On Monday, December 2nd, 2024, The Shard in London became the epicentre of innovation, collaboration, and strategic insight as we hosted alongside Warwick Business School and The Institute of Sales Professionals, the much-anticipated Sales Excellence Summit – The State of Sales: Survey Results. This event united sales leaders, compensation experts, academics and industry innovators for a day of learning, networking, and exploration of the future of sales excellence.
The State of Sales Survey Results
The highlight of the event was the unveiling of the State of Sales 2024 Survey Results, offering valuable insights into the evolving sales landscape. These findings, based on input from over 125 sales professionals, provided a roadmap for addressing key challenges and leveraging opportunities in the field.
Key Findings from the Survey:
The Role of AI in Sales
Artificial intelligence emerged as a transformative force for the future of sales. While 43% of sales leaders admitted their organizations were underperforming in AI integration, nearly 49% expressed optimism about AI’s potential to drive growth. The survey highlighted that tools like predictive intelligence and AI-driven recommendations are critical for organizations aiming to stay ahead. However, the challenge remains in providing training and improving data quality to fully harness AI’s capabilities.
Interestingly, while there are numerous ways AI can be utilized—ranging from predictive analytics to guided selling tools—most organizations are primarily using generative AI. While generative AI, such as tools for email and proposal drafting, is a great entry point due to its accessibility, it only scratches the surface of what AI can offer to sales teams. While the promise of AI is evident, reluctance stems from challenges like insufficient training and data quality issues. It is evident organizations need tailored solutions to navigate these hurdles.
Compensation and Incentives
Transparent and fair compensation plans were identified as vital to motivating sales teams and aligning them with organizational goals. The survey revealed that organizations incorporating career development opportunities and tailored incentives reported higher success rates in achieving performance targets. Simplicity, fairness, and alignment were noted as the core drivers of effective incentive plans.
Aligning Goals with Motivation
- 88% of organizations incentivize sales revenue, but fewer incorporate activity metrics (35%) or career development opportunities (20%).
- Companies offering career development as incentives report a 30% higher success rate in achieving performance goals.
- The most effective incentive plans are those that prioritize fairness, transparency, and alignment with organizational objectives.
Overly complex or misaligned compensation plans can demotivate teams. Simplification and clarity are key to driving results. Akeron’s incentive compensation solution Vulki ensures fairness and transparency, allowing organizations to design plans that align with both individual performance and strategic goals in a simple easy to use manner.
The Future of Sales
Sales leaders unanimously agreed that the skills required for successful selling will undergo significant changes in the next five years. AI will play a pivotal role in this evolution, with sales professionals needing to adapt to new tools and methodologies to remain competitive.
As sales evolves, equipping teams with the right skills and tools is essential to staying competitive. One sales leader stated:
“I anticipate that the best salespeople will increasingly be trained and coached to shift from “trusted advisor” to “effective coach.” This initiative could lead to fundamentally different and better conversations with a greater range of stakeholders in processes that AI can support but not replace.”
Akeron empowers organisations to embrace technology and adapt to changing demands, ensuring they remain at the forefront of their industry.
Looking Ahead to 2025
As we reflect on this year’s success, we’re thrilled to announce the Sales Excellence Hub 2025 Calendar soon! Next year promises even more opportunities to connect, learn, and innovate together.
The dates will be released soon for next year and the topics will be based on feedback from the survey and your input, if you have a specific sale related topic you would live to cover, please let us know!
Register your interest to join us for a series of transformative events in 2025. Let’s continue shaping the future of sales excellence.
A Heartfelt Thank You
To all our attendees, speakers, and partners – Warwick Business School and The Institute of Sales Professionals: thank you for making the Sales Excellence Hub – The State of Sales 2024 an incredible experience. Your insights and enthusiasm are what drive our mission forward.
Let’s keep the conversation going! Share your thoughts and key takeaways from the summit on social media using #SalesExcellence
Here’s to the future of sales innovation and excellence!
