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Digital Sales Report 2024

Trend 3 —
Becoming more competitive and process-driven is high on the agenda.

Trend 3 —
Becoming more competitive and process-driven is high on the agenda.

When the going gets tough, the tough get going

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. 

1 .

Competition

2 .

Product challenges

3 .

Incorrect deal qualification

Source: GetAccept's Digital Sales Report, 2024. The top 3 leading reasons for lost deals.

Reframing competition as 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. 

39%

 

of revenue leaders say that competition is the leading reason why they lose deals.

The challenges blunting our competitive edge

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 improvement. 

0

of revenue leaders want to make changes to their sales processes in 2024.

0

of revenue leaders want to implement new sales methodologies in 2024.

0

of revenue leaders want to make improvements to their revenue operations in 2024.

Source: GetAccept's Digital Sales Report, 2024. The top challenges for revenue leaders in 2024.

46%

 

of revenue leaders said improving their sales processes will be a key challenge in 2024.

Tips for getting your competitive mojo back

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: Have a clear strategy.

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.

"Our findings suggest ten imperatives that should guide organizations seeking to outgrow and outearn their peers:

1. Put competitive advantage first. Start with a winning, scalable formula."

The ten rules of growth

Bradley, C., Doherty, R., Northcote, N., and Röder, T. (2022)

Sales reps 🧡 digital sales rooms

Fill in the form to book a demo of GetAccept. We'd love to show you how our DSR could transform your buying and selling process.