July 6, 2022
Top 7 Trending Sales Tactics Changing the Game
Gone are the days when the art of persuasion was enough to close deals. Today, customers are smarter, more informed, and discerning. It's no wonder that top sales operation leaders are thoroughly researching and investing in the latest sales trends to connect with and leave customers satisfied.
There has been a notable increase in the search volumes of trending sales tactics and terms for the past five years. Leading companies are adopting the "sales operations'' approach, which focuses on building a high-performing sales team by keeping them updated on the trending sales topics and tools. This, in turn, helps them stay ahead of the competition in terms of knowledge and expertise.
So what are the current sales trends? And why should you maximize them in your business operations?
Top 7 Trending Sales Tactics
1. Customer Success
Customer success teams have become more than a "nice to have" but a core requirement for any business, especially for SaaS companies looking to thrive in their competitive market.
Customer success is an approach to sales and marketing that focuses on growth and customer retention by ensuring that customers are happy and remain satisfied years after their purchase.
"Organizations that survive and those that will thrive must be focused on customers first,” Shreesha Ramdas, SVP and GM at Medallia-Strikedeck.
Prospective customers usually have a wealth of information at their disposal when deciding on which service provider to hire. They will ultimately choose one that appears to be deeply concerned about their success.
66% of customers expect that a company should understand their needs and collaborate with them to achieve their business goals. So it’s inarguably important that businesses must help their customers achieve success with their investments.
Moreover, when customers feel like their service provider gives them the best possible return on their investment, they will not only stick to the brand but also provide quality leads and referrals.
In reality, people feel more inclined to refer their friends and colleagues to a company with excellent customer success management than those without one.
2. Sales Enablement
Sales enablement is gaining massive traction in the business world and this is because it has become clear that salespeople need to be enabled to do their jobs.
57% of customers reported that most sales reps lack expertise and a clear understanding of their company's business. And yet, some businesses are still sleeping on the idea of sales enablement.
According to G2, organizations implementing sales enablement achieve a 49% win rate on forecasted deals, compared to 42.5% for those without it.
Sales enablement is more than just a sales term. Think about it, if the sales reps can't utilize new technology tools and services for enlightening customers, how can they convert prospects?
You need to enable your sales team because if you don't, your competitors will enable theirs, and you'd lose revenue and opportunities. Sales enablement involves sales coaching, training, coaching assessments, etc.
3. Sales Development Representatives (SDRs)
Sales development representatives (SDRs) are key players in the sales cycle. They are the front-line sales team responsible for connecting and following up on leads generated through marketing campaigns or data mining efforts, such as account-based marketing.
According to a TOPO study, when sales development representatives are part of the sales cycle, the close rate will be higher than when salespeople do it alone. It is safe to say that good SDRs make the difference between a mediocre sales team and one that blows away its quota every quarter.
The importance of these representatives is immense. One of them is that they help the sales team focus on closing deals by managing their pipelines and qualifying leads faster.
Also, they provide insights into buyer personas which helps uncover new opportunities for cross-selling and upselling products and services to existing customers.
4. CRM Tools
We can't deny that customer relationship management (CRM) tools have become one of the most popular sales topics. In 2020, the global CRM market grew by 10.1% (Fortune business insights).
The market is also predicted to grow in the near future. A recent analysis by Fortune business insights indicates that the global CRM market could reach $129 billion in 2028.
Now, what could be driving this growth?
It's simple- CRM tools offer tremendous benefits.
Contrary to its name, CRM tools are not limited to fostering customer relationships; you can also use them as an automated sales funnel.
Its integrations enable you to track your customers' interaction with your business as they move through their buying journey. That way, if a customer abandons their shopping cart or contacts you with an inquiry, you'll be able to respond quickly.
CRM tools have their unique specialties, so you should choose one based on your business requirements.
5. Sales Automation
According to McKinsey, businesses that adopt sales automation report up to 10% sales uplift potential.
The advent of automation and artificial intelligence in business is fast easing up sales processes.
It's estimated that sales reps spend the most of their time on administrative work — everything from updating CRM data to drafting emails and scheduling meetings. And if you're a small business owner, you probably have even less time to spare.
That's where sales automation comes in. Sales automation tools streamline sales processes, freeing up the sales team to focus on high-value activities like building relationships with clients or reaching out to new prospects.
They provide a complete view of accounts, contacts, and leads in a central repository. Meaning you can access any customer information you need without searching through multiple systems.
6. Account-based Marketing (ABM)
Account-based marketing (ABM) means developing targeted marketing programs or custom sale strategies for specific accounts.
For top businesses, ABM is not just a tool in their arsenal; it's the future of their entire business model. This is because it is an efficient way to reach key decision-makers without wasting time on low-value opportunities or spending money on mass marketing that don't address the customers' needs or interests.
According to a Forrester study, sales and marketing teams that implement ABM approaches are more likely to increase their revenue goals than those that don't.
Hence, businesses that use ABM will have better conversion rates than those that don't because they can engage with prospects at all stages of the buying process.
7. Business Development
In a world where technology, competition, and customer expectations have become increasingly complex, there has never been a greater need for businesses to innovate and grow.
Businesses that are not keen on improving their relationships and acquiring new customers will soon find themselves in a tough spot because they will struggle to keep up with their growth, let alone their competitors.
Business development involves identifying new markets, creating strategies to penetrate them, and executing them.
In any case, companies need to understand their competitors better to achieve market leadership with their developed strategies.
This isn't in any way an exhaustive list but it's a good place to start. Take advantage of these trends and you may be surprised how much it improves your bottom line.
Our team of experts are always ready to lend you a helping hand and crack some strategies for you. Just let us know about your business concerns – we'll be happy to help!