The Current State of Sales Technology Heading into 2020

The number of players in the sales technology (SalesTech) space continues to grow exponentially reflecting a vibrant industry. The influx of new entrants is not stopping. The SalesTech landscape now includes 950 participants, up from 830 just 12 months ago.

There are so many options for businesses when it comes to CRMs and other sales software, platforms and applications, it’s becoming increasingly difficult to decipher who’s who and what’s what in this packed market space.

SALESTECH CATEGORIES

Here we define some of the specific categories in this rapidly growing technology market:

  • Sales intelligence – technology enabling the collection, integration, analysis, and presentation of information. This assists salespeople in finding, monitoring and understanding data that provides insights into the daily business of prospects and existing clients.

  • Sales enablement – technology designed to equip salespeople with the tools and content required to carry out the sales process. This helps to improve the execution of the sales process, enabling salespeople to work more efficiently and effectively.

  • Sales engagement – an integrated and simplistic platform that enables and guides a salesperson in sharing high-impact content with customers. These tools provide actionable insights directing the user in their next steps.

  • Sales performance management – technology aiding sales performance management by providing tools that monitor and guide salespeople to optimise the sale process.

  • Predictive analytics – helps forecast and develop campaign designs with the intention of improving lead quality. A great tool to assist in providing data to marketing to enhance sales outcomes.

  • Chat – intelligent technology enabling prospects to engage in real time conversation and assist online.  

NEW SALESTECH CATEGORIES

So, heading into 2020, what’s new in the SalesTech space?

  • Buyer intent data – this intelligent technology shows which of your leads or clients are currently conducting online research in your space. Targeting prospects who are actively looking can have a huge impact on conversion rates and sales.

  • Automation solutions – assists in sales productivity, enabling a business in the move towards automating the sales process. As this technology evolves and simplifies, we’re likely to see advances which reduce the complexity of existing technology options.

  • Direct mail scaling technology – this type of technology is constantly evolving and maturing, and brings the latest targeting, personalisation and gifting technology to the old-school DM. 

MAKING SENSE OF IT ALL

It’s important to have a comprehensive plan behind what you’re trying to achieve before jumping into purchasing the latest technology just to be in front of, or even keep up with, the pack. It’s critical that your stack is well thought out and has been considered in-line with your sales strategy, methodology and process. In the data-driven sales environment, a great dashboard, forecasting and analytics tools, and easy to understand metrics are essential for ongoing process improvement and change management.

New and exciting technologies are being unveiled virtually every day – so be sure keep an eye on this space.