Trend 2 —
Investment in sales tools and tech continues to grow.

Revenue leaders are set to spend more money on tech 

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.

Tackling tech overwhelm is going to be a big challenge...

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. 

Levelling-up your CRM could be a  win-win solution

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? 

What to ask yourself before investing in new tech

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?