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10 Sales Enablement Trends to Look Out For In 2019
1.
10 SALES ENABLEMENT TRENDS
TO LOOK OUT FOR IN 2019 ©Denave2018
2.
As we lay
our eyes on 2019, it is time we take a stock of how the year went by, what are next ‘big-ticket’ disruptions we can be expecting and how further do we envisage the digital transformation fabric encompassing our lives. During this time, surfing through reports, expert columns, predictions from industry gurus and much more, often take up a significant chunk of time which no decision-maker or serious industry professional agrees to trade off with any other activity. And it’s rightfully correct as well. Having a view – how much so ever precise or assumption-based it may be, always adds up to the preparedness level. Also, one biggest factor to be kept in mind while reading and assessing these trends is that change is the only constant you’ll ever find – be it in your life or in your business strategy. Hence, being open and aware of the vast realm of possibilities in this technology-driven yet so-human world of sales, is the key to spear ahead from the rest. NEW YEAR – NEW POSSIBILITIES ©Denave2018
3.
In the last
few years, we have seen a momentum which has changed the face of sales – quite much in its entirety, leaving just the basics behind. The evolution has been positive, and the new-found sales-tech domain has indeed altered the dynamics of this erstwhile traditional territory. The dawn of customer-focused selling, data-driven strategies, socially- backed decisions, tech-brought intelligence etc. have resulted in the birth of a new type of selling. This revamp called for renewed sales enablement measures also and thus, here we are – staring at the looming 2019 and getting ready to plunge into another year with better customer relationships, increased revenues, expanded territories, upskilled sales force and much more. Remember, evolution is a continuous process and thence, the scope of emerging market inclinations or industry leanings is vast, however, it is better to keep a lookout for some of the expected trends and brush up the readiness before we knock into 2019. GETTING READY ©Denave2018
4.
Technology is constantly
evolving, and its pace of transformation will be proportional to the impact which we will see in the sales domain that is now starting to depend heavily on tech – be it the leverage of analytics, AI, machine learning etc. to zero-down on the right and the most relevant data. Automation is another segment which will see a boom not just from the field force perspective but from the point of view of complete management hierarchy. The key would lie in the word ‘specialization’. Moving away from generic applications, sales tech and especially automation will be more about creating expert tech services. Thus, lessening the pressure on sales reps for closing deals and helping with quicker closures and newer in-roads. Sales Tech and Automation to Get A Massive Boost Trend Alert 1 ©Denave2018
5.
While this duo
is already disrupting the status quo when it comes to lead generation. This is going to get revolutionised further with the time taken to acquire the ‘next new customer’ being further lessened by using extraction business rules and database management. Intelligent bots culling out contactable database with multiple validations and checkpoints is not a far-flung fantasy but a soon to be trending affair in the world of sales. With bots such as contact finder bot, email finder bot or other specialised ones which can be employed to map out the verticals and sub-verticals to an organisation based on the names and locations etc., database management will become increasingly accurate and apt. Such effective lead generation through intelligent automated web scraping and its cleansing will soon become a sought-after science. Intelligent DB Management and Machine Learning Will Be the Magical Combo Trend Alert 2 ©Denave2018
6.
Staying ahead of
the curve is becoming a necessity for salespeople and the growing intelligence in the traditional CRM space is helping them to do just that. Significant overhauls can be expected in the direction of simplification and innovation in the CRM domain which is projected to be worth $81.9 billion by 2025. 1 With intelligence, integration and automation becoming a norm, standardised procedure of lead qualification as per BANT criteria will see major improvisations. Voice recognition integration will also become a seamless element and will assist in the process based upon the tonality, content and sentiment of the conversation. Such precise sieving will ensure better opportunity management and lesser time wastage at both seller and prospect’s end. Real-time identification of deviations in the conversation or process will also allow for quicker quality analysis and training needs fulfilment. Intelligent CRM to Become A Norm Trend Alert 3 ©Denave2018
7.
