Digital information technology and the Internet have dramatically altered the landscape of the sales industry, changing the relationship between buyers and sellers. Buyers are much more in control of the purchase process, researching independently, more informed and more demanding – shifting the industry toward inbound marketing and sales from traditional outbound sales models and creating significant challenges for sellers. In order to meet the challenges of this new environment, more and more of the sales industry has embraced developing technologies and data science. Enterprises that are able to effectively apply and use the technologies early will be leaders in their industry sectors; those that do not will have significant difficulty remaining competitive. The sales environment today is marked by technology, data driven processes and decisions, automation and speed.
The CRM Software Umbrella
Customer relationship management (CRM) software and systems have been widely adopted by sales departments as tools to organize customer information and sales efforts. These CRM systems form the foundation or ecosystem for developing sales and marketing technologies, an umbrella that covers a range of market segments including lead generation, marketing automation, sales force automation and sales acceleration. Just as marketing and sales efforts often overlap or cross into one another, the terms for these segments and tools are not absolute.
The rapid adoption and use of CRM systems by sales enterprises has been explosive.
The respected research firm Gartner estimates that the worldwide CRM market grew 13.3% in the last year, from $20.4 billion in 2013 to $23.2 billion in 2014.Gartner also forecasts the worldwide market increasing to $36.5 billion by 2017, projecting a compounded annual growth rate of 15 percent from 2012 to 2017, and leading all enterprise software categories in projected growth.
Marketing and Sales Force Automation
Marketing automation systems were developed so that marketing departments could automate routine and repetitive functions in the scheduling and tracking of campaigns. It is estimated that the marketing automation software market will grow to $5.5 billion by 2019.
Similarly, sales force automation uses software tools to automate and streamline business tasks within the sales process in order to maximize the efficiency of the repeatable processes a sales person performs.
The sales force automation market has increasingly moved to cloud based “software as a service” solutions, including mobile platforms as sales people increasing rely on mobile devices in accessing data while off premises. One research firm projects this market to grow from $1.84 billion in 2013 to $4.13 billion by 2018 as cloud based services become more widely available and small-to-midsize businesses enter the market.
Whether these automation solutions are applied to marketing tasks or sales activities tasks, they also collect data on the performance of those activities and automate the data entry into the system. This in turn makes information more readily available to marketers, salespeople and management.
Sales Acceleration Solutions
Sales acceleration software and platforms encompass the rapidly developing category of technologies often said to bridge the gap between the sales department CRM systems and the marketing automation systems. As the name indicates, these are technologies designed to accelerate sales – that is, to make the entire sales process faster and shorten sales cycles so that prospects and opportunities are converted into actual sales and customers more quickly. Some have estimated sales acceleration technology to be a $128 billion market.
These innovative technologies address the sales environment today that is driven by data, technology, and speed. They are designed to improve collaboration between marketing and sales and are often seamless for both sales and marketing teams across a platform. The solutions collect, analyze and present an array of data relating to the sales process, including outreach and a potential customer’s behavior and responses; and then prioritize or implement actions based on that data.
The category covers a variety of solutions do not fit precisely in a CRM or marketing automation label, and includes areas such as sales intelligence, analytics, data visualization, automated email, email tracking, gamification, on-line video conferencing and social media, also encompassing tools to accelerate presentations, proposals, quotations and contracts.
The digitized information age has rapidly changed the dynamics of most sales environments. Sales organizations must turn to technology, data and science, and take advantage of solutions to address the demands of today’s empowered and demanding buyers, and provide them the information they need or require in a quick and timely manner. Sales organizations must implement these technologies in order to be or remain competitive. It is not a matter of if an organization will embrace these solutions, but a matter of when.
Publish Date: January 11, 2016 5:00 AM
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