Sales tech: The definition and benefits for B2B Selling

What is Sales Technology?

Considering that industry-wide Win rates are very much so down, we know that realistically selling isn’t going to get any easier – It’s becoming more competitive. So in our global business environment, every business needs to be considering how they can achieve sales analytics combined with a sales methodology, which is precisely why Sales Technology is going to help you keep up with the competition. But, what is sales tech and how does it differ from sales automation and sales enablement? Sales tech is defined as a set of tools that help accelerate and enhance sales productivity by enabling sales reps to use their time and customer intelligence as effectively and efficiently as possible.

Sales automation, on the other hand, is a subset of sales tech, wherein repetitive and mundane tasks can be automated for higher efficiency and more optimal use of the sales person’s time. Sales enablement is also a subset of sales tech which has become increasingly popular as we recognize the power of content as a tool in B2B marketing and sales; and as we get better at leveraging technology to help with buyer engagement through their journey.

Sales enablement is often defined as the process and tools that enables the sales force with the right content at the right time to help engage and nurture the prospect through the buyers’ journey.

What Are The Benefits Of Sales Technology?

The appropriate Sales Technology can significantly improve win rates, deal size, and reduce the amount of time it takes to close sales. However, not all Sales Technology are the same or even useful, so it’s essential to be mindful that the best sales technologies feature predictive analytics and offer mobile-first, real-time access for sellers and managers.

Sales Leaders know that CRM software alone isn’t effective for closing deals and keeping up with industry changes. As a result? Sales leaders and IT teams are working together to develop technology stacks that include other useful technologies.

So what are the benefits?

A Valuable Resource For Sales Teams

Utilizing Advanced Sales Analytics platforms increase adoption rates because Sales Teams typically understand the technology as a necessary resource for selling activities rather than an administrative burden.

Data-Driven Insights

Sales Teams just want to be able to inform their selling activities with critical data insights. Sales Analytics platforms provide teams with recommendations for actions they can take to improve deal outcomes, enabling leaders to replicate winning behaviors across the organization.

Faster Problem Solving

Adopting an advanced technology stack will make problem-solving more straightforward and faster – Considering that certain types of sales technology can provide accurate, real-time metrics. By utilizing status reports at every stage of the sales process, the data will highlight where the difficulties are, meaning that Sales Teams are more likely to quickly identify their sales process problems and make adjustments before it’s too late.

Increased Productivity

Automating time-consuming, repetitive, and laborious tasks is the best method of giving time back to your Sales Team, allowing them to do what they do best. For example, if we look at Lead Generation, it’s estimated that up to 22% of a Sales Rep’s time is generating leads!

The sales technology landscape keeps expanding

The sales tech universe is rapidly expanding: there are more categories, more tools and the promise of more intelligence than ever before. To get a sense of just how crowded this space is, check out this 2021 B2B Enterprise SalesTech Landscape by Nancy Nardin’s, a visualization of the best-in-class sales tech clustered together by category.

That said, here’s a quick look at some of the more “general” categories that qualify as sales tech.

CRM
Account-based marketing
Sales & marketing automation
Video conferencing
Sales engagement
Sales enablement
Lead generation
Prospecting
Content management
Document automation
Coaching & training

As pictured in the infographic, the sales tech space is so crowded; there’s something for every niche and pain point there is. This means sellers in every sector, from finance to e-commerce, logistics and even mining can create custom solutions via APIs and integrations.

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Because we’re in the midst of a crisis, it’s hard to imagine what’s about what’s in store for the sales landscape—or really, the world at large. Salesforce’s Enterprise Technology Trends report revealed that IT leaders are bracing for major innovation in mobile, AI and voice suggesting that mobility and remote work is here to stay.

83% of respondents predict that the most successful organizations will transition from desktop-first to mobile-first development by 2025, and 69% believe we’ll have universal mobile standards at that point.

While most organizations are aware that big data is becoming essential for doing business, it’s clear that brands need to focus on data literacy, integration and accuracy before introducing new tech to your stack.

Are your sales and marketing teams aligned? If so, how has your business benefits from it? If not, Schedule a discussion with our expert and we’ll show you how to bridge your sales and marketing teams.