Two-thirds of sales leaders report that it’s vital for their teams to represent the world around them, according to a new study from Forrester Consulting.
The study, commissioned by engagement and intelligence platform provider Outreach, also revealed that diversity, equity, and inclusion (DEI) and social justice are now vital aspects to succeed in the sales world. Sellers are often the first point of contact for an organisation. As such, 67% of respondents say that it’s important for their teams to represent the world around them, or they risk losing revenue and talent, noted the report entitled B2B Leaders Usher In A New Era of Sales.
Around 69% of sales leaders also reported that buyers ask about their stance on social justice. Almost half (46%) believe this requirement will increase in importance for buyers over the next two years. And it’s not just sales teams; 82% of sales leaders expect their CEO to take a stand on social issues too. The other areas of focus alongside DEI are investing in upskilling sales talent and improving forecasting, confirmed the study of sales leaders; representing more than 20 industries at companies with headquarters in the UK and North America.
UPSKILLING TALENT IN A HYBRID WORLD
Smart sales leaders are investing in upskilling talent, according to the report. In response to the need to layer enhanced skills on top of traditional methods to buy and sell in this hyper-hybrid world, sales leaders at organisations have reportedly invested or plan to invest in internal sales training for their managers (85%) and sales reps (89%).
Sales leaders believe that for sales managers, the ability to consume, analyse and act on data is the most important skill. However, only 30% of respondents say their managers have mastered this skill; and 17% of their managers don’t have this skill at all. In addition to training programmes, leaders need an engagement and intelligence platform that aggregates progress and activities so they can see what is working and what is not; and scale successes across all reps, according to the report.
INEFFECTIVE FORECASTING & NUMBER-CRUNCHING
The study also revealed that forecasting is ineffective and inefficient at many organisations. Sales managers spend too much time crunching numbers, instead of interacting with prospects and customers and closing deals. Around 73% of respondents said members of their sales teams spend over 10 hours a week on forecasting; and 12% spend over 20 hours a week on forecasting. And they’re not always accurate; only 43% of respondents are forecasting within 10% accuracy.
Approximately 60% said they don’t have a well-defined or a scientific approach to forecasting, which leads to inaccurate “calls”; and wasted time across sales, operations and finance organisations. Teams need a platform that can provide a single snapshot of their revenue stream so they can focus on higher impact opportunities for the business; rather than defending their projections.
TIME TO PRIORITISE DEI & TRAINING
“The findings of this study confirmed what we at Outreach have known for some time. The sales industry is on the precipice of a permanent shift to digital sales,” stated Manny Medina, CEO and Co-founder of Outreach. “As such, revenue leaders must craft agile strategies; prioritise DEI; double down on training; embrace new technologies; and be prepared to adapt at a moment’s notice.”
Given the ongoing pandemic, the Great Resignation, global economic uncertainty and evolving buyer/staff priorities, this past year has been fraught with new challenges. “Sales leaders have been forced to reimagine their talent, tech and go-to-market strategies,” added Mary Shea, Global Innovation Evangelist at Outreach. “This study not only confirms what sales leaders have been facing; but also provides recommendations to help them embrace change and adapt to the new digital-first era.”
Click here for more information about the report.
A company’s credentials in diversity and inclusion, and ethical business practices heavily influence whether consumers buy from them or not. Click here to read more.
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