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    By Chris Strandin October 25, 2022

    2023 Sales Planning

    It's that time of year again, sales planning, budgeting, and forecasting for 2023. With economic uncertainty ahead, where are sales leaders looking to invest for the biggest return next year? The results are interesting - unlike economic uncertainties we've lived through before. 

    Sales Investment

    In a recent Forrester poll, 382 businesses were surveyed about their plans for balancing how to reduce wasteful spending and still invest wisely in growing revenue. Below are the different product areas that are expecting to see an increase in spending. in 2023: 

    88% increasing investment in Product
    85% increasing investment in Marketing
    82% increasing investment in Customer Experience
    66% increasing investment in Technology/IT
    60% increasing investment in B2B Sales

    If you’re familiar with Sales Result, you know I’m going to dig into this sales number. While B2B Sales is not increasing investment at the same rate as other segments, it's not all bad news. We see that:

    60% of survey respondents are increasing sales budget
    16% are keeping the budget the same
    24% are looking to decrease their current sales budget

    Part of this decrease in sales budgets may be due to another insight from the report, that 3rd party prospect data quality has been declining with new privacy policies, and Marketing may need to build better datasets in-house. This could be one factor in declining sales budgets as 3rd party data gets cut, and marketing gets more budget to build the prospect data sets. 

    People and Services

    Most of a sales budget centers around people and services, so where are businesses looking to invest in 2023? The answer, great people

    60% Will increase spending on internal personnel
    62% Will Increase spending on external services & experts

    With more than half of companies surveyed looking to increase spending on top talent and services, what are they looking to unlock with these experts? As it relates to sales teams, Forrester recommends increases in the following areas for 2023 sales planning:

    • Talent Acquisition
    • Coaching
    • Sales Productivity and Tools

    Sales Coaching

    Coaching programs for sales people have really taken off in recent years. Encouraging sales leaders to spend more time coaching individual reps and providing that level of professional growth can be a great way to organically improve revenue results. Of course, this works best when the sales leader has had coaching themselves, and has a structured plan for their coaching activities.

    Sales Result has been providing clients with sales rep coaching, and sales leadership coaching for 20 years. Our structured, tailored programs elevate manager effectiveness in running and coaching winning sales teams, while our individual rep solutions elevate "B" payers into "A" players .

    Sales Productivity and Tools

    A common theme in sales leadership circles right now is how to get more yield, with less spend and risk. One of the best ways to get more from your existing sales team is by equipping them with the right sales tools, playbooks, and processes to make them more efficient and effective. 

    • Sales Playbooks outline what you sell, who you sell to, and how you sell
    • Sales Processes dictate how to shorten sales cycles, increase win rates, and boost reporting.
    • Sales Operations/Enablement tackle digital tools and analytics to make the sales organization smarter, more agile, and more effective

    Conclusion

    As you look ahead to your growth investments in 2023, think about evaluating the current state of your sales organization with this helpful assessment form. If you're interested in a more in-depth sales audit, Sales Result conducts thorough Executive Sales Discoveries to support your 1, 3, and 5 year growth plans with data and insights you can use on day 1. Contact us today to get started with a free sales consultation, and learn why Sales Management has trusted SRi for 20 years. 

    Topics: Sales Management

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