Strategies-for-Scaling-Sales-Personalization-in-2023

Strategies for Scaling Sales Personalization in 2023

Strategies for Scaling Sales Personalization in 2023

As companies rush to scale sales personalization, they must understand the importance, strategies, and the ethical conundrum it poses in the process.

Sales personalization has gained a lot of traction during the pandemic. Businesses that understood the term had an easier time surviving and even thrived. A study by McKinsey during the pandemic revealed that 71% of consumers expected personalization, while 76% of consumers got frustrated when they did not receive it.

So, what exactly is sales personalization?

In technical terms, sales personalization aims at providing a personal experience tailored to the user. Imagine walking into a clothing store, where you get greeted with t-shirts of the same color and design. You won’t be ready to even give a chance to the store. A similar experience unfolds when you treat your consumers with a generic sales communication. It is neither special nor personal. Instead, a consumer might find it too commercial for their taste. Sales personalization targets the emotional aspects of the consumer journey and customizes the sales strategy accordingly.

Sales Personalization in 2023

In the 1980s, a professor, Leonard Berry, first coined the word ‘relationship marketing’ now known as sales personalization. From the 1980s right up to 2020, companies used various strategies to leverage sales personalization. These strategies included using sales calls, email marketing, targeted ads, and more. You could have easily used sales personalization to effectively predict your consumers’ journey and gently nudge them towards your products. However, sales personalization underwent a massive change during and after the pandemic. As more consumers opened up to try new products, their loyalties towards brands began to diminish. 

Such a shift in consumer behavior was due to the arrival of the Gen Z consumer segment. Gen Z consumers are open to try new products and crave a personalized experience from the companies. The sales personalization strategies to target Gen Z are inherently different and pose a challenge to companies in retaining their consumers. In 2023, as AI swept through every industry, it forced companies to rethink their strategies for sales personalization and adapt to the changing world. 

Why is sales personalization so vital for companies?

Some firms and businesses have flourished for years. The sole reason is relevancy. Companies adapted to the needs and wants of the times, where sales personalization played a major part in it. So, why is sales personalization so important?

  • Customers feel special when recommendations and emails seem personally addressed to them. Another study by McKinsey shows that 76% of consumers tend to purchase from brands that personalize their sales.
  • Brand loyalty is a thing of the past. If you can offer a product with better value and personalized sales communication, consumers of competing brands will switch to your product in a heartbeat.
  • You can use sales personalization to make your brand stand out. While brand loyalty is in a downward spiral, brand recognition has been at an all-time high. Consumers are more likely to recall your brand and recommend it to their friends and family based on how good your sales personalization techniques are.

Sales personalization strategies in 2023

Sales personalization strategies have always been volatile as times change. You can incorporate certain strategies to help you scale sales personalization.

  • Utilize CDM to manage consumer data

Consumer Data is a key metric through which companies design, develop, and launch their products. You can use the same data to target your sales to your consumers. Companies use consumer data management to gather, maintain, and revise consumer data. CDM aims at gathering consumer data and turning it into usable consumer profiles. To simplify the process of managing scores of consumer data, you need the help of a consumer data platform.

The digital expansion in 2023 has made consumers vary in data privacy. As consumer data is the first step towards sales personalization, you must educate consumers and assure them of strictly following data privacy protocols. 

  • Analyze consumer behavior with CRM

While CDM is used to manage consumer data, companies depend heavily on CRM tools to analyze consumer data. CRM can analyze consumer profiles to provide actionable, personalized sales communication targeting consumer experiences. Fortune Business Insights has forecasted the CRM market size to grow by a CAGR of 12% by 2030. CRM system can anticipate consumer behavior to help your sales team identify touchpoints of your consumer’s journey. The sales team can easily craft a personalized recommendation or pop-up ad to target consumers based on their purchasing journey.

