We surveyed sales professionals, marketers, business owners and others about how they reacted to the changing economy in 2022 and how this impacted their success. Read on as we uncover some key stories from The state of sales and marketing: The economy review 2022/23.
2022: A successful year
Most businesses achieved success in 2022, with almost two-thirds (63%) of respondents saying the companies they work for grew more in 2022 than in 2021. However, the percentage of year-on-year growth is less than the previous year, which was 71%.
It was also a year of individual success, with 60% of respondents hitting their personal annual sales targets last year.
Smaller companies were most affected by economic challenges: Less than half (46%) of respondents at companies with 1-10 employees hit their annual sales quota. However, respondents remain optimistic about 2023, with 80% saying they’re optimistic or very optimistic about the year.
Many businesses invested more in 2022
Companies have been supporting their revenue teams financially throughout the last few years, a key factor in success.
Businesses were three times more likely to grow their revenue team than make it smaller in 2022.
Respondents also reported that businesses were six times more likely to invest more than less in tech in 2022.
More respondents said their budgets had increased in 2022 than their budgets had decreased.
Different factors affect business success
There were two key factors identified as impacting business success and employee confidence:
Companies that stopped hiring new people or decreased the size or budget of their revenue team were less likely to have a successful workforce. Respondents at these businesses were less likely to have hit their sales targets in 2022.
Respondents who said their companies didn’t invest in technology, meanwhile, were twice as likely to be concerned about their workloads in 2023.
Employees of businesses that invested less in benefits in 2022 were three times more likely to be concerned about their futures.
As well as investment, support is a key factor in success. Sales and marketing professionals who get support from their colleagues and managers are 20% more likely to hit their sales targets.
By investing in the right places, you can set your business up for success in 2023 and beyond.
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