The State of Selling study found that while a lack of digital sales infrastructure is costing companies in the region of six figures from their bottom line each year, 12% of those surveyed believe this is costing their company over £1m a year, and one in 20 ( 5%) say it is costing their company in excess of £5m.

Three quarters of salespeople ( 72%) also believe that their company’s failure to deploy the latest digital sales methods is costing them significantly in commission or bonuses, amounting to an average of £64,000 per rep per year.

These insights are supported on both sides of the buyer/seller equation, with accompanying research from Showpad demonstrating how technology is rapidly changing the business sales industry. It found that nine in ten buyers ( 87%) say they now prefer to be sold to virtually, forgoing traditional face-to-face sales meetings..

Over three quarters of sales execs ( 77%) say that they have a clear understanding of digital-first selling, but just 27% feel that their business sales team fully incorporates it. Three in ten ( 30%) say that it is a ‘must-have’ and 39% say that it is a ‘differentiator’ to the sales experience for customers.

When asked what they’d like to see their organisation doing more of to support digital sales journeys, nearly half ( 49%) say ‘providing better technology and platforming’, whilst 32% selected ‘deploying a sales or revenue enablement platform’.  In addition, 28% would like to see better coaching and upskilling for sales reps, whilst 27% would like them to leverage social media to reach more prospects.

The research showed that social media is on a rising tide, with 85% of sales professionals saying they feel it will be ‘important’ or ‘very important’ to the future of B2B sales. Facebook ( 57%) and Instagram ( 56%) are the platforms sales reps believe will be most important to engaging customers and prospects and driving deals over the line. This is followed by TikTok ( 48%), YouTube ( 43%) and LinkedIn ( 42%).

Showpad chief executive Hendrik Isebaert, said: “Half of sales people feel that they are simply not armed with the tools they need to succeed, and this is costing them – and their employers – dearly.

“Nearly 40% of UK companies derive all or the majority of their income from B2B activity, showing the value of those companies to the business landscape and the central role of sales and revenue generation.

“Amidst a broader climate of business uncertainty and economic headwinds, now is the time to double down on all paths to revenue generation. Fast deployment of the right tools and infrastructure will shore up the financials for the foreseeable future.”