While the industry
is still somewhat divided on accepting the advent of technology, especially AI, automation, machine learning, RPA etc. as an industry boon or doom for workforce, the foresighted ones do understand that apt leverage of these technologies is actually a saviour for the workforce. Industry-wide surveys validate this point as 76% of teams 2 already using AI have increased their staff levels over the past three years. It is all about amalgamating the tech intelligence with human touch and creating an unmatchable value-add. Increased AI integration in sales processes will make salespeople get a better hold of their sales quotas with useful insights all throughout the sales course and become more productive. Tasks such as lead qualification and prospecting, automation of iterative tasks etc. would see an upswing with AI and we may also witness deal closures being managed solely by AI engines. Research suggests that by 2020, majority of commercial interactions will involve a virtual agent 3. Sales leaders expect their adoption of AI to grow by 155% by 2020 4, further validating the expected exponential growth of AI in sales. Being the next frontier in digital intelligence, AI will witness augmented adoption within sales teams as it will also facilitate strengthened trust between sellers and buyers owing the transparent logic-based decisions and actions. Ultimate word – AI will lead to an increase in resourceful and above- average sales headcount instead of lessening the number. AI Will Automate, Not Replace Trend Alert 4 ©Denave2018
8.
While sales had
branched beyond content much earlier but that doesn’t undermine the critical position it still holds. It’s further true in the case of B2B since research suggests that 60% buyers are preferring not to interact with a sales rep as the primary source of information; 68% are preferring to research on their own, online; and 62% say they can now develop selection criteria or finalize a vendor list — based solely on the available digital content. 5 Another study shows that 9 out of 10 B2B buyers 6 claim that online content has a moderate to major effect on their purchasing decisions and similar will be the situation for B2C as well. In such a scenario, sellers will be seen vying with one another for becoming a relevant part of the trending conversations ahead of time and create personalised experiences for their buyers. Keeping a safe distance from that ‘pitch -y’ feel to the content, which may seem like a hard-sell, consultative and precise content will see growth. With a clear focus on content strategy and how the same is put in front of customers, B2B sales players will lead the way to an efficient and optimized digital sales motion. Content Will Continue to Be the King Trend Alert 5 ©Denave2018
9.
As per Forrester,
the total global public cloud market will be approx. $178B in 2018, up from $146B in 2017, and will continue to grow at a 22% compound annual growth rate (CAGR). 7 Another research report states that global cloud services market is expected to reach $555B by 2020. 8 Extrapolating from the current revenue and adoption growth, it is quite an optimistic picture that is in front of salespeople. The adoption will grow by manifolds – at a pace which will surpass its own record. On the home front too, cloud leverage and adoption will further make sales output faster by providing actionable information at the right time to the sales person. This will lessen the reaction time by making the information access faster. The value of time being equated to that of data in the realm of sales, this is going to be huge disruptor. Cloud Adoption to Surpass All Prediction Trend Alert 6 ©Denave2018
10.
Revenues for big
data and business analytics solutions are forecasted to reach $260 billion in 2022. 9 The gigantic figure itself indicates the trajectory that we are on and how things will shape up in the coming year as well. With predictive and prescriptive analytics being further strengthened by developmental strides in cognitive analytics, leveraging semantics, artificial intelligence, deep learning and machine learning, the road ahead is bright in terms of precise insight extraction from data. As per reports, by 2020, 25% of organizations using a sales performance management (SPM) solution will also leverage advanced analytics for optimizing their sales compensation plans. 10 Domain and language agnostic analytics will pave the way for insights-as-a-service model to become more widely adopted. End-to-end cloud analytics will also see a momentum with another expected breakthrough being the expansion of input nodes for analytics engine going beyond five human senses. With narrative representation getting refined further, 2019 will also see a lot more emphasis on building visually appealing information centers on sales-tech platforms to enable better customer conversion. Analytics Will Be the Biggest Sales Catalyst Trend Alert 7 ©Denave2018
11.
