As we enter 2024, reflecting on 2023 is essential. It was a year that brought significant changes in B2B technology and sales. Advances in AI and the rise of community-based selling introduced exciting opportunities and notable challenges. These shifts have paved the way for what lies ahead in the New Year.
With this in mind, here are my five B2B sales predictions for 2024. These were developed not only from in-depth discussions with our sales team here at Crunchbase but also from daily conversations with our customers and partners. Hopefully, these predictions can offer a roadmap for B2B sellers to better navigate the evolving sales landscape this year.
Outbound Needs to Change
Many emphasize outbound sales as the key to revenue, but I question its effectiveness when it’s the primary strategy. Outbound isn’t dead, but it often feels forced and unnatural, like pushing a square peg into a round hole. Take, for example, a recent post I saw on Reddit where an outbound sales agent was asked by the company’s CEO to send “400-500 emails a day.” Outbound needs restructuring and I think more are realizing that and will act in 2024. There are times when inbound is low, and outbound becomes necessary, but it shouldn’t be a blunt instrument. We need more thoughtful, structured approaches. Otherwise, we risk acquiring customers who will likely churn quickly. I believe in outbound, but it’s time for an overhaul.
Focus on Cross-Functional Collaboration
I’m focusing on cross-functional collaboration within our leadership team and think more will do that in the New Year. I encourage our Customer Success Manager, Sales Development Manager, and Sales Managers to exchange ideas and insights. This approach might not seem revolutionary, but too few teams actually take the time to do it. By bringing different departments together, each leader gains a more comprehensive view of the sales process. This helps them make more informed decisions and recommendations. We’re looking at everything from objectives and key results to client onboarding calls, ensuring that each level – from SDR to CSM – is aligned and informed. This level of collaboration is crucial for our success.
Harnessing AI in Personalized Selling Amid Tech Stack Consolidation
As 2024 unfolds with consolidation in the B2B sales tech stack, I envision a crucial role for AI in driving personalized selling strategies. In an increasingly competitive market, sellers need holistic, AI-backed tools that enable them to conduct more targeted outreach at scale, therefore differentiation becomes imperative. This goes beyond mere customization of the sales approach; it’s about leveraging AI to deeply understand and cater to each prospect’s unique preferences and needs. Advanced AI-driven data analytics will be key, providing real-time insights and enabling sales teams to rapidly adapt their strategies in a dynamic, consolidated market. This approach will permeate the entire customer journey, from initial contact to post-sale service, ensuring tailored solutions and experiences.
Supporting the value of personalization, 2021 research from McKinsey found that companies proficient in personalization generate 40% more revenue than the average. AI can help unlock this in a completely new way.
Read More: SalesTechStar Interview with Aaron Lee, CEO at Smith.ai
The Power of the Community
B2B selling has become community-driven. B2B companies are increasingly forming digital communities through platforms like podcasts, LinkedIn, Reddit, and X. In 2024, this trend will accelerate. More B2B companies will embrace this shift, actively producing their own community-centric content, while using platforms like LinkedIn, Reddit, and X not just for networking, but to actively promote and celebrate customers and partners. This shift is also crucial for B2B sellers. Effective sellers will be those who immerse themselves in these digital communities. They’ll engage directly with prospects, understanding that active participation is not just about selling, but about building relationships. Community-based selling offers immense value, turning engagement into sales outcomes.
Elevating the Importance of B2B Sales Data
In 2024, the B2B marketing and advertising landscape faces new challenges. The phasing out of third-party cookies, which begins January 4th, by top browsers like Chrome and Safari will complicate personalized advertising and information delivery to B2B audiences. Measuring campaign effectiveness and understanding ROI will also become more difficult. A BCG study, for example, found that 39% of B2B marketers are already experiencing a negative impact on performance, while 56% anticipate declines in the future. As a consequence, the importance and value of high-quality B2B sales data will skyrocket. Information like prospect contact details and other direct outreach data will become invaluable. This shift will drive a surge in demand for precise, actionable sales data in a post-cookie era.
Heading into 2024, recognizing and adapting to these shifts is crucial for B2B sales success. Emphasizing adaptability, data-driven strategies, and community engagement is essential. B2B sellers who embrace these changes will be better positioned to navigate the market and drive success throughout the year.