4 Sales Forecasts To Be Aware Of For 2024

With 2023 done and dusted, businesses are busy strategizing for 2024. Like every year before, this new year will come with unique challenges and changes that will cause a shift in the sales landscape. In 2023, AI infiltrated nearly every aspect of our lives, making a massive transformation in the industry. AI adopters benefited from automation, data analysis, and improved productivity, which enhanced conversion rates and sales by 10-30%. By leveraging the most significant sales trends in 2023, we can forecast how businesses will win customers and close deals in 2024.

Top Sales Trends Forecasts for 2024

What changes are coming in sales in 2024, and how can you prepare?

Value-Based Selling

Approximately 87% of businesses are selling to customers using a value-based approach. Today, hard sales are a huge turn-off because customers hate to be pressured to buy because of the current deals or sales. They now want to know what is in it for them and what value your product adds to their life. Therefore, in 2024, your strategy needs to shift from changing prices to changing your leads' perception of your product or services.

A value-based selling strategy helps you balance your client's needs and your product's benefits. It is about putting your customer's needs above your own revenue, helping them become more interested in your product.

Personalization

60% of customers admit that a personalized experience drives repeat business. In 2024, personalization remains a priority for marketing leaders. Beyond customized emails and adapting to the buyer's communication style, research shows that 52% of marketing leaders plan to increase spending on content and personalization technology. Today's technology provides sales teams with unprecedented information, enabling them to tap into customer wants and needs individually. This fosters a customer-centric marketing approach to reach individual customers in new and more rewarding ways.

Sales Automation

Sales teams spend much of their time on menial, non-sales-related activities. Automating sales tasks like email responses and minute procedures can create more time for teams to focus on nurturing customer relationships and closing more deals. A revolutionary trend in sales automation is using CRM (customer relationship management) systems. This tool allows sales teams to automate outreach, set drip campaigns, visualize sales pipelines, and manage them more efficiently.

However, automation does not start and end with CRM integration; in 2024, sales teams will look for tools, software, and hardware to help reduce friction and eliminate tedious manual processes from the sales equation.

Leveraging AI

Only 37% of sales organizations use AI in their sales processes. However, more than half of high-performing sales organizations already leverage AI. In the next two years, McKinsey projects that 90% of commercial leaders expect to use generative AI more often. Their research established that over a fifth of the sales team's current processes can be automated. So, some of the biggest AI-powered sales trends in 2024 will include:

• Observing customer buying trends, data collection, and interpretation to score better leads.
• Enhancing customer satisfaction and experiences through AI-generated personalized, relevant, and engaging content.
• Using natural language processing to establish how buyers feel about your products and their experiences.
• Project trends by qualifying customer attitudes, opinions, and emotions through sentiment analysis
• Prioritizing sales efforts using generative AI's predictive analysis.

These are just a few top sales trends in 2024 that can help your team build genuine and stronger customer connections. Another way you can improve your sales team is by attending a workshop. Virtual Instincts provides corporate workshops that are tailored to your department's unique needs, helping to establish a group mindset and building your team's conversation intelligence. Contact us to learn more today.