Global image recognition
market is expected to reach $43.57 billion by 2022 and $77.69 billion by 2025 while speech and voice recognition market is expected to reach $18.30 billion by 2023, at a CAGR of 19.8% between 2017 and 2023. 11,12 & 13 Digital transformation and AI proliferation will leverage the progress made in speech recognition to improve the deployment of sales tools by replacing input mechanism through speech. Speech to text progression in vernacular or local languages is being practiced by many but is still lacking the expected adoption pace and trailing behind English speech conversion. This scene is set for transformation in the coming year. Image recognition will also get augmented inclusion in the realm of advanced analytics, for example – it will be extensively leveraged in the space of merchandising analytics for compliance management, making the process more transparent and real-time. With the focus on analytics and market insights, the need to capture more last mile data is going up by the day, and speech to text/ image recognition evolution will become the primary drivers of such data capture. The same will be leveraged by the sales industry and thus, reduce the ongoing struggle between deployment and effective usage. Speech & Image Recognition Will Revamp Reporting Trend Alert 8 ©Denave2018
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How much so
ever loyal the customer base be, single channel outreach will fade away into oblivion sooner than later. Numbers also signal affirmation to this with 84% of C-Level executives using social media to make purchasing choices. 14 The buzz in sales can be understood from the global trend wave which predicts that by 2019, there will be around 2.77 billion social media users around the globe, up from 2.46 billion in 2017. 15 The thumb rule stays as is - being present where your prospect is expected to find you and in the increasingly social world – those platforms are numerous. The trend will be to put together riveting content and outreach strategy when it comes to omni-channel presence and especially social selling. The paradigm of selling has got its axis shifted and the brands have realised it in a major way. Therefore, 2019 will see organisations spending a lot more in the social selling space, going far and beyond the regular social media marketing and advertising. Seamlessly integrated multi-channel platforms will become a norm as a disintegrated and hushed-up job in that segment will brush you sideways that very moment, in the race to gaining customers. Omni-Channel Sales Strategy and Social Selling to Become Mainstream Trend Alert 9 ©Denave2018
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Research suggests, in
case of a non-aligned environment between sales and marketing teams, there's a 4% decrease in company revenue, however, if the teams work in collaboration then many companies experience a 20% increase in their sales. 16 Misaligned metrics, unrelated technologies, separate knowledge bases, and fragmented goals have spelled doom for both marketing and sales as well as for the organizations they serve, since long enough. The need which has been identified since quite some time now is to integrate, consolidate and collaborate. We will witness the complete actualisation of this realisation in the coming year. 2019 will see sales and marketing more intertwined than ever before, not just because of shared revenue goals, but because the new-age customers demand it. Since buyers today expect a fluid experience, any interruption or inconsistency in the process encompassing marketing to sales journey, will have a negative impact on the buyer’s trust and confidence. As it is, the increased and may be even, mandated integration of both teams into one common entity – will allow for better content leverage, clearer view of customer’s needs and a seamless and shorter sales funnel. Sales & Marketing to Emerge as an Integrated Superpower Trend Alert 10 ©Denave2018
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There is always
an element of supposition attached to predicting the trends, however, a quick glance through the past and an analysis of the present situation gives quite a near-about idea of what the future holds. With technology making major strides inside the world of sales, elements which were perceived as hoop-la earlier, are causing significant transformations today. Hence, no possibility can be ruled out. In the time when humans have even cracked the code of verifying a quantum computer, we can only see some variations in the speed at which these trends will overtake the present-day sales enablement space – without entertaining any doubt that whether these are hype or mere distant probabilities. While it’s important to strengthen the current anchors, it always pays to be prepared for the expected wave! THE GEAR-UP MODE ©Denave2018
15.
Sources: • https://www.grandviewresearch.com/press-release/global-customer-relationship-management-crm-market • https://www.salesforce.com/form/conf/2016-state-of-sales.jsp •
https://www.gartner.com/smarterwithgartner/gartner-predicts-2017-marketers-expect-the-unexpected/ • https://c1.sfdcstatic.com/content/dam/web/en_us/www/documents/reports/sales/state-of-sales-3rd-ed.pdf • https://go.forrester.com/blogs/the-ways-and-means-of-b2b-buyer-journey-maps-were-going-deep-at-forresters-b2b-forum/ • https://www.cmocouncil.org/thought-leadership/reports/btob-content-impacts-customer-thinking--buying-decisions • https://www.forbes.com/sites/louiscolumbus/2017/11/07/forresters-10-cloud-computing-predictions-for-2018/#f3997854ae18 • https://www.alliedmarketresearch.com/press-release/global-cloud-services-market-is-expected-to-reach-555-billion-globally-by-2020.html • https://www.idc.com/getdoc.jsp?containerId=prUS44215218 • https://www.gartner.com/ngw/globalassets/en/information-technology/documents/insights/100-data-and-analytics-predictions.pdf • https://www.reuters.com/brandfeatures/venture-capital/article?id=5680 • https://www.grandviewresearch.com/press-release/global-image-recognition-market • https://www.marketsandmarkets.com/PressReleases/speech-voice-recognition.asp • https://www.superoffice.com/blog/social-selling-statistics/ • https://www.statista.com/statistics/278414/number-of-worldwide-social-network-users/ • https://www.impactbnd.com/blog/integrated-sales-and-marketing-5-reasons-why-integration-is-valuable ©Denave2018
16.
For more sales
insights, visit www.denave.com/resources ©Denave2018
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