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
41% of sales leaders report that their customers desire more digital communication
Nearly 90% of sales reps emphasize the importance of anticipating customers’ needs
28% of B2B organizations now have hybrid sales roles
83% of Sales Professionals Report Working on Weekends
Only 60% of sales reps meet quota
The businesses’ buying process will involve around 6-10 decision-makers
More Sales Trends Stats
77% of Sales Professionals Now Conducting More Video Meetings
44% of salespeople give up after one follow-up call.
Today, 97% of consumers go online to research products and services.
60% of customers say no four times before saying yes.
21% Higher Job Satisfaction for Salespeople Spending More Than 4 Hours a Day on Sales Activities
40% of sales reps still use tools like Outlook or Excel to store customer and lead data
48% of salespeople never even make a single follow up attempt.
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