In the last two articles, we’ve reviewed what a virtual sales presentation is and how to do make them effective. In this article, we’ll dive a little deeper into the different, positive ways that virtual selling can impact a business.
Fewer In-Person Sales Meetings, Same Success
A 2020 study done by McKinsey and Company analyzed 40,000 deals, made by 315 sales reps, in five companies in the U.S. and Europe and found that 90% of small deals, under $100,000, were completed without any face to face meetings. About 50% of small deals and 12% of large deals were closed with fewer than ten emails. While sales in the U.S. took more emails than they did in Europe, the U.S did 32% fewer in-person meetings with potential buyers than their European counterparts. Europe has seen a major increase in virtual sales since COVID-19 (McKinsey). These numbers show that the in-person sales meeting is no longer a necessity. Businesses can accomplish the same sales success with a smaller investment of time and money.
Positive Revenue Impact
According to the McKinsey study, e-commerce and videoconferencing now account for 43% of all B2B revenue, more than any other channel, virtual sales is most likely going to continue to grow. A recent LinkedIn article reveals that 77% of sales professionals say their organizations plan to invest in more sales intelligence tools. These organizations understand the real future of virtual sales, and with added technology they can build the necessary relationships and trust that their sales team will land the sale (LinkedIn).
Not all businesses see virtual sales as the future and they are resistant to making a long-term change to their sales processes. This may well be to their detriment. A study Hubspot did in the fall of 2020 showed that “sales leaders who did not invest in virtual selling fell behind.” Those who waited for the business world to return to normal suffered. 64% of teams who transitioned to virtual sales met or exceeded their revenue targets for 2020. Those who did not change their sales practices saw only 50% of their teams met their sales goals.
Virtual Sales, Shorter Deal Cycle
While utilizing virtual sales presentations can present some challenges in engaging with potential buyer. By using the right virtual technology, building a solid and multi-dimensional sales presentation, ensuring the session is inclusive of all participants, good salespeople have proven they can provide a quality virtual sales presentation and close the deal. Forty-eight percent of sales professionals say that using video, both pre-recorded and live, shortens the deal cycle, saving businesses both time and money (Vidyard). Videos show sincerity, can demonstrate what makes a product different, and cement trust between the salesperson and the buyer.
Businesses that have moved into the virtual world of sales are thriving. Buyers prefer it, the numbers show its efficacy, and those who haven’t moved in that direction have seen the negative effect on their bottom line. Virtual sales may have been thrust on the business world because of COVID-19, but it is here to stay. It’s efficient and effective in saving time and money. Sales teams can do more, meet more, present more and close more deals.
