Trend 1 —
Increasing win rates is the leading goal for revenue teams

79% of revenue leaders report needing to increase their win rates in 2024

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.

What in the world could impact your win rates?

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.
   
   You can check out trend 2 in this report to read more about how revenue leaders are working with sales tools and technology in 2024. 

Sales strategies to up your closing game

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.