Sales Outlook in 2023: Navigating Difficult Markets & Hacks for HubSpot RevOps Efficiency
This past May 2023, we hosted a networking brunch with HubSpot for Startups at the Powtoon offices in Tel Aviv for sales and marketing leaders from leading Israeli tech companies to mingle, share experiences from the field, and learn from our incredible speakers. One of our speakers was Adi Dubin, Growth Specialist at HubSpot - visiting from the Dublin office to share her experience on the top sales strategies to use during turbulent times. This article summarizes the main ideas from her presentation.
Sales Strategies in Turbulent Times - The Landscape
The year 2023 has ushered in a new era for sales professionals, marked by significant changes in consumer behavior and investor expectations. Traditional sales tactics that relied on in-person interactions to build trust and showcase product superiority have become obsolete, as most companies continue to operate remotely. In this transformed sales landscape, two critical factors have emerged as game-changers: providing value to consumers and focusing on revenue generation rather than just growth.
Basically... It's a difficult time to sell now:
Consumers are looking for VALUE
Investors are looking for REVENUE rather than growth
Consumer Behavior in a Difficult Market
Selling in challenging markets, such as the Israeli market, has always required finesse and adaptability. However, now, all markets have become difficult to sell in, making it crucial for sales and marketing teams to be agile and responsive to changing consumer needs. The key to success lies in conveying the value of products and services early on in the buyer's journey.
In this market, it's imperative to address the following questions when communicating with prospects:
How will using your product benefit them, and what will they miss out on if they don't adopt it?
Does your product solve a problem or address a pain point for the consumer, and can you effectively communicate this?
Moreover, successful companies like HubSpot have aligned their marketing and selling strategies with the value they provide through their products. They have embraced a model that progresses from a free offering to a holistic approach, incorporating both inbound and outbound strategies. This alignment ensures that the messaging and sales efforts mirror the product's value proposition effectively.
Efficiency and Revenue Generation
While shortening the sales cycle and optimizing outbound processes remain essential goals, addressing the root causes of inefficiencies is critical to achieving success in 2023. Sales teams must focus on developing executive-level conversation skills and streamlining the discovery process to identify and target the right prospects efficiently.
Three crucial components should be integrated into the sales plan for the upcoming year to achieve profitability:
Making Your Processes More Efficient: HubSpot is a good system to build systems to make each process more smooth and efficient. Especially if you're a smaller company, you have to identify early on who is worth the time and who isn't. On HubSpot, you are able to have people answer a few questions before a call. This process helps get people off the pipeline if they're not relevant. People sometimes want a free consultant and that's not what we do for people that use the free tools– unless it's part of a larger working sales process to give that 15-minute sales call. Personally, I manage 600 companies. I have to prioritize who is a good fit, and who has the highest potential to close with us. That’s what makes my process efficient.
Knowing Your Personas: Accurate identification of target personas is vital for efficient resource allocation. By understanding who the most relevant leads are and which questions to ask early on, sales teams can focus their efforts on potential revenue-generating clients and avoid wasting time on prospects that do not align with the ideal customer profile.
Alignment of Sales, Marketing, and Customer Success: To drive increased revenue, sales, marketing, and customer success teams must work in harmony. Regular meetings and shared dashboards facilitate data-driven decision-making, enabling companies to understand where prospects are getting stuck in the pipeline and refine their strategies accordingly. Essentially, Marketing has to speak to Sales. Both teams have to know which deals are closing for how much and from which sources in order to know where the qualified leads are coming from Marketing, Sales, and CS need common goals, and they need common dashboards and data to make sure they can practically achieve this.
The Role of Customer Success (CS)
In addition to driving sales and revenue, CS plays a vital role in customer retention and cross-selling. By providing support tools, chat options, and knowledge bases, companies can ensure that even smaller clients receive adequate care and attention. Prioritizing resources based on deal size and revenue potential allows businesses to provide personalized customer success management to clients who require it the most.
The Bottom Line
In today's demanding business environment, efficiency is key to survival. Layoffs and increased workloads demand that sales teams work more efficiently than ever before. Investors are no longer satisfied with growth alone; they seek tangible revenue results. To secure budgets for marketing and sales initiatives, businesses must demonstrate measurable results and the value they bring to the table.
HubSpot offers powerful tools to maintain, analyze, and leverage data for process optimization. By embracing a strategy shift and aligning sales, marketing, and CS efforts, companies can harness the potential of these tools to navigate difficult markets successfully and build lasting customer relationships. In 2023 and beyond, the ability to adapt, provide value, and prioritize efficiency will be the determining factors for success in the ever-changing state of the market.
It was incredible to hear from Adi Dubin and share with Marketing and Sales leaders in Israel. Sign up to stay posted on our upcoming events and meetups.