The 2024 State of Sales Report from Salesforce Highlights AI Adoption as a Key Focal Point in Growth Strategies
Sales teams are focusing on consolidating tools and enhancing data security to harness the benefits of AI, according to Salesforce’s 2024 State of Sales report. Here are the four key findings from the report, which surveyed 5,500 sales professionals globally:
Sales are up, but new pressures emerge
Despite marketplace pressures and low productivity challenges, sales teams continue to thrive. Over the past year, 79% of sales teams increased revenue, and 82% of sales professionals feel confident about their company’s 12-month growth strategy. Partner selling has significantly contributed to this growth, with 84% of sales professionals noting its increased impact on revenue compared to last year. Currently, 89% of sales teams utilize partner sales, and recurring revenues account for 42% of their revenue sources, with over 90% of teams using more than one revenue source.
However, changing customer expectations are complicating sales efforts. A significant 67% of sales reps do not expect to meet their quota this year, and 84% missed it last year. Increased competition is also a challenge, with 57% of sales professionals reporting tougher competition since last year. Notably, sales reps spend 70% of their time on non-selling tasks, highlighting a major inefficiency.
AI adoption surges, highlighting the need for trustworthy data
AI is becoming a crucial tool for sales teams, aiming to boost productivity and personalization. The report reveals that 81% of sales teams currently use AI. The primary benefits of AI include improved sales data quality and accuracy. Notably, 83% of AI-using sales teams experienced revenue growth last year, compared to 66% of those without AI.
Trust issues remain a significant barrier to AI adoption. Only 55% of business buyers trust AI to be as accurate as a human, and data security, completeness, and accuracy are concerns for nearly a third of sales professionals. Additionally, only 35% completely trust their organization’s data accuracy, and 70% are worried about new security risks posed by generative AI. Ethical use guidelines are lacking, with fewer than half of sales teams setting such standards.
Sales teams prioritize enablement for growth
Improving sales enablement has emerged as a top growth strategy. Enhanced training programs for direct sellers and partners are key to delivering more value to customers. AI is playing a pivotal role in sales enablement, particularly through real-time selling guidance. AI tools provide personalized advice to reps during their workflow, boosting their effectiveness.
Employee retention is on the rise but remains vulnerable
Sales professional retention and satisfaction are increasing but remain closely tied to compensation. About 64% of sales professionals indicated they would leave their company for a similar job with better pay. Sales teams reported an 18% average staff turnover in the past 12 months, down from 25% in 2022.
Growth strategies
The 2024 State of Sales report concludes with five key growth strategies: improving sales enablement and training, targeting new markets, enhancing the use of tools and technologies, optimizing product offerings, and modernizing tools and technologies.
The emphasis on AI and sales enablement within the findings reflects a shift towards more efficient and personalized selling strategies, while the concerns around data security and ethical use signal a need for robust frameworks to build trust. Moreover, the focus on employee retention and satisfaction emphasizes the importance of valuing and compensating sales teams adequately. By addressing these areas thoughtfully, businesses can foster a resilient salesforce capable of driving sustained growth and adapting to the ever-changing market dynamics.