  • Provide real-time product recommendation

The influx of shopping apps has greatly simplified consumer journeys and provided them with complete control of their journey. Companies face a complex situation providing personalized experiences to consumers who have multiple touchpoints in their journey. You can utilize aspects of the consumer journey by offering real-time product recommendations based on metrics like search intent, and previous purchases.

McKinsey conducted a survey involving 60 shoppers. They found that a brand interaction commonly desired by consumers was relevant recommendations based on their buying intent. Consumers in 2023 have a limited attention span, leading to more focused buying decisions. Without relevant and real-time product recommendations, there is a high chance that your sales strategy might fail.

  • Focus on Digital Sales Personalization

Smartphones, apps, and digital payment methods are as common as horses were in the past, maybe more. Nearly every consumer and business has a digital footprint in some form. Your consumers might even prefer digital sales communication to dealing with a sales representative in person.

Gartner’s research shows that 33% of all buyers hope for a seller-free sales experience. You can scale your sales personalization by leveraging your consumers’ desire for a more digital sales experience. Provide your consumers with a user-friendly buying experience, shopping cart reminders, email and text communication, a free trial of the product, AR visuals for product verification, and more. Your consumers will feel more comfortable with an increase in digital sales experience.

  • Let AI lead

As companies have automated most of their processes through AI, your sales team can also utilize AI for personalized sales communication. 2023 has seen consumers with zero patience. They expect a quicker, seamless, and personalized sales experience. You can use AI to automate experiences that might take time if done manually. 

Suppose a consumer on your app has a doubt, you can use an AI chatbot for immediate redressal, leading to a better experience for the consumer. You can use AI, in almost every stage of the consumer journey. The scalability of your sales personalization becomes boundless with the help of AI. It can provide recommendations, lead your consumers to the correct page or product, and send out personalized sales communication without any constraints of human error. While you shouldn’t hand over the wheel to AI, you certainly can let it take the lead.

  • Learn where to draw the line with sales personalization 

Providing personalized sales communication comes at a cost. While consumers want a more personalized sales experience, they are reluctant to share more than the necessary data. Companies must be open with the data they aim to collect and its use. They need to know where to draw a line when collecting user data. Many consumers feel creeped out when they find product recommendations even before searching for them. Sales personalization in such cases can instead have a negative effect on the consumers.  You can focus more on consumer satisfaction during their journey and utilize upstream and downstream engagement metrics to gather data. Your engagement with your consumers will significantly improve without asking for too much personal data. 

Conclusion

Technological advancement has made it easier for companies to provide a personalized sales experience. You must realize that you can effortlessly increase revenue generation and better consumer retention through sales personalization. It is necessary for companies to understand the nuances of the consumer journey. Consumers expect sales communication that they feel is curated for them. Companies can target their consumers with personalized communication at specific touchpoints along the consumer journey. Scaling sales personalization can be easily accomplished by keeping consumer behavior in mind, utilizing the resources at hand, and being adaptable to market changes. 

Sales-Metrics-That-Truly-Matter

Sales Metrics That Truly Matter

Sales Metrics That Truly Matter

The metrics you select to measure can make a significant difference when it comes to sales. But which sales indicators really count?

In the current fast-paced corporate world, data is the key to making wise decisions and succeeding. Knowing your sales metrics well is also crucial when it comes to making sales. Finding areas for improvement without looking at these indications can be difficult. The performance of your sales force must be measured and optimized because sales are the primary source of revenue for the majority of organizations. You may more effectively contribute to the overall objectives of the company and boost revenue by tracking the appropriate sales indicators, which allow you to identify what is working and what may need to be adjusted. Because of this, successful businesses put a strong emphasis on measuring every component of their sales strategy, go-to-market model, and sales force. But with so many metrics related to sales, it can be difficult to know which ones are actually important.

In this article, we’ll look at what sales metrics are, why are they important, and which sales metrics to track.

What Are Sales Metrics and Why Are They Important?

