RESEARCH BRIEF: THE ECONOMIC BENEFITS OF VIRTUAL SELLING
Learn how to improve sales performance while reducing cost to sell by adding a Virtual Account Executive channel to the commercial model
Since the coronavirus pandemic began sales teams have been displaced by work at home and stay at home mandates, forcing every sales organization to adapt their commercial model in response. All of this is putting pressure on sales organizations to develop virtual sales channels and transform their commercial models to dramatically increase visibility, engagement, speed, and productivity – while cutting cost to sell to adapt to reductions in demand and shortfalls in the revenue plan.
This is dramatically reconfiguring the cost structure and composition of sales organization based on conversations we have with growth leaders, and new research we’ve just undertaken with the Wharton School of business with growth. Specifically, we are seeing big shifts in the go to market investment mix:
>> 97% are changing their go to market
>> Over 80% are cutting business travel and event budgets
>> Two thirds are extending work at home or work from anywhere policies into 2021
>> About half are cutting field sales forces
>> And sales force productivity has dropped 20% as organizations struggle to figure all this out
Most growth leaders believe the migration of customers to home offices and increased use of direct to consumer and e-commerce channels will help them improve marketing effectiveness and competitiveness. 88% of CMOs surveyed by Wharton agree the pandemic represents a big opportunity to change the way they reach and engage customers (e.g., media mix, channels). This sentiment is being reflected in the way they are re-allocating their budgets in the recession. 81% of traditional businesses are increasing investment in digital technologies to improve market coverage and client engagement despite budget cuts in other areas. Even direct selling channels are being reconfigured and transformed to deliver higher degrees of visibility, speed, coverage, and a superior digital customer experience. Almost half (45%) of the CMOs from ecommerce and omnichannel businesses are increasing investment in new direct to consumer channels.
You can learn practical ways your organization can dramatically improve coverage, control, visibility and the customer experience while reducing the cost of sales by moving to a more virtual selling model below.
Click above to learn how our Channel Design Compass can help you design a Virtual AE channel that improves coverage, control and the client experience at lower costs
Click above to read about our latest research on ways you can improve sales channel coverage, control, and costs by incorporating a Virtual AE channel into your commercial model.
Click here to set up a briefing with our expert faculty to learn how to conduct a design sprint to improve sales channel coverage, control, and costs by incorporating a Virtual AE channel into your commercial model.