Are you feeling overwhelmed by the time-consuming tasks involved in B2B sales, such as analyzing spreadsheets and reports for quality leads? Despite your efforts...
As we step into 2024, big changes are happening in B2B sales. Before 2020, sales relied a lot on face-to-face meetings, but the pandemic changed that. Now, most of the sales process happens online. Businesses and salespeople had to adapt to new ways of connecting with clients.
Here’s the key point: B2B sales won’t go back to the old, in-person way.
A McKinsey survey from late 2020 found that only 20% of B2B buyers want traditional sales methods. Most prefer a new approach that uses digital tools and channels. This shows that the future of B2B sales is here to stay, and it’s going to be even more focused on customers in 2024.
Top 10 B2B Sales Trends 2024
The upcoming sales scene in 2024 is anticipated to be influenced by the occurrences of the previous year.
Here are 10 sales trends providing insight into the changing landscape of B2B sales and its implications for companies striving to finalize deals:
1. E-Commerce Growth Persists
The exponential growth of online shopping is no secret, and 2024 is poised to solidify its dominance. As more individuals embrace the convenience of e-commerce, traditional brick-and-mortar stores face the imperative to enhance their strategies or risk becoming outdated.
Global e-commerce sales are anticipated to soar to $26.7 trillion by 2025, a significant increase from $17.8 trillion in 2022. This projection indicates that e-commerce is on track to constitute 21.8% of total retail sales by the year 2025.
2. AI-driven Personalization
Artificial Intelligence (AI) has transcended its buzzword status to become a transformative force. In 2024, AI is set to revolutionize sales through personalized experiences. Advanced algorithms will scrutinize customer behavior and product preferences, crafting tailor-made recommendations to enrich the overall shopping journey.
AI-fueled personalization holds the potential to boost sales for businesses by up to 15%. Amazon, for instance, leverages AI to suggest products based on customers’ past purchases and browsing history. Furthermore, Gartner predicts a 50% growth in the utilization of AI in sales during the year 2024.
3. Sustainable Practices
The momentum behind the eco-friendly movement is robust and shows no indication of waning. Consumers are growing more mindful of the environmental consequences tied to their purchases, and this inclination towards sustainability is poised to exert a substantial impact on sales in 2024.
According to an IBM study from 2022, 62% of consumers are prepared to pay a premium for sustainable products. This underscores the potential for businesses embracing sustainability to secure a competitive edge.
4. Influencer Marketing
In recent years, the prominence of influencer marketing has been steadily increasing. Social media influencers and content creators have solidified their roles as influential catalysts for driving sales. Their authentic recommendations and relatable content possess the capacity to sway consumer decisions, making influencer marketing an enduring and escalating trend.
Source – Hubspot
According to a 2023 study conducted by Influencer Marketing Hub, businesses can anticipate a return of $5.20 for every $1 invested in influencer marketing.
5. The Surge of the Subscription Model
The nostalgia of receiving a monthly magazine in the mail has evolved into a widespread trend in 2024. The subscription model is dominating, extending its allure to nearly every imaginable category. From streaming services to meal kits and beauty products, consumers are embracing the ease of automatic deliveries.
Consequently, businesses adopting the subscription model are gaining popularity. They provide consumers with a convenient and cost-effective means of accessing essential products and services. The subscription box industry, valued at an estimated $28.1 billion in 2023, is anticipated to witness further growth in 2024 and the years ahead.
6. Social Selling
The prevalence of social media in the business domain is steadily rising, positioning itself as the pivotal sales trend for 2024. The driving force behind this shift? Look to Instagram. A few years back, it wasn’t a shopping destination, but today, almost anyone can showcase and sell products or services through this platform, extending this trend across various social media platforms.
Whether it’s LinkedIn, YouTube, or other channels, your business has the opportunity to leverage the power of social media to amplify brand visibility and enrich interactions in the B2B (business-to-business) sphere. Platforms like WhatsApp, Telegram, and Instagram offer unique avenues for aligning your sales and marketing teams. While one team focuses on targeting audiences and shaping your brand identity, sales representatives work diligently to create optimal customer experiences.
The result? A surge in leads and prospects, increasing the likelihood of achieving higher conversion rates. Consequently, this will streamline your sales cycle. So, seize this opportunity. Take the chance to supercharge your sales productivity and foster business growth.
7. Video for Sales
An image is worth a thousand words. Whereas, a a one minute video is equal to 1.8 million words. The standard for videos is 24 frames per second, so you can imagine how much information a short video clip can communicate!
In 2024, capitalize on the power of video and move away from lengthy text content to effectively convey the value of your offerings. The year 2021 witnessed the significant entrance of video into the realm of sales, and it’s not just a passing trend.
The anticipated value of the video shopping market is set to surpass $2.1 trillion in the year 2024.
Essentially, livestream shopping and interactive video content are poised to become more common. Consumers will have the opportunity to experience real-time product demonstrations, engage in Q&A sessions, and access exclusive offers, all while enjoying content from their favorite influencers and brands.
Traditionally, technology and automation investments were spearheaded by large enterprises, but the impact of COVID has propelled their adoption even among small and medium-sized businesses (SMBs).
In 2020, over 50% of expanding SMBs elevated their investments in sales technology. Among these, 62% aimed to enhance productivity, while 60% sought to boost business agility.
According to Salesforce’s analysis of 2,534 businesses worldwide, technology investments in sales exhibited a stronger correlation with business growth compared to investments in marketing, customer service, or operations.
The growth of sales automation software surged to 10.9% in 2020, reaching a value of $8.15 billion. Forecasts anticipate its continued growth at a compounded annual rate of 8.3%, surpassing $14.2 billion by 2027.
9. Multi Channel Sales
Traditionally, many businesses restricted themselves to just two sales channels, typically e-commerce and physical stores.
However, a Forrester study reveals a shift, with most businesses averaging three sales channels in 2020.
This trend of diversifying sales channels is expected to gain momentum in the upcoming year. Over the past ten years, there has been a 978% increase in search interest for the term “Omnichannel.
The growing emphasis on service as a revenue-generating avenue highlights live chat as a pivotal tool for achieving desired outcomes.
In the quest for suppliers, buyers consistently rate live chat as their preferred tool.
Recent data indicates that personalized, AI-driven chatbots boast a 55% higher success rate at upselling.
Unsurprisingly, more than 80% of businesses have plans to incorporate into their sales strategies within the next five years.
10. Predictive Analytics
Advancing beyond conventional data analysis, predictive analytics leverages historical data and machine learning to project future sales treds. In the landscape of B2B sales strategies in 2024, predictive analytics is poised to assume a central role.
Sales teams will have the capability to pinpoint prospective customers, foresee their requirements, and customize offerings accordingly.
Moreover, predictive analytics facilitates more precise sales forecasting, a crucial element for efficient resource allocation and strategic business planning.
In a nutshell, the landscape of B2B sales is set for transformation in 2024, characterized by a heightened emphasis on customer-centricity, personalized experiences, and sales automation. For B2B companies aiming to thrive amidst this dynamic environment, adapting to these emerging trends is not merely a choice but a strategic imperative.
Ready to lead the way in B2B sales? Contact DealsInsight, your trusted partner for cutting-edge B2B lead generation services.
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