Sales metrics are the data points you monitor to evaluate individual, team, and organizational sales success. You can determine what is working and what is not by monitoring and evaluating progress, making it a crucial step in enhancing your sales performance and, eventually, revenue. You may evaluate the success of your company’s sales activities using sales metrics. Intuition and gut feelings are insufficient when creating a fresh outreach campaign or attempting to demonstrate the return on investment of your sales development reps. Metrics are necessary to concentrate on practical results and produce insights that can be put to use.

Important Sales Metrics to Track

  • Revenue

The total of all sales for all of the products and services is referred to as total revenue. Total revenue is a versatile indicator that may be used to track several performance categories. You can keep track of the revenue earned by a single product, a certain area, or a specific representative. The most adaptable metric is revenue.

  • Market Penetration Rate

The degree to which your sales strategy is successful in reaching the appropriate audience is indicated by your market penetration rate. Finding clients that will stick with your brand, use it frequently, and recommend it to others is possible when you continuously speak to the proper demographics. For territory planning and revisions, market penetration rates are very helpful. Use it to avoid internal conflict caused by sales rep efforts that overlap within particular geographic regions or segmentations.

  • Quota Attainment

Quota attainment indicates both the proportion of the sales representative’s quota that has been met and if they have met it within the given time limit. Low quota attainment rates can be a sign of more complicated problems with the sales team, such as insufficient guidance, capacity planning, and rep ramping, making this indicator crucial to track.

  • Win Rate

The win rate, also known as the opportunity-to-win ratio, is a statistic of closed or successful agreements relative to the total number of deals made, which includes deals that are still open, slipping, lost, or in the pipeline. Win rate essentially gauges a sales team’s performance in closing deals. To find out more about the benefits and drawbacks of your present strategy, you can examine how your win rate develops over time and how it differs between salespeople.

  • Average Customer Lifetime Value (LTV)

Average customer lifetime value is the amount of money that a client typically brings into your business over the course of their relationship with you and use of your products or services. Since it costs significantly less to retain a current client than to acquire a new one, this metric can assist your salespeople in creating plans and efforts to enhance LTV.

Summing Up

When the appropriate sales metrics are in place, the organization and its contributors understand where they stand. You will be ahead of the game if you carefully select which ones to prioritize and then course-correct. Appropriate sales measurements can aid in determining the state of sales in relation to time-based targets. You can track your progress, meet your sales targets, and improve your bottom line. Perhaps most crucially, the correct sales metrics can assist an organization in making sound judgments about any modifications required to meet both short-term and long-term goals.

Digital Sales Transformation: Best Practices for Adopting New Sales Technologies

Digital Sales Transformation: Best Practices for Adopting New Sales Technologies

Digital Sales Transformation: Best Practices for Adopting New Sales Technologies

Don’t let your reps fall behind. Spark your Digital Sales Transformation with the ultimate 3 best practices for skyrocketing revenue growth.

The last few years — particularly with the advent of the COVID-19 pandemic — have seen a rapid rise in online shopping. An online marketplace also means more and more options are available to consumers, as physical location is no longer the crux of a business. With this change in medium comes changes in the priorities that shoppers have: in the digital age, customers value speed, transparency, and authenticity. This necessitates companies to proactively optimize the digital landscape and adopt sales technologies that ensure smoother customer experiences for them.

In addition to improving the logistics of sales and related processes, the need for digital sales technologies is to keep up with the rapid growth of the market and evolving customer psyches. Digital sales channels and the increasing use of data analytics have become the norm in today’s businesses. Conversely, businesses that are slow to pick up on these trends are more likely to lose out on leads as well as the benefits these technologies bring them.

Here, we take a look at three important aspects to consider while implementing digital sales technologies in your company.

1. Assess your current sales processes and find a focused solution

Digital channels can be used to improve various aspects of the sales process — such as market research, customer relationships, and data aggregation. There is an abundance of options that address each of these aspects individually or in an integrated manner.

