Top 5 B2B Sales Trends for 2024
The use of the right data and information can ultimately determine whether sales teams succeed or fail. To stay ahead of the competition, read on and learn more about the top sales trends for 2024 and what role data plays.
Sales trend #1: Digitalisation and more data
More data, more relevant information, and even more insights has led to businesses striving to become more data driven. Sales teams rely on data and information to identify leads with high potential. The days when sales teams used to purchase lists containing addresses and then work through these one after the other on the telephone are long gone. Today, when sales teams get in contact with a company, they already know in advance whether the company is likely to sign up for their services, has a short sales cycle and is currently looking to place an order.
The key to this is establishing a 360° view of both existing and potential customers. This requires three components: master data, powerful online data and timing information. When combined, these form the basis for Sales contacting the right person at the right company with the right message at the right time.
Figure: The three ingredients for successful data-driven B2B sales: master data + online data + timing information. (Source: Dun & Bradstreet)
Sales trend #2: Data Integration
Sales teams can no longer afford to waste time entering data manually or miss out on sales opportunities due to a lack of data. Direct integration of data into systems such as Salesforce or Microsoft Dynamics as well as the automation of lead generation processes have become key trends. Once a member of the sales team has identified a lead, a new data record is then automatically opened in the CRM system at the touch of a button. A duplicate check, as well as enrichment of the data record with the necessary additional information that is required for qualification of leads, is then performed in the background. Each company also receives the risk indicators that it requires for effective risk management. All of this runs automatically and makes the whole sales process more efficient with improved data quality.
Sales trend #3: Personalisation
Establishing a direct link to individuals and decision-makers working at the target company is another important trend. Sales teams have no time and little desire to simply call out of the blue and ask to be connected. It’s a real benefit if you can have access to direct telephone numbers, e-mail addresses or company social media profiles (generally LinkedIn), including the precise job description and areas of expertise of the target person. This enables sales teams to engage with relevance. Both existing and potential customers are keen to hear how they can make their business work more efficiently and are less interested in being sold a product.
Sales trend #4: Intent Data
In the world of sales, timing is critical. Every company needs the products you offer, but often only within a narrow window. Consider office furniture, for instance. Companies expanding or relocating require furniture, printers, and related items. While they research these needs online, it’s essential to recognize that they might not be doing so on your website. That’s where third-party intent data comes in. By monitoring which companies are actively researching specific topics across the internet (not only on your own website, but also on third-party sites), you can reach out to them precisely when they’re most receptive.
Sales trend #5: Risk management
Risk management is important for identifying financially robust and solvent businesses. Every sales organisation therefore requires a system of risk management in order to remove high risk companies at an early stage before they are contacted.