Are B2B deal sizes growing or shrinking?

According to a study by Salesforce, the average B2B deal size has grown by 20% in 2021 compared to 2020. This is likely due to companies increasing their spending as they look for more innovative solutions to solve their challenges.

What are the reasons why B2B companies are spending more on innovation?

Business-to-business (B2B) transactions have become more complex as technology advancements and changing customer needs force organizations to shift their focus to more innovative solutions. This is seen in the ever-growing deal sizes of B2B purchases. In 2021, Salesforce reported that the average deal size with their customers grew by 20% compared to 2020.

To take full advantage of the opportunities in an increasingly digital economy, new approaches to B2B sales and marketing are needed. This includes developing a deeper understanding of customer needs, utilizing data-driven insights to target customers and personalize offerings, and leveraging advanced technology such as artificial intelligence (AI) to optimize operations.

Clearly, B2B companies are investing in innovation so they can remain competitive. But what factors are prompting them to up their budgets in pursuit of new technology and services? In this article, we will explore some of the key drivers behind this trend, as well as how it’s impacting both vendors and buyers alike.

With access to a vast range of new solutions, buyers are now more empowered than ever to compare different offerings and make informed purchases. This shifts the balance of power considerably in B2B deals, placing an even bigger emphasis on quality customer service and value-added features that can set companies apart from their competitors.

More 2021 Stats

91% of salespeople have indicated they don’t want to return to full-time office work when asked about their future career plans.

74% of CSOs report they have recently or are currently updating their seller skills profile for virtual selling, and 61% of CSOs are already investing in new technology to enable virtual selling.

According to a Gartner survey, CSOs expect 60% of the sales force will remain operating virtual.

Analysts found that close to 80% of B2B buyers have already defined their requirements before talking to a rep and prefer evaluating digital resources to in-person presentations.

In fact, 77% of sales leaders say their company’s digital transformation has accelerated since 2019.

Research from Bain and Company shows that 92% of B2B buyers prefer virtual sales interactions.

Only 32% of sales pros report that a virtual sales process requires more meetings to close deals.

49% of teams are using video as part of their sales process.

A study by GetAccept revealed that sales reps experienced a 40% improvement in win rates when using online proposal software.

A survey by LinkedIn found that 50% of buyers say that working remotely has made the purchasing process easier.

More Sales Trends Stats

44% of salespeople give up after one follow-up call.

64% of sales professionals who cross-sell say email follow-up is the most effective cross-selling strategy.

66% of sales professionals say leads generated from customer referrals are the highest quality leads they work.

Companies that are experiencing the most growth generate 40% more of their revenue from tailored engagements than those expanding slowly.

60% of customers say no four times before saying yes.

According to a study by Salesforce, the total close rate for B2B deals increased by 10% in 2021 compared to the year before. This is due to an increase in remote selling and sales teams investing more time on proactive outreach.

A study by GetAccept revealed that sales reps experienced a 40% improvement in win rates when using online proposal software.

Today, 97% of consumers go online to research products and services.

In fact, 77% of sales leaders say their company’s digital transformation has accelerated since 2019.

LinkedIn is the #1 social media platform for B2B leads.

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