Sales Trends for 2023 – Can We Trust the Experts?
There is a problem with predicting trends and outcomes, whether in politics, sports, or sales trends. First, the future is malleable and variable. Second, expert predictions are usually based on historical trends.
Unfortunately, while the past can certainly influence the future, it may only foreshadow things to come without offering an accurate picture of the next week, month, year, or the next few years.
Then we have the number-crunchers. Statistical analyses are great as far as they go yet, changing environments over time can skew toward new trends that are unpredictable based on historical models.
So, what does this say about the expert predictions we hear and read about sales trends for 2023?
As always, you should take such prognostications with a grain of salt and remember that interior design and furnishing sales are local businesses so national trends may mean nothing in your market.
Broad-based Sales Trends for 2023
With all that said, there are some broad trends that can be seen as influencing past sales trends and can reasonably be expected to continue for at least the next year.
With thanks to the marketing experts at Hubspot.com, we would like to share what we see as the top five sales trends from their latest report:
Specialization – Though it seems counterintuitive, targeting a narrower market is often a great strategy. “In modern sales, ‘the riches are in the niches.’ In other words, when you try to appeal to everyone, the opposite happens: you end up resonating with no one.”
Culture – One thing never goes out of style for a successful business: your sales culture. “Building a high-performing sales team should never fall to the bottom of the priority list. After all, how much a salesperson sells, how productive they are, and how long they stay at a company are all influenced by sales culture.”
Persistence – A never-give-up approach to sales will be critical to overcoming the infinite range of appeals and influences on clients and prospects. “Rarely do we make a sale at first contact with a prospect – although that would be nice. In reality, [making a sale is] a process that requires multiple touchpoints. But here's the problem – the average salesperson makes only two attempts to reach a prospect.”
Relationships – Building relationships and working with repeat clients should be a priority this year. “26% of sales professionals say existing customers took priority over finding new ones [last] year and we predict this trend will carry over in 2023. Almost 90% of sales professionals try to upsell their customers. The result? Almost half of [those] companies report up to 30% of their revenue comes from upselling. When it comes to cross-selling, 80% of sales professionals use this tactic. 42% of companies report up to 30% of their revenue comes from cross-selling.”
Personalization – We’ve previously mentioned the importance of a personalized approach to sales. “In 2023, personalization [will be] the name of the game in sales. In fact, more than a quarter of sales professionals believe personalization is the biggest change in the sales field this year. A good place to start is with your trusty CRM, which can put all that data to good use to help you paint a clearer, more holistic picture of your customers. It's no surprise that 22% of sales leaders want to leverage their CRM to its full potential this year.”
If you find yourself struggling to create a sales culture for your business that includes these important elements for making sales, Ted is available for business consulting to the trade. Simply… Get in touch with TD Fall today.