Sales teams are consolidating tools and improving data security to realize the benefits of AI, according to the 2024 State of Sales report from Salesforce. Here are the four key findings of the report, which surveyed 5,500 sales professionals worldwide:
1. Sales are up, but so are new pressures
Marketplace pressures and low productivity are weighing on sellers. Still, sales teams continue to push through challenges to grow. 79% of sales teams increased revenue over the past 12 months. In addition, 82% of sales pros feel confident about their company’s 12-month growth strategy. Partner selling is contributing to growth — 84% of sales pros say partner selling has a bigger impact on revenue than a year ago. The global response found that 89% of sales teams currently use partner sales. Recurring revenues (42% of revenue source) are growing, with over 90% of sales teams using more than one revenue source.
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Sellers are facing changing customer expectations leading to difficult sales motions; 67% of sales reps don’t expect to meet their quota this year, and 84% missed it last year. The research notes that marketplace competition is also increasingly becoming a headache: 57% say competition has gotten trickier since last year, and only 13% say it’s gotten easier.
The biggest reveal in my opinion is the non-selling tasks that occupy most of a seller’s time. Sales reps spend 70% of their time on non-selling tasks.
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2. AI adoption surges, calling for trustworthy data
Sales teams are using AI in a push for productivity and personalization, but many report concerns over budget, training, and data deficits. 81% of sales teams say they use AI today.
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The report found that four in five sales teams are experimenting with or have fully implemented AI. The top benefits of AI are sales data quality and accuracy. The other key benefit of AI: 83% of sales teams with AI saw revenue growth in the past year – versus 66% of teams without AI.
Trust remains an issue with AI adoption – only 55% of business buyers trust AI to be as accurate as a human. Data security, completeness, and accuracy are also concerns for nearly a third of sales pros. Only 35% of sales professionals completely trust the accuracy of their organization’s data. Seven in 10 sales pros are concerned generative AI surfaces new security risks, and many say they don’t know how to use the technology safely.
The report also found that fewer than half of sales teams are setting ethical use guidelines. These are possible oversights: Nearly half of sales pros say they don’t know how to safely use generative AI at work, and most business buyers (70%) are concerned about the ethical use of AI.
3. Sales teams turn to enablement as a top tactic for growth
Sales teams are improving their training programs for direct sellers and partners alike, a key strategy for delivering more value to customers. Improving sales enablement is the #1 tactic for growth. AI is helping with sales enablement. The report noted that the most popular way sales teams use AI for enablement is to provide real-time selling guidance, where AI tools dole out personalized advice to reps directly in the flow of their work.
4. Employee retention is rising – but vulnerable
Retention and satisfaction among sales pros are rising, but dependent on compensation. 64% of sales pros say they’d leave their company if offered a similar job with better pay. Sales teams report an 18% average staff turnover over the past 12 months – down from 25% in 2022.
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The 2024 State of Sales concludes with five tactics for growth: 1. improving sales enablement and training, 2. targeting new markets, 3. improving use of tools and technologies, 4. optimizing how products are offered, and 5. modernizing tools and technologies.
To learn more, read the full report here.
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Source: Robotics - zdnet.com
