Value of unrealized B2B sales potential is larger than the GDP of 77 countries – combined!
We have been having conversations with customers and prospects to help them realize the true potential of their sales and marketing functions.
Implications of unrealized sales potential for businesses and business leaders:
Implications of unrealized sales potential for industries and dependent domains
The revenue from B2B sales in two industry segments – manufacturing (NAICS 31-33) and Architecture & Engineering Consulting (NAICS 5413 & 5414) for the year 2018 was about $6.35 Trillion.
(Source US Census Fact Finder. Sorry we could not get more recent and authentic government published data for the US).
After our empirical assessment, we arrived at the unrealized sales potential from these industries to be around $555 Billion (8.74% of the realized sales).
Yes! That is roughly the GDP of Poland in that year. If this “Unrealized B2B Sales Potential” was a country, it would be larger than the GDP of 77 countries – combined! In a ranking, it would be larger than at least 170 countries.
Implications of unrealized sales potential for the global economy
All of that is only for two industries and in one country. Now imagine the size of unrealized sales potential lying across all industries in all the economies of the world. Realizing that potential can not only have a huge impact on the health of businesses, but also a major shove to the global economic progress. As argued earlier, the quality of this revenue is higher resulting in an increase in profitability and free cash. All of which could be used for further boosting organizational growth.
How are salespersons best placed to save the world?
What stops the salesperson from being the hero they are?
The salesperson’s success is measured by the revenue he brings to the company or at the least the number of deals he wins. In high-ticket, value-conscious, and complex sales processes involving multiple decision makers (like the 2 industries we have analysed earlier in this article), the success of the salesperson depends on his ability to be in front of his customer. Maybe digitally in the post Covid19 world.
But often the salesperson is inundated with tasks that keeps him/ her away from engaging with the customer to nudge them along the sales cycle by demonstrating value from their products or services. They could be preparing sales decks, doing prospect research, making CRM entries, doing travel arrangements, building a database, preparing sales reports, following on payments due or sometimes even coordinating response to RFPs/ RFQs.
While none of these activities are less important, these do not need a customer facing salesperson to complete them. By allowing the salesperson to focus on engaging with the customer and removing all such activities off their desk, we allow them to fully utilize their time to win more deals and bring more revenue.