2023 sales year in review: Everything you need to know

Taking the time to look at your sales review, and how your 2023 sales stand up against industry standards and your own historical data can help you to determine new directions and make strategic choices as you head into 2024. In this article we are taking a look at the technologies and trends that performed in 2023 and bringing you an overview sales review to help you decide which tools and tech may be beneficial to you and your business in 2024.

Sales leaders: which industries performed well in 2023?

2023 saw a lot of industry growth and changes. According to IBISWorld, this fastest growing global industries (by revenue growth) in 2023 were:

• Tourism (18.6%)
• Travel agency services (14.4%)
• Hotels and resorts (13.6%)
• Airport operation (10.8%)
• Cheese manufacture (9.2%)
• Public Relations (PR) Agencies (7.8%)
• Graphic Designers (7.6%)
• Respiratory ventilator manufacture (7.6%)
• Marine and container terminal operation (7.3%)
• Airlines (7.1%)

Although these industries saw the most financial growth, they are not necessarily the sectors that gained the most revenue. IBISWorld also determined that the biggest global industries (by revenue) for 2023 were:

• Telecommunications
• Oil and gas (exploration and production)
• Life and health insurance
• Pension funds
• Real estate
• Car and automobile sales
• General (direct) insurance
• Banks
• Car and automobile manufacturing
• Tourism

What sales technology was used and grew in 2023?

In order to thrive and grow, 2023 saw businesses moving forward with their digital strategies and data-driven approaches to business solutions. Some of the areas which saw the largest growth and adoption during 2023 included:

• No-code workflows
• Customer data platforms and Customer Relationship Management (CRM) software
• AI augmented generative email processing
• Digital engagement platforms
• Visual collaboration tools
• Content management
• Virtual Reality (VR) and Augmented Reality (AR)
• Digital Sales Rooms (DSRs)
• Mobile friendly solutions
• Sales training tools
• Call analytic software
• Enhanced communications channels

What were popular sales trends in 2023?

There were a number of different trends that developed and took shape over the year, affecting 2023 sales and how companies marketed themselves. Some of the more significant trends included:

• Responsible and emotional spending – Customers, looking for brands who align with their own ethical, social, and environmental values, were willing to curtail their emotional spending impulses if a brand did not meet their requirements.
  
  
• Authentic automation – Although customers enjoy and desire the convenience of automated digital processes, there was also a need for emotional connections and a human element. According to Euromonitor, 58% of consumers were comfortable talking to a human for customer service issue compared to only 19% talking to a bot on a company website.
  
  
• Gaming culture – 2023 saw gaming continue to move from being a niche business opportunity to a mainstream mass-market one, with brands tailoring content and offerings to appeal to consumers with gamification, and through brand partnerships and association.
  
  
• At home activities – Consumers are looking for experience and activities that enrich their lives but are also comfortable and happy to purchase products that are delivered or engaged with in-home.
  
  
• Work-life balance – There was an increased focus on developing and maintaining boundaries between work and home, with consumers eager to firmly divide the two. Products and sales techniques which appealed to customers at work were not as successful when aimed at those at home, and visa-versa.

How do you create a sales review and examine your own performance?

Examining your own performance and taking the time to carefully review the data is important – and in a growingly digital world, where competition does not just come from a local or national level, it is more crucial than ever that every opportunity to improve and refine your sales process is taken.

In order to create an effective sales review, at a minimum, you need to look at:

• Collating the data from the target year
• Determining what data you need to highlight
• Applying correct metrics to the data
• Creating report/s for each metric

Once you have the information you need to create your review, you need to structure your report to be accurate, data-driven, and impartial.

When creating your review, you should:

• Consider using a performance review template (what went well, what went as expected, what did not go well).
• Analyse the entire sales process, not just the results.
• Review goals and checkpoints that were set throughout the year (were these achieved, were they pushed back, etc).
• Analyse team performance and the tools provided for the team to use.
• Evaluate the data and establish what happened, and why it happened.
• Establish learning points from the data.
• Create an improvement plan.

This information will prove incredibly valuable in how your business structures its sales planning for 2024, and help managers prioritise opportunities and sales, allowing for higher conversions of cold leads to hot ones.

What metrics do you need to track for success?

Having the right metrics in place, and a system that reliably records and analyses the results, can help elevate your performance, make lead management more effective, and improve your bottom line.

Some of the most common metrics that businesses use to measure sales performance include:

• Total revenue
• Revenue retention (Net)
• Rate of repeat custom
• Average customer spend
• Customer lifetime value
• Churn rate
• Win rate
• Conversion rate
• Acquisition of customer cost
• Time spent selling
• Time spent on data entry (manual)
• Time spent creating content
• Number of marketing and advertising promotions
• Take-up and click-through per campaign/advert

Increasing your lead generation and the right tools for the task

Being able to handle and effectively use the data your business creates can give you a competitive edge that increases your sales and your bottom line. You need to work with a tool that is right for your needs, now and in the future, and provides you with exactly what you need in a way that works with what you have.

This is where TEB Apps comes in. A rapidly growing, unique CRM and automation software that is transforming businesses sales processes all over the world. With TEB Apps, you will be able to maximise your conversions, increase sales and accelerate growth by leveraging the futuristic automation features that come with it. With TEB Apps, you will:

Streamline your billing – Set specification pricing and use quote templates to completely streamline your billing process for a fast, efficient service.

Streamline workflow management – Assign tasks and send proposals while on the move with TEB Apps mobile app to reach maximum productivity.

Automatically assign leads – Boost your lead response time by automatically assigning leads to your team so you can begin a dialogue quickly.

Attach notes to your leads – Share important information with your team by attaching notes to leads to provide better customer service.

Ensure you hit your goals for 2024, book a demo at a time that suits you and see all of these features, and so much more, for yourself.