As with every year, 2024 will bring its own set of challenges and changes. The world of sales is no exception and will experience some significant shifts. It’s important to prepare for these changes in advance. To assist you in this, we have sought advice from experienced sales leaders to understand what salespeople can expect in the coming year. Without further delay, let’s delve into some of the significant sales trends to keep an eye on in 2024.
Trends to Follow in 2024
Following is a list of all the sales trends you need to follow in 2024 to earn more than $10,000 within a month.
1. Demos should sell the problem, not the solution.
Think about selling a book. You could mention facts like its weight and size, but it’s more effective to emphasize the story inside and how it can make the reader’s life better.
When it comes to your sales demos, consider how much time you spend showcasing the product’s features compared to the issues it can resolve.
Dan Tyre, an Inbound Fellow at HubSpot, emphasizes this point, saying,
“Prospects are more concerned about ensuring you understand their needs, have a clear grasp of their requirements, and that the product can address their problems, rather than just ‘seeing how it works’.
2. Make maximum interaction with your client.
Seldom do we secure a sale on our initial contact with a potential customer, although that would be ideal. In reality, it’s a process that necessitates several interactions. However, there’s a challenge – the typical salesperson only makes two attempts to reach a prospect.
In 2023-2024, it’s crucial to adopt a multi-touch approach to establish strong connections. As per a Trends Report, a third of sales representatives report having 2-4 interactions with prospects during the sales process, while 26% of them report 5-7 interactions.
Furthermore, 84% of sales professionals communicate with prospects through 2-4 different channels such as email, social media, text, and live chat.
In the long run, the emphasis will be on meaningful interactions, effective communication, relationship building, and solving customer problems. Judson Griffin, Senior Director of NORPAC Sales at Intercom, emphasized this trend.
3. Freemium Models Encourage Engagement.
In today’s world, trying before buying is common practice, just like trying on shoes before purchasing or sampling food at Costco. This explains the success of many businesses using the freemium model.
This approach divides users into either a free or premium category, with the idea that free users will eventually use up their limited features and opt for a paid account.
About 32% of sales professionals offer prospects freemium options, and nearly 90% find it moderately to extremely effective in converting prospects into paying customers. It’s a smart way to initiate a natural lead nurturing process, as Dan Tyre explains,
“Providing a free tool, product trial, consultation, or services checklist can increase visibility, awareness, and opportunities for people early in the sales process.”
This model may not suit every business, but for SaaS companies or those with tiered memberships, it can be a cost-effective way to acquire more customers.
4. Prioritizing Existing Customers.
In 2024, we predict that the trend of giving precedence to existing customers over finding new ones will continue. However, it’s not merely about responding when existing customers reach out; it’s about creating opportunities to grow these accounts.
This is primarily achieved through upselling and cross-selling. Nearly 90% of sales professionals engage in upselling, with up to 30% of a company’s revenue stemming from it. Cross-selling is used by 80% of sales professionals, contributing up to 30% of a company’s revenue.
Maintaining customer relationships after the initial sale is key to account growth, with nurturing these relationships being the primary goal, setting the stage for new opportunities.
5. Flattening the Hierarchy in Sales.
Stuart Blake, VP of Sales at Help Scout, believes that in the next five years, we will witness a reduction in the hierarchical structure of sales organizations. He suggests,
” The main factors driving this change include the rise in remote work, a greater emphasis on work output, the utilization of technology for efficiency, and improved communication.”
“There is a growing sentiment that we need to simplify things, including processes. While this shift may be temporary, I expect to see more doers and fewer managers in sales teams over the next five years.”
Now is an excellent opportunity to reconsider your current strategy. You might discover more effective ways to structure your sales organization, opening up new opportunities for your sales team as the industry evolves.
6. Personalization is Key to Success.
The one-size-fits-all approach may have worked in the past, but it’s becoming less effective each year. In 2024, personalization is crucial in sales. Over a quarter of sales professionals consider personalization as the most significant change in the sales field this year.
However, you may not have the time to extensively research every prospect. A great starting point is using your CRM system, which can harness data to provide a clearer, more comprehensive understanding of your customers. It’s no surprise that 22% of sales leaders aim to maximize their CRM’s potential this year.
7. Specialization in Niche Markets.
In contemporary sales, the saying “the riches are in the niches” holds true. In other words, when you try to appeal to everyone, you often end up appealing to no one. While focusing on smaller markets may seem counterintuitive, it can be a surprisingly effective strategy.
As Dan Tyre explains,
“Although it’s somewhat counterintuitive, the more specific your ideal customer profile, the quicker you’ll gain traction.”
For example, let’s say you’re really into eating healthy. Would you prefer shopping at a big-name grocery store or a specialized health food store that focuses on organic products? On the sales side of things, targeting your specific audience can save you a lot of time, money, and effort that might be wasted on the wrong leads.
Trish Saemann, the founder of True North, emphasizes this point by saying, “When you concentrate your efforts on a narrower audience, your message can be more tailored. Customized messages are the ones that truly engage people, and when that happens, there’s a higher chance they will trust you to understand their needs. They will see you as a good fit for them.”
In 2024, we anticipate that sales teams will continue to narrow their focus to cater to specialized markets, reaping the benefits of a smaller but more engaged audience.
8. Elevating Sales Culture.
Having a strong sales culture is timeless, and 2024 is no exception. But what makes a great sales culture? According to Dan Tyre, it involves having a well-defined sales representative persona, an efficient recruiting process, and a supportive sales environment.
Building a high-performing sales team should always be a top priority because a salesperson’s performance, productivity, and tenure with a company are all influenced by the sales culture.
Establishing a sales culture is one thing, but maintaining those values as you grow and expand is another challenge. By keeping your culture in mind, you can recruit outstanding reps, foster healthy competition and collaboration, and achieve better results.
9. Leveraging Your CRM for Calls.
On average, a sales rep spends only 28% of their day actually selling. The rest of the time is taken up by internal meetings, training, and prospecting.
To make the most of your limited selling time, a reliable CRM (Customer Relationship Management) system is increasingly becoming the solution, particularly one with call tracking features. This allows you to reach more leads with less effort.
Dan Tyre advises sales reps to make the most of these tools, saying, “Most modern CRMs allow you to make calls directly through the technology, eliminating wasted information silos, improving sales productivity, and enabling the review of recorded calls for training purposes.”
Dean Moothart, Director of Client Solutions at LeadG2, adds, “Features like email templates, call recording, and calendar management links are new additions that are taking sales productivity to the next level.”
As we approach 2024, we can expect changes, new trends, and challenges in the world of sales. While this list is not set in stone, it provides a starting point for understanding what the sales landscape might look like in the coming year.