To understand the speed at which the sales industry is shifting, it’s important to first understand the impact of a trending buzzword – sales acceleration.
WHAT IT IS
Sales acceleration is simply the process of leveraging technology to bridge the gaps between marketing automation and CRM.
It encompasses a wide array of complementary software, tools, and processes designed to streamline customer communication and improve interaction – from the basics (such as email and social) to the more complex (such as predictive analytics, gamification, and data visualization).
It also includes the use of technology intended to expedite the production of customer materials such as proposals, quotes, and contracts. Really, any tool or activity that speeds up the sales process can be referred to as sales acceleration.
WHAT IT’S NOT
Sales acceleration is not a specific software or technology – it’s not a one-size-fits-all solution, but rather a strategic approach which leverages an array of tools, processes, and solutions to accelerate the sales process.
It’s not about organization or tactics – it’s about increasing the speed of the sales cycle.
WHY IT EXISTS
There are three main motivators for recent trends in sales acceleration: first, while CRM software has worked wonders in the realm of customer data storage and organization, it’s fallen short when it comes to data intelligence – lacking the contextual information required to strongly influence sales.
The rise of big data is driving demand for more comprehensive sales enablement and automation tools.
Second, customers these days are far less likely to meet with a sales representative in person – in fact, most prefer not to meet face to face at all. According to a recent study by Gartner, by 2020, 85% of customer interaction will be addressed without person-to-person contact.
When these two concepts are combined, we arrive at the third motivation for sales acceleration – in a world where data analytics is driving sales, and client preference for streamlined interaction reigns, speed is a relevant and determining factor for closing the deal.
Simply put, the faster the sales process, the shorter the sales cycle – and shorter sales cycles lead to higher closing rates, larger purchases, and more satisfied customers.
SO, WHAT’S THE IMPACT
There appears to be a strong correlation between businesses who choose to invest in sales acceleration, and those which enjoy a healthy competitive advantage.
A recent Huffington Post article cited research stating that early adopters of sales acceleration platforms, such as SalesFitRx, consistently experience increases in quota attainment, win rate, and revenue generation – while significantly decreasing operational costs, and reducing the length of their sales cycle.
And, while several studies have reported the adoption of sales acceleration technology has resulted in approximately $12.8 billion in company spend industry-wide, new research conducted by Forbes indicates that the potential market size is even larger.
In fact, Forbes estimates that North American businesses could spend as much as $6,790 annually per representative on sales acceleration technology by 2017 — making the total addressable market in excess of $30 billion.
WHAT DOES THIS MEAN FOR YOUR BUSINESS
There’s no sign that the trend of sales acceleration will lose its momentum anytime soon – which means your business needs to increase its velocity to remain relevant.
In order to avoid lost revenues and keep your competitive edge, your business needs to adopt the technologies which will streamline your sales process, and help you pick up the pace.
In other words – identify the sales acceleration platform and tools which will help you keep up, and act now – or risk being left in the dust.
Not sure where to start? Please contact me today – and I’ll help you improve your sales team’s productivity, find more selling time, and boost revenues: Karl.Gustafson@salesfitrx.com