While researching and choosing what technologies are likely to improve sales, companies must assess the specific areas within their current sales process that require improvement or optimization. Being informed about this will allow decision makers to narrow down on tools that are functional, cost-effective, user-friendly, and employee-friendly. As a research tactic, companies can also assess tools and technologies used by competitors or companies with similar operations. 

2. Understand customer expectations and prioritize them

At the heart of any business operation is its customers. The advantage of digital channels are their agility and ease of access. Customers today are more digitally savvy than ever before, and are likely to do some research before they settle on the brand of their choice. With countless options in the online market, they also value business interactions that are personalized, detailed, and quick. Digital sales technologies enable sales departments to keep up with these expectations.

They can be used to increase the efficiency of customer interactions. For example, customized chat bots can be set up to address client concerns swiftly. You can use analytics to understand customer expectations and pain points on a more specific level, allowing you to better anticipate the nature of interactions with them. This data can then to be used to create automated response templates for more common queries/issues. It can also be used to create contingency plans for when sales executives need to manually address queries and issues that are more complex.

3. Focus on training and support for sales employees

Adapting to new technology can be overwhelming, so it’s essential that all personnel who will engage with it are trained properly.

Training and support can be provided to employees through comprehensive modules (off-site or online), additional reference material, demos from the vendors, etc. Beyond all this, it’s important to keep track of how well employees are actually adapting to newly introduced systems. This can be done through regular check-ins and feedback sessions.

By being proactive and involved throughout their training, companies can ensure that the transition process goes smoothly.

To sum up

To thrive in the global economy, it’s essential that companies adopt digital technologies that drive sales and ensure their relevance in the market. With the online world becoming increasingly fast-paced, this is unlikely to be a one-time effort. With each upgrade, companies must be considered in their approach to choosing the systems most suited for their operations and customer engagement. They must also invest in the right training and support so employees can successfully adapt to the new systems.

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Sales Enablement Trends for 2023

Sales Enablement Trends for 2023

The future of B2B sales is hybrid. Since B2B buyers are using more channels, B2B sellers must, too.

Over the past few years, the B2B purchasing journey has undergone a significant transformation and become more intricate. With customers now having more power, they prefer conducting their own digital research while multiple parties are frequently involved in making purchasing decisions.

Over the past few years, the B2B purchasing journey has significantly transformed and become more intricate. Customers now have more power, so they prefer conducting their own digital research while multiple parties are frequently involved in purchasing decisions.

Introduction

As you embark on your journey to devise your company’s sales enablement strategies for 2023, you may be curious about the expected outcomes of your current sales plan.

AI and machine learning are now prevalent, and with tools like ChatGPT leading the way, more sales organizations are incorporating these technologies into their selling procedures. A Press Release by Gartner predicts that by 2025, 75% of business-to-business (B2B) sales organizations will incorporate artificial intelligence (AI) guided selling solutions into their traditional sales strategies. AI technology will play an essential role in understanding their customers’ needs and behaviours to make more informed sales decisions.

By implementing an effective sales enablement program, you can empower your sellers to consistently meet prospects’ and customers’ demands and meet their targets.

Buckle up for the advent of the latest sales enablement trends in 2023

As the corporate terrain transforms rapidly, you must keep abreast of the latest sales enablement trends to promote revenue growth.

According to a Salesforce report, an overwhelming 82% of vendors have had to expeditiously adjust their selling approaches in response to global challenges such as inflation, supply chain disruption, and health safety measures. These trials and tribulations have necessitated expeditious modifications to their standard operating procedures.

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This year, companies will confront fresh challenges and opportunities within the sales sphere, from fluctuating customer expectations to nascent technologies. Here are some of the most salient trends that are poised to make a significant impact in 2023.

The rise of AI-enabled selling

Sales enablement is no longer just a functional process or focusing on distributing the right content to the reps at the right time. We see an increased interest in the marketplace in utilizing artificial intelligence as part of sales enablement. 

AI-powered solutions will help further streamline the process of driving successful sales conversations. Ultimately, it’s all about enabling all those incredible sellers out there, so they can act truly customer-centric and drive top-line revenue.

