ICP, it's time to use it to amp up your marketing strategy.

It can be used for creating content that addresses your customers' needs, goals, and pain points. It should also serve as a guide for lead generation and nurturing campaigns, aligning your teams and ensuring a common understanding of your customers.

And, of course, using data to track the success of these campaigns helps you to understand if you're attracting the right crowd, turning curious minds into customers, and making sure they stick around.

You create your ICP and then never look at it again

We've talked about using research and data to help build your ICP, and this isn't a once-and-done job — it has to be an ongoing process that reflects changes to your product, the market, and the macro environment.

You should aim to regularly revisit and refine your ICP based on new data, market trends, and customer feedback.

This will allow you to adapt to changes in the business landscape and ensure your profile remains accurate and relevant time after time.

Our research shows that 80% of revenue leaders say their reps' quotas will increase in 2024.

It's pretty common for sales reps' quotas to increase year over year, driven by factors like overall business growth targets, market expansion, competitive pressures, economic conditions, and productivity improvements.

This strategic approach allows companies to align sales targets with expanding business objectives, enter new markets, stay competitive, capitalize on economic opportunities, and reflect enhanced sales team efficiency.

However, a delicate balance is crucial to avoid negatively impacting sales reps' well-being and morale, emphasizing the importance of transparent communication and realistic goal-setting to maintain motivation and alignment with organizational objectives.

Coming at it from a positive angle, elevating sales quotas could signal a bullish outlook—an anticipation of growth, an expression of confidence in the sales team, and a strategic alignment with overarching business goals.

For revenue leaders, it might be a decisive move to push boundaries, capitalize on market opportunities, and enhance the company's market standing.

However, for the sales reps on the frontline, this surge may present challenges.

Increased quotas could mean stretching already demanding targets, potentially leading to heightened stress and burnout.

It raises questions about the balance between ambition and realism, and the potential impact on job satisfaction, performance, and the overall well-being of the sales force.

So what are revenue leaders going to do about that?

According to the the Salesforce State of Sales Report, 69% of sales professionals agree that their job is harder now. And it's likely that increasing quotas in harder markets is impacting this figure.

In this section, we want to present a few of the ways revenue leaders can start empowering their teams to achieve more — sustainably. 

You'll notice that these pointers can be linked back to all of the trends and research covered in this report.

From tactics to improve your win rate to investing in the right technology, there are a number of things revenue leaders can be doing in 2024 to make their reps — and their business as a whole — more successful.

Check your ICP

In trend 4, we spent time looking at what an ideal customer profile is and how you can get the most out of yours.

The best thing you can do for your reps, before they even start selling, is make sure that they're trying to sell to the right people.

Get good with marketing

While marketing aren't directly responsible for your sales targets, their efforts will have an impact on the amount of opportunities that present themselves to you.

As a revenue leader, you need to be BFFs with your marketing department, sharing a vision about who your ideal customers are, their pain points, and how marketing can create content, campaigns, and events to target them where they are.

Try a digital sales room

You've got to help your reps navigate, and align their processes with, increasingly complex buyer journeys. And a digital sales room like GetAccept can help you to achieve that.

From dynamic proposals, e-signature, and in-document live chat, to interaction tracking and quick identification of key stakeholders, a DSR will make it infinitely easier for your reps to create seamless buying and selling experiences.

Embed analytics into the tools your reps use

Research by McKinsey found that analytical tools can help to increase revenue by up to 20% and are most effective when they're embedded into the sales process.

The result of this is that reps can act quickly on insights, such as contacting top-priority leads, or displaying a score for a deal.

And rather than investing in more, separate tools, why not consider the ways that you can level up your existing CRM.

Level up your CRM

We're all trying to consolidate our tech stacks. This means it makes more sense to try and get more out of the software you already have rather than adding more to the list.

For revenue leaders, it's worth considering how you can get more from the CRM you're already using.

E.g. It's possible to level-up your Salesforce by adding proposal generation and e-sign functionality. Some integrations also allow for tracking and analytics, and automations that save reps a ton of admin time.

Qualify mercilessly

We already shared this as a tip in trend 1, where we explored win rates.

It feels good to have lots of deals coming in, but it's essential that your reps have the room to focus on the right ones.