20 revenue-impacting stats you need to know in 2023
by Andy McDonald
The B2B sales landscape is changing fast, requiring organisations to urgently rethink revenue production in 2023. For business leaders looking to implement the operational and technological innovations to drive more efficient, predictable growth, here are 20 stats to help shape your strategy:
Businesses must rethink their sales models and ensure all people, processes, and technologies are geared towards revenue enablement. This requires technologies and techniques that capture and utilise revenue intelligence across the business to simplify operations, support training, and ensure accurate forecasting.
- By 2025, 75% of the highest-growth companies in the world will deploy the revenue operations (RevOps) model. (Source)
- 90% of sales professionals agree that intelligence insights help cut closing times significantly, giving them time to focus on building deep customer relationships. (Source)
- Companies that align the people, processes, and technology involved in the demand engine will experience 36% more revenue growth and up to 28% more profitability. (Source)
- 53% of employees agree they need better training and onboarding to use their CRM system. (Source)
- Organisations that deploy gamification can improve employee engagement by 48%. (Source)
New B2B buying journey
A major driver for adopting a RevOps model is the rapidly shifting buying and selling dynamic that businesses face today. Selling is not what it was. This, combined with an uncertain economy, is placing too much of the responsibility to generate revenue on the sales team.
- 8 in 10 sales professionals say sales roles have changed since the pandemic. (Source)
- 70% of B2B decision makers say they are open to making new, fully self-serve or remote purchases in excess of $50,000, and 27% would spend more than $500,000. (Source)
- Up to 81% of the eligible workforce will be hybrid or remote in the future. (Source)
- Now, sales reps have roughly 5% of a customer’s time during their B2B buying journey. (Source)
- Reps spend just 28% of their week actually selling, with the majority of their time consumed by other tasks like deal management and data entry. (Source)
- 57% of sales professionals said they were unable to maintain their customer engagement levels during the shift to remote work because their CRM systems are not well integrated across teams – and because not all departments use the same systems, they can’t easily share information. (Source)
Sales team motivation
Businesses that do not move away from a sales-centric approach to revenue are already seeing the effects. Sales teams are struggling to sell using old processes in a new sales landscape. As economic pressure mounts, many are experiencing extreme burnout.
- Nearly 90% of sellers feel burned out from work, whilst more than half say they are looking for a new job. (Source)
- 63% of salespeople are currently struggling with their mental health, an increase of 5% from the previous year. (Source)
- 69% of sales professionals say selling is harder now. (Source)
- 59% of sellers said their leadership doesn’t understand how to motivate them and 67% said their leadership is overly optimistic and disconnected from seller reality. (Source)
- 82% of reps say alignment with other sellers is at least somewhat challenging, and across the board, partnerships with other teams often don’t even happen. (Source)
At the heart of a successful revenue operations model needs to be intelligence-driven training and coaching. Not only to adapt to new virtual buying expectations but to continually optimise sales reps’ time with real-time insights into deal health and recommended next actions.
- 1:1 coaching is infrequent at many organisations, with only 26% of sales professionals receiving it at least weekly. (Source)
- While half (51%) of sales professionals expect to primarily sell virtually moving forward, 58% say it’s harder than selling from an office. Despite these challenges, only 29% report receiving training on selling virtually. (Source)
- According to the Sales Management Association, 73% of sales managers spend less than 5% of their time coaching. (Source)
- When managers met or exceeded the standards for coaching, the average sales performance of their teams was 95% of stretch targets. (Source)
Maximising your CRM investment
With the rise in digital selling, the volume of data available to sales teams continues to increase – and the CRM should be the foundation for intelligence-driven revenue production. Cloudapps’ revenue intelligence platform is unique in that it is integrated into the existing CRM, transforming it into a revenue intelligence engine and therefore maximising a business’s existing investment. By applying gamification-driven data capture, AI-led interpretation, and behavioural science, Cloudapps encourages CRM use while utilising existing data to ensure the business is learning and improving constantly.
Read our white paper to find out more: Maximising your Salesforce CRM investmentTags: Andy McDonald