This can include automating repetitive tasks, providing real-time data and insights, and helping salespeople identify new opportunities. Buyers anticipate brands to support their research on multiple channels, including— email, social media, or other budding channels. The Salesforce report also indicates that 57% of purchasers prefer communicating with enterprises through digital channels. Companies have disclosed that approximately one-third of the agreements they seal is entirely virtual.

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Some examples of AI-enabled selling tools include:
  • Chatbots and virtual assistants that help qualify leads and schedule appointments
  • Predictive analytics tools that enable sales teams to forecast sales and identify high value prospects
  • Personalization and recommendation engines that help salespeople tailor messaging and personalize product offerings for individual customers.

Focused engagement while improving retention

In the contemporary B2B world that has been altered by the pandemic and current economic turmoil, obtaining and retaining talented sales professionals has become a persistent challenge. 

report indicates that in many organizations, the sales enablement function is under the jurisdiction of the Chief Sales Officer (CSO). In contrast, the Chief Revenue Officer (CRO) and Chief Growth Officer (CGO) share the responsibility for 25% of organizations. This shift signifies a larger trend towards a more cohesive relationship between sales and marketing.

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Although the most significant proportion of responses (38%) suggested that sales manage the sales enablement function, with some input from marketing, 77% noted some degree of cooperation between the two divisions, indicating an encouraging shift towards greater collaboration.

One of the most effective ways of maintaining sales representatives’ motivation and involvement is by crafting a sales enablement program that fosters a positive seller experience. A sales advisory council may be established to encourage team feedback, give voice to your representatives and gain insight into building a solid sales culture.

Sales enablement must also evolve to shift to virtual work environments and the growing customer preference for online sales.

Sales playbooks and training sessions should include remote selling techniques and educate reps on using digital tools effectively. Employees must be trained and developed to increase their confidence in their job performance, ultimately maximizing their productivity. Regular coaching should be provided to help salespeople allocate their time and resources, and best practices from top performers should be shared.

Furthermore, enablement-led onboarding procedures may strengthen your sales team by minimizing ramp time and increasing engagement levels for new representatives.

Hybrid Selling: The New Norm for Sales Enablement

The Covid-19 pandemic has changed the game for sales. Remote selling has become the norm, and a hybrid approach that combines in-person and remote interactions is the new standard. Dubbed “Hybrid Selling,” this approach has gained traction due to customer demand for remote-first engagement and the preference of sales reps for this flexible format.

Modern B2B customers seek a balance between the personal touch of in-person interactions and the convenience of remote contact via phone or video. According to an Mckinsey article, over 90% of companies are adopting hybrid selling as their go-to approach, focusing on remote-first engagement. This omnichannel approach offers greater flexibility, scalability, real-time engagement, and profitability than traditional methods.

In today’s world, where remote work is becoming more and more prevalent, hybrid selling is the way forward for sales enablement. By embracing a mix of in-person and remote interactions, companies can connect with prospects more effectively and efficiently than ever before.

Thanks to advanced technology and seamless connectivity, digital engagement is now on par with an in-person meeting. Hybrid selling is here to stay because it simply works. Remote sales reps can reach up to four times more prospects than traditional face-to-face interaction, generating up to 50% more revenue.

Editor’s note

Investing in AI-aided sales enablement platforms has long been considered an additional business expense. However, this mindset may require reconsideration. Sales enablement solutions allow high-performing sales teams to stay ahead of the curve. These technological tools seamlessly integrate with pre-existing enterprise systems, ensuring ease, effectiveness, and use efficiency. Data-driven decision-making boosts revenue growth, and this is particularly significant when customers are cautious about their spending habits in anticipation of an impending global economic downturn. They require unequivocal proof of the value of a company’s products and services before committing to a purchase. You just cannot stay still in enablement. You require constant drive and pure innovation to adapt sales methods to current realities for staying ahead.