Seventy-three percent of Chief Sales Officers (CSOs) expect sales budgets to increase by an average of 16.9% in 2022, according to Gartner. The survey of 67 CSOs in 2H 2021 identified the top three investment areas to be sales enablement, digital marketing and sales operations programs.
?CSOs are adjusting their expanding budgets in 2022 to become better prepared for what could be foundational shifts in the way sales teams and buyers fundamentally interact,? said Betsy Gregory-Hosler, Senior Director, Research in the Gartner Sales practice. For example, CSOs and sales teams are now partially or fully funding activities traditionally owned by marketing, leading into an unprecedented time of spending within these functions.
Besides most CSOs anticipating increased investment in sales enablement, the following categories will also see an increase in spending in 2022:
- Digital first investments: The pandemic accelerated B2B buyers? exposure to, and comfort with, using digital commerce platforms for large, complex purchases as well as smaller deals. In a more virtual environment, most CSOs recognize the importance of digital marketing.
- Analytical thinking: CSOs plan to invest in sales operations, with sales analytics a key priority. Over half of the CSOs Gartner surveyed identified sales analytics, a key element of sales operations programs, as a priority for organizational success.
- Technological advancements: After protecting technology budgets in 2021, CSOs continue to prioritize tech investments moving in 2022. CSOs plan to increase investment in sales technology, prioritizing pipeline generation, CRM data, and training and coaching use cases.
The pandemic has fundamentally changed B2B buying behaviors, ?With buyers opening themselves up to more virtual experiences in conjunction with a mixed outlook for conferences and in-person events, it is clear that the shift to digital will not be short-lived,? said Robert Lesser, Director, Advisory in the Gartner Sales practice.
While budgets may be increasing, the planning process is still crucial to guide upcoming investments and achieve the greatest commercial impact. Sales leaders should consider the following with the flexibility that an increase in spending can bring:
- Understand major B2B buying and selling trends and how they are changing the path to growth: CSOs must understand how three major trends – digital buying, virtual selling and emerging technologies – are rewriting what it takes to succeed in B2B sales to invest ahead of the curve.
- Benchmark budget against peers to strengthen business cases: Effective benchmarking helps sales leaders build business cases, defend budgets and make data-backed strategic decisions.
- Ensure sales enablement and operations leaders are equipped to optimize new investments: Sales enablement leaders need a planning process to assess sales enablement program effectiveness, align the various sales enablement programs to the sales strategy and communicate program results.