What if I told you that by 2021 B2B companies in the U.S. could be missing out on just over $1 trillion dollars of revenue? And to make matters worse, this revenue is sitting right within companies grasps but nothing had been done about it to date. There is a good news though, coming soon is an easy-to-use, yet powerfully insightful tool that can help them grasp it. Setup in just a few clicks, whether you are a company of 10 or 10,000, you can be up and running in no time, and turning that $1 trillion of lost revenue “opportunity” into just well…revenue.
This problem isn’t going away. Leading research institute Forrester predicts that total U.S. B2B commerce will top out at $9.34 trillion by 2021. B2B commerce is also growing at a compound annual rate of 7.4% and is showing no signs of slowing making it a safe assumption that into the mid-2020’s that number will continue to grow into the $10 trillion-plus range in total U.S. B2B commerce.
B2B companies put tremendous resources into crafting their sales mechanism. The average B2B organization invests around 9-12% of their companies annual budget into their sales department. A large part of that budget is dedicated to software designed to organize, streamline and enable their sales team, most commonly CRM software. Despite this tremendous investment in these tools that are designed to help sales teams succeed there are some frightening trends that highlight that the issues and challenges that sales teams are facing are not only getting greater, but the current generation of tools are no longer able to help provide the insight that is needed.
IDC (The International Data Corporation) recently released a report that indicated that for every $1 billion in B2B commerce, companies are losing $114 million due to poor sales enablement. That $114 million represents lost revenue opportunity, decreasing sales productivity resulting from increased sales cycles and decrease win rates are leaving mountains of untaped prosperous leads that simply get overlooked, or never even enter a companies sales funnel due to saturation. Extrapolating to cover the anticipated $9.34 trillion in total B2B commerce by 2021 then companies will be leaving roughly $1.06 trillion in revenue opportunity sitting untouched.
So how do we get it back? The answer lies in getting back that lost opportunity. What do we mean by that? Create the time and the avenue for sales professionals and sales teams to connect with the highest quality leads in your pipeline, and filter out the low quality leads as quickly as possible. By helping qualify and stack leads according to quality as well as providing engagement guidance on each lead we can increase sales win rates as well as decrease sales cycle lengths. Through continual opportunity evaluation, we constantly monitor the progress of each opportunity to ensure that they remain on track for closing. This combination will help create the avenue and free up the time that can be used by your sales team to engage more leads and get back that lost revenue opportunity.
Every sale is a journey. A journey takes time, energy and also resources (money). If we can better understand that journey then we can better predict which journeys will be successful and how to craft those journeys for maximum efficiency. Both of these will help save your sales team time, energy and money that can then be used on additional journeys that they had previously not had the resources (time, energy and money) for.
Proximate.io‘s Sales Intelligence platform is a simple SaaS option to bring True Sales Intelligence to your existing CRM sales cloud. Proximate leverages AI, Machine Learning, and Natural Language Processing to help qualify and stack leads, predict buyer sentiment and anticipate future sales engagement patterns to help enable your entire sales team to engage the best leads at the right time to help move them through your companies sales process as efficiently as possible. We also focus on helping identify low quality or cold leads that need to be filtered out of the system and refreshed with new higher quality leads minimizing the time that is lost due to sales professionals chasing these poor quality leads.