In 2018, research by Forbes showed that, on average, sales rep spends 65% of their time on tasks other than selling and only 35% on sales. While this year's study done by Cloudtask on 720 sales reps discovered that they spend only 35.2% of their time selling - 14 hours out of a 40-hour week. The survey defined "selling" activities as external customer-facing meetings, client follow-up, and prospecting. The remaining time they spent on administrative tasks (14.8%), downtime activities (20.4%), technology, and other activities. The technology component likely includes activities related to their Sales Tech stack, such as managing CRM data, email outreach, and other sales-related tools.
Looking at these numbers, there is only an approximately 0.2% increase in time spent selling. What could be the problem? Is it because of a lack of knowledge of tools that can accelerate or automate their selling process? Automation of: administrative tasks, e.g., updating databases, adding prospects to the CRM, performing research, scheduling meetings, writing emails, looking through social media (prospecting), etc.
However, dozens of tools are available to help speed up the sales process without turning your reps into robots and overworking them. So, what is the solution? Create or get conversant with a robust sales technology stack. Thus ensuring that your team understands and identifies valuable tools.
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What is a Sales Tech Stack?
The Sales Tech Stack (sales enablement software stack) is a collection of software tools and technologies that sales teams use. Thus optimizing their performance.
The kind and number of tools you need can vary depending on your industry. For instance, the size of your sales team and other factors like your target audience. Therefore, with the best sales tech tools, you can enable your team to spend less time on administrative tasks through automation. According to LinkedIn research, 73% of salespeople use technology to close more deals. Furthermore, 97% of salespeople stated that technology is critical to their sales process.
What Tools do you need?
To begin with, each company's sales technology stacks are unique based on its goals, challenges, and target customers. So, where do you begin when creating your sales technology stack? What tools are out there? What do they do?
Below are the different sales tech stack tools; Therefore, why do companies need them? Remember that some of this sales stack's tools perform multiple functions. HubSpot, for example, is a popular CRM that provides real-time reporting tools.
1. Customer Relationship Management (CRM)
In summary, a CRM tool is designed to assist businesses in managing customer relationships. It enables you to manage existing customers, manage conversations, automate communication, and improve customer retention. As a result, increase business revenue.
2. Sales Enablement and Automation
The sales tech stack should be built around a sales enablement tool. It brings together sales, marketing, and other revenue-focused stakeholders, consequently creating a more effective and efficient way of working with prospects and customers. A sales enablement tool gives sales reps a complete picture of engagement activities. They can also receive proper training and coaching to help them improve their skill sets and work more efficiently.
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3. Account Planning Software
The Sales Tech Stack enhances account planning tools, helping B2B sales reps nurture customer relationships. Consequently, this leads to stronger partnerships, a better understanding of client needs, and increased sales and revenue. The technology can aid in identifying the most profitable customers. Therefore determining their issues through data analysis and machine learning algorithms. With the help of a Sales Tech stack, the account planning tool can create an actionable plan to grow accounts. Consequently, automating the process of identifying opportunities and streamlining communication with customers.
4. Lead Generation Software
A lead generation tool can help you identify people interested in your company's product or service and collect their contact information (also called leads). It automates repetitive manual work and simplifies your lead generation funnel, allowing you to concentrate on other aspects of your sales process.
5. Communication Software
For instance, asynchronous text-based communication and real-time video collaboration are communication tools. They are essential for developing strong relationships among team members as well as between your company and its customers.
6. LMS - Learning Management System
An LMS can help sales leaders and managers create practical training and coaching programs for their sales reps by simplifying the creation of educational content, developing courses, and delivering training materials to different audiences.
7. Sales Reporting Software
These tools and systems allow sales professionals and leaders to track and evaluate sales activities and predict trends and results. It aids in breaking down sales into manageable chunks to uncover relevant insights to improve performance.
8. Project Management tools
Integrating project management software into your sales tech stack makes it easier for your sales team to manage tasks, track progress, and report results. It improves work efficiency, promotes team collaboration, and reduces miscommunication.
The world of sales tech is exploding. New tools are launched, funded, and sold daily, quickly becoming a clusterfuck. Keeping up is challenging. How are you supposed to determine which ones are effective? Which of these is a waste of time? Which companies keep their promises and which don't?
How do you Create an Effective Sales Technology Stack?
Building an effective sales tech stack takes a lot of time and effort. It necessitates researching your current business situations and understanding what your sales team requires to work effectively. For this to work, you should:
- Determine why you want a sales tech stack from a business and a customer standpoint.
- Please inquire with your sales representatives about the benefits they anticipate from new technologies.
- Conduct extensive research on vendors, from their offerings to their pricing to customer service.
- Seek adaptability and scalability in your stack — your stack should encourage you to grow and scale.
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