In a recent report commissioned by Pavilion and conducted by Benchmark Research Partners with the support of Operatix, new insights reveal the structure, strategy, performance, and plans of sales development teams today. Surveying 230 leaders representing a cross-section of companies across the globe, the study is a comprehensive review of the current state of sales development.
This new series highlights four key findings from the report.
While our survey showed 75% of respondents reporting sales development has been more effective in 2022, we’re taking a closer look at why sales teams are still falling short of hitting quotas.
Key Insight #2: Teams are struggling to hit quotas.
The silver lining is that quota attainment was up 30% compared to last year’s survey. Still, 73% of survey respondents reported they were under 100% quota attainment, with Series C companies reporting the lowest quota attainment, with 27% at <60%.
Missed revenue targets
In another recent Pavilion survey, we found that 63% of respondents reported missing their September revenue targets. Even still, revenue was trending in the right direction, with a 22% increase in respondents reporting higher revenue when compared to August’s results. But only about a third of executives reported higher revenue than their target.
Low confidence in revised targets
Sales leaders aren’t bullish about original revenue targets, with only 27% saying they feel “somewhat to very likely” to hit their original quota. With new goals adjusted 10-19% below original revenue targets, 34% of sales leaders report low confidence in hitting revised goals. With more than half of executives feeling pessimistic about September’s performance, even revised targets look as though they’re out of reach.
Consistency is key
As the recession becomes a reality, it will be imperative that companies become obsessed with knowing, identifying, and targeting their ICP (Ideal Customer Profiles) to maximize the impact and success of their SDR program. Additionally, our data shows that teams are more likely to hit their targets when they consistently:
Focus on selling to Enterprise organizations
Continue to make key hires
Increase or maintain investments in tools and technology
Increase marketing spend in paid search, social, and content marketing
Reaffirm investments in marketing through the end of the year
As we head into 2023, alignment is more important than ever. Sales executives overseeing effective teams that are hitting revenue goals report that team makeup and structure have had a substantial impact on performance in 2022. Our next post in this series will unpack how structuring teams around shared goals helps reduce friction so you can hit quotas.
Clickherefor all findings from this year’s State of Sales Development Survey, and stay tuned for our next deep dive into the insights.