You’re witnessing the rise of the Sales Engagement Platform. To understand where we are now, it’s helpful to look back at how sales technology has evolved.
First, there was the introduction of the CRM in helping sales teams manage and track their leads, customers, and the sales pipeline. As CROs recognized the limitations of the CRM in building buyer relationships, sales processes and technology evolved and sales enablement tools were developed. Sales teams were given the digital tools and resources needed to manage their sales processes. However, when speaking with their Sales Operations team CROs soon realized that something was missing.
In recent years, sales engagement was developed to bridge the gap between the CRM, sales enablement tools, and the platform needed to effectively communicate with buyers based on their needs and behavior.
As buyers have become increasingly sophisticated, and technology allows us to collect data on buyers along the sales funnel, it’s no longer enough to use a CRM and marketing automation. Companies are turning toward sales engagement to gain a competitive edge by communicating more effectively with buyers while providing the right information, in the right context, at the right time in the sales cycle.
So, what is a Sales Engagement Platform (SEP)? G2 Crowd defines a Sales Engagement Platform as software that “streamlines the sales process through integrations with sales communication channels and tools, management of sales messaging and materials, and automation of tasks, messages, and workflows. This software enables companies to combine their sales and marketing efforts to create personalized and automated sales journeys.”
There are many sales engagement platforms, but not all are created equal. A SEP should include content management, integrated communication methods, engagement tracking and analytics, and a guided approach to selling.
Why Sales Engagement Really Matters
Before you can start to understand what the top sales engagement platform looks like, you need to first understand why Sales Engagement really matters.
Here are some of the compelling statistics that leading research organizations have shared:
- 93% of companies close fewer sales than forecast (CSO Insights-Accenture study)
- 65% of content created by marketing is never used by sales teams (SiriusDecisions)
- 90% of business-to-business sellers don’t use marketing content because it is irrelevant, outdated or difficult to customize (Forrester)
So, we can start to see that Sales Engagement is important, but how much value should we put into this? Aragon Research predicts that the market for sales engagement platforms will grow from $700 million to $5 billion in the next five years.
What Sales Gap does SEP Fill?
According to CIO, having a solid platform on which sales, marketing, and customer success teams manage the customer engagement process from end to end can yield real dividends. But neither CRM nor marketing automation helps sales actually engage with prospects, a circumstance that led to the emergence of sales engagement platforms.
Understanding the Different types of Sales Engagement Platforms
Aragon Research included the following companies in their 2018 SEP ‘Hot Vendors’ list:
Although these software companies are all types of ‘Sales Engagement Platforms,’ their functionality and positioning are not the same. They are used during different stages in the sales process. This often causes confusion when comparing SEPs.
Here is an example of the typical sales funnel stages, and where these SEP Platforms function:
How DealHub Positioned Themselves as a Top Sales Engagement Platform
You need to understand the backstory of how DealHub was created and where their core competency lays. CEO, Eyal Elbahary, comes from a rich CPQ background. Realizing that there must be a more intuitive and scalable way to create and deliver Configured Price Quotations for sales teams, he put together an expert team to build exactly this. With the end-point in mind, DealHub worked its way up the funnel to the in-context environment of how and why a CPQ is provided. Expanding their software to a include: Interactive Contract Management, E-sign, Workflow Approval, Engagement Tracking, and a Dynamic Playbook.
This unique approach positions DealHub as an expert in the Deal Proposal environment, and everything included in the buyer experience and operations of closing a deal.
The core ethos as the heart of DealHub’s Sales Engagement Platform is that all the Sales Collateral should be in one easy-to-share Platform.
DealHub has quickly been adopted by several business teams and stakeholders including: Sales Leaders, Sales Operations, CRM System Administrators, Legal and Finance teams. Now, using the unified Deal Proposal approach with their customers, they can collaborate around one source of truth. The by-products of this consolidated approach include improvements in business efficiency including:
- Ramp new hires faster
- Increase win rate
- Decrease sales cycle duration
- Increase active selling time
- Decrease sales admin time
- Create an accurate end-to-end view of the funnel & attribution
- Improved Buyer Experience for your high-worth customers
This can be attributed to the fact that DealHub is a purpose-built platform that was created with the end-point in mind. All other metrics are vanity if you fail to close your deals and win business.
CRM + Dealhub.io – Giving Businesses a Competitive Edge
Outreach.io said “with last decade’s cutting-edge technology becoming this decade’s baseline, how do you stay ahead of the competition?”
However, DealHub is saying “let’s connect your sales process, creating a seamless interface throughout all deal stages which provides real-time, accurate data for better forecasting.” Give your sales teams exactly what they need to compete so they can differentiate themselves in the deal-closing process.
Remember you can achieve outcomes with a connected Sales Engagement Platform (SEP) that you cannot achieve with stand-alone solutions. DealHub helps you to:
- Reduce the cost of your sales stack
- Increase opportunity close-won rates
- Accurately view your customer at each stage
The result is increased efficiency at every stage of the deal process. If you want to learn more about how DealHub can immediately impact and optimize your Sales Process, speak with our expert team. They will help you to understand exactly how using DealHub amplifies Revenue Efficiency.