2023 was a rollercoaster for tech sales, but 2024 is where the real game begins. Here’s what I predict will happen in 2024:
- The tech sales market is going to be better than in 2023 but not good enough. Budgets will slowly open up for spending on tech. We are already seeing this trend.
- Essential tech takes the front seat in 2024. Expect a surge in demand for tech that’s not just good to have, but a must-have. You will hear a lot of - ‘Is this a vitamin or a pain killer?’ conversation (Interestingly the market for vitamins is much larger than that of pain killers ;) Just saying).
- Layoffs will slow down in 2024 and at least half the companies on a hiring freeze will open limited roles due to better demand signals in the market. One of the aims of the essential tech mentioned above would be to make the limited team more efficient.
- 2023 was a lot to process for tech salespeople due to hiring freezes and layoffs. Given the emphasis on mental health and work-life balance, more companies are expected to implement supportive policies and flexible working arrangements.
- Hybrid selling is here to stay. Adapting to remote and hybrid sales models isn’t an option anymore; it's essential. Buyers are used to it, and so must be the sellers.
- Old sales strategies aren’t going to work in 2024. Inboxes are overloaded across channels. Gone are the days of generic pitches. It’s time for value-driven, problem-solving narratives.
- 2024 is gonna be the year of bundling: The larger players are playing a consolidation game across the sales stack. With companies trying to cut costs, this bodes well in the short term. But I’m afraid this will result in companies having tools that do a below-par job across the board. And then the unbundling will start again. As Marc Andreessen said - “only two ways to make money in business: One is to bundle; the other is unbundle.” And unbundling will happen again.
- AI tools are set to redefine customer interactions. I see some smart usage of AI in prospecting, sales training, and pitching. We at @Luru use it for deal insights. How are you leveraging AI?
- Even without substantial value additions, most SaaS pitch decks will include an AI slide, aligning with current trends.
- Sales leaders will realize the underutilization of AI by their team. More sales training sessions to focus on reskilling and upskilling to enhance human-AI collaboration as AI's role in CX and sales grows.
Embracing 2024 with a sharp focus on essentials in tech sales – let’s navigate this evolving landscape with agility and insight.