Improving Business Performance in 2018: 4 Stats That Impact Revenue
As we embarked on our 2018 Business Performance Benchmark Study, our goal had not changed from 2017. We have a broad spectrum of opinions from 422 enterprise-level executives and sales leaders worldwide. Altify continues its commitment to providing a definitive guide to improve business performance across all industries in 2018.
This study examines the strategic impact on business in a changing global economic environment. A study like this is especially relevant amidst technology advancements such as Digital Transformation and Artificial Intelligence.
When revenue considerations that are top of mind for executives and managers, this study dives into ways sales performance is likely to be challenging or can be improved.
Key Sales Insights to Improve Business Performance in 2018
- Invest more in sales tech and methodologies.
- Increase focus on frontline sales management.
- Understand the customer; unlock sales velocity.
- Effectively maximize the value of a deal.
1) Invest more in sales tech and methodologies
Relative to 2017, there is a decline in the execution of key sales best practices.
- ↓ 4% Frontline sales teams are able to effectively do their jobs
- ↓ 10% Sales process mapped to customer
- ↓ 2% Maximizing the value of each deal
Takeaway: Sales leaders need to invest in sales technology and methodology solutions. This is in order to embed best practices and enable their teams at every stage of the sales lifecycle.
2) Increase focus on frontline sales management
Companies with effective front line sales management report:
- 56% Larger deal sizes
- 12% Shorter sales cycle
Takeaway: Success in driving increased sales rests not in the executive suite, but on the frontline.
3) Understand the customer; unlock sales velocity
Companies that effectively map their sales process to their customer’s buying process report:
- 16% Increase in a deal size
- 23% shorter sales cycle
Takeaway: Modern sales teams need to move beyond accounts and contacts. Instead, the focus should be on insights and relationship selling to create value for customers and win business consistently.
4) Make it a Big Deal
Companies that effectively maximize the value of their deal have:
- 80% Greater access to key players
- 56% Better at uncovering customer business problems
Takeaway: Successful companies maximize deal value by taking a customer-first approach.
Grab the Full Report Here
Download a copy of the full 2018 Business Performance Benchmark Report. You’ll have access to additional takeaways on Disruptive Forces, the sales and marketing gap, why buyers prefer advice from the outside and much more!
Looking for more resources?
1) Webinar on Accelerating Revenue Performance
This webinar features Matt Cox, SVP Global Sales at SimilarWeb and Lynne Zaledonis, SVP Product Marketing at Salesforce. They discuss key insights from Altify’s Business Performance Benchmark Study.
2) Upcoming webinar on the Sales Success Playbook
Sales success starts in the executive suite with the proper strategy and best practices. What are those strategies and practices? How can they help your sales organization?
This webinar discusses best practices to increase deal size, shorten sales cycles, and improve forecasting. Find out by registering to attend our upcoming webinar featuring Joe DiCandilo, Group Vice President of Becton Dickinson.
Originally published at Sales Hacker.
