[August 22, 2018] |
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Bigtincan Survey Finds Sales Professionals Lost More Than $1M in Revenue on Average in 2017
Bigtincan,
the leader in mobile, AI-powered sales enablement automation, today
announced the findings of its recent study that evaluated if, and how,
sales professionals are using sales enablement and advanced technologies
like artificial intelligence (AI). Bigtincan surveyed more than 600 U.S.
sales executives, working for organizations with 1,000 or more employees
across industries including financial services, real estate, insurance,
professional services and retail, and found that lack of sales
enablement is driving deal loss and impacting revenue for today's sales
teams.
The study, conducted by Researchscape, reveals that sales enablement is
on the rise, with 57 percent of sales professionals using some sort of
platform solution. However, the study also points to a number of
distinct challenges for teams not yet using sales enablement solutions,
which are contributing to, on average, more than $1 million loss in
revenue for each survey respondent, based on results in 2017. Key
insights from the survey include:
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For sales professionals not yet using sales enablement, they are
risking deal and revenue loss. More than a quarter (28 percent) of
non-sales enablement users reported a loss of 100 or more sales deals
in 2017. Additionally, for non-users, the average sales cycle to close
a deal often took more than a month, with three out of ten respondents
noting they had a sales cycle of four months or more. Ultimately,
these challenges are affecting companies' bottom lines, with a quarter
of non-users foregoing $1 million or more in revenue last year.
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Lack of automation drives the biggest loss of sales for non-sales
enablement users. Of the respondents, 30 percent of non-sales
enablement users cite slow response times as the biggest driver of
lost sales, and another 27 percent point to the fact that there are
too many manual tasks. Sales teams today need tomove quickly to
remain a step ahead of the competition, which means adopting
automation to assist with labor-intensive and time-consuming tasks.
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Companies that have sales enablement solutions in place are often a
step ahead when it comes to implementing AI, machine learning and
other automation technology. More than half (53 percent) of sales
enablement users noted that they have automated reporting, in
comparison to only 40 percent of non-sales enablement users.
Additionally, nearly a third of sales enablement users noted they had
in place automated lead scoring and integration with marketing, while
this applied to less than a quarter of non-users.
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Sales enablement users are bigger believers in the power of AI. In
addition to AI and automation implementation being higher among sales
enablement users, these users also tend to be more optimistic about
the impact this advanced technology can have on sales practices.
According to the survey, 30 percent of sales enablement users believe
AI is already having a positive impact, in comparison to 22 percent of
non-users. Additionally, four out of ten users believe AI will have a
large or transformative impact on the industry, compared to just 27
percent of non-users.
"The pressure and advances of the digital era have completely
transformed the sales process in the last decade," said David Keane (News - Alert), CEO
at Bigtincan. "This survey shows the necessity for organizations today
to have in place a sales enablement solution that utilizes intelligent
technologies like AI to help enhance and personalize the prospect
experience to close deals and ultimately build revenue success."
Bigtincan is the industry's first AI-powered sales enablement platform
that arms the intelligent salesforce with the tools needed to transform
customer engagement. The platform leverages automation and AI to deliver
content and information that helps teams learn faster, sell smarter and
be more productive. By allowing for an individualized approach,
Bigtincan helps sales teams learn and measure success every step of the
way to keep them on track for growth.
For more information on the full sales enablement study, please visit: https://go.bigtincan.com/sales-enablement-survey-executive-summary
Methodology: This survey was
commissioned by Bigtincan using research firm Researchscape, which
surveyed 605 U.S. sales executives at companies with 1,000 or more
employees between April 30 and May 28, 2018.
About Bigtincan Bigtincan (ASX:BTH) helps sales and
service teams increase win rates and customer satisfaction. The
company's mobile, AI-powered sales enablement automation platform
features the industry's premier user experience that empowers reps
to more effectively engage with customers and prospects and
encourages team-wide adoption. Leading brands
including AT&T (News - Alert), ThermoFisher, Merck, ANZ Bank and others rely on
Bigtincan to enhance sales productivity at every customer interaction.
With global sales and marketing headquartered in Boston, Bigtincan also
has offices across EMEA, Australia and Asia. To discover more about how
your organization can benefit from the Bigtincan Hub platform, please
visit www.bigtincan.com or
follow @bigtincan on Twitter (News - Alert).
View source version on businesswire.com: https://www.businesswire.com/news/home/20180822005013/en/
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