In the face of the economic challenges of 2023, sales leaders recognize the crucial role of sales technology in acquiring, serving, and retaining customers. With limited budgets and increased pressure to perform, sales leaders are compelled to optimize their use of technology. Our recent publication, The Forrester Tech Tide™: B2B Sales Technologies, Q1 2023, delves into 20 distinct types of sales technologies, offering guidance to sales leaders and sales operations professionals on the most suitable investment approach for their firms.

The significance of extracting maximum value from sales technology cannot be overstated, particularly during periods of financial constraint and economic uncertainty. Through interviews conducted as part of our Tech Tide, we gained insights from sales leaders, unveiling several key themes:

1. The rise of personalization: With an abundance of options available in the market, firms are grappling with choice overload. In our report, every interviewed leader emphasized the importance of vendors delivering personalized pitches that address their specific business needs. Otherwise, these offerings become just another addition to an already overflowing toolbox.

2. Integration as a priority: Sales leaders have grown tired of adopting new technologies only to abandon them later due to integration issues with other core systems. Forrester's Sales Activity Study revealed that in 2022, sales professionals spent 26% of their time on administrative tasks caused by problems within their technology stack. Vendors must focus on reducing the time required to realize value from their solutions and enable sellers to dedicate more time to essential selling activities. This can be achieved through the automation of administrative tasks and streamlined integration with complementary sales tech.

3. Data takes center stage: Sales leaders now seek to evaluate how effectively their tools contribute to deal closures and revenue growth. An application must provide tangible data showcasing its efficacy. Leaders want to see how a technology connects to an opportunity or a closed deal, creating a feedback loop that demonstrates its impact.

4. Spending cuts are anticipated: Salesforce's recent cost reductions are indicative of a broader trend. Technology companies should brace for a period of financial constraint, prompting practitioners to optimize their existing technology stack rather than investing in new systems. Instead of purchasing new best-in-class solutions, leaders may explore untapped capabilities within their current stack or opt to pay for additional features.

In these challenging times, sales leaders recognize the critical role of sales technology in maintaining a competitive edge. By prioritizing personalization, integration, data-driven insights, and cost optimization, they can navigate the economic storm and leverage their existing technology stack to achieve success.