A heightened investment in sales enablement teams, initiatives and technology is directly and in some cases dramatically increasing sales conversion rates for B2B companies nationwide.
That’s the main takeaway from research we recently completed with Highspot (get access to the full findings report here).
According to results from nearly 400 B2B respondents, more than 50 percent of companies that have committed to sales enablement efforts are seeing an increase in sales conversion rates of at least 10 percent. A full 23 percent of companies have seen conversion rates increase by 20 percent or more, and 11 percent of companies saw conversion rates increase more than 30 percent.
Nearly 70 percent of respondents noted that they are investing in sales enablement teams and technology, with larger organizations (those with 100 or more sales professionals) showing the highest sales enablement investment rate (at more than 80 percent).
Twenty-five percent of companies with less than 100 sales professionals noted they have had formal sales enablement programs for less than two years, while 38 percent of companies with 100+ sales professionals have had sales enablement functions for more than five years.
Which sales enablement functions are driving conversion rate gains?
Those companies with sales enablement investments noted the following focus areas as key to increasing impact and conversion rates:
- Increase sales rep efficiency (reduce non-selling time)
- Ensure sales has easy access to the content they need
- Share best practices across the organization
- Improve sales rep training
- Ensure sales has the right technology
- Improve quality of sales content
Where do sales professionals spend the most time not selling?
When asked which non-selling tasks take up the most of their time, sales professionals responded (in this order):
- Working in CRM
- Researching target accounts
- Attending internal meetings
- Building content
- Creating reports
More than 27 percent of sales professionals reported spending more than six hours a week creating their own content, and another six+ hours per week searching for content to use with their prospects.
For a full report of the survey findings, please click here.