Welcome to the new sales year 2024, filled with anticipated deals, fresh budgets, updated concerns, and hope for businesses and buyers alike. The great thing about a new year is that we can use what we learned from the previous year to shape our approach for the coming year. It’s a time to reevaluate priorities, celebrate successes, and identify areas for improvement. This evaluation time is significant for sales professionals, as it sets the tone and expectations for the year ahead. It also helps us anticipate sales trends and prepare for slow periods.
For more than 30 years, our first quarter has included a review of our past performance and a strategic analysis for the future, along with checkpoints and discussions centered around providing a delightful customer experience that instills trust and ensures that customers continue to depend on us, regardless of sales fluctuations. To help your sales teams exceed their targets this year and manage their pace and expectations, we have compiled a list of high-level sales predictions that you can use as talking points in your sales meetings, along with tips on staying motivated.
Consumer Confidence
One key factor to consider is consumer confidence. As a sales professional, it’s critical to understand how confident and secure your target audience is in making purchases. After all, sales mean money in your pocket. By researching the factors that impact consumer confidence, you can better understand your audience’s willingness to spend and adjust your approach and sales goals accordingly.
In describing consumer confidence this year, it is fragile. Consumer confidence is expected to remain fragile in 2024 due to factors such as high living costs, interest rates, political uncertainty, and global conflicts. This is all understandable given the current conditions.
2024 Predictions
The following forecasting scenarios are not intended to scare you but to help you prepare for what may come. As the retail market is going through a rebranding period due to the increasing popularity and reliance on e-commerce and convenience, we believe these predictions are quite likely and worth paying attention to.
The Guardian predicts that UK in-store sales will face difficulty in the new year due to weak consumer demand and increased costs. Based on their November 2023 prediction, Insider Intelligence believes 83.4% of retail sales will come from physical stores.
Insider Intelligence has optimistic predictions for in-store sales and believes sales could increase if done strategically and in collaboration with digital. Check out the full article, but here is our synopsis.
Use digital the in-store way
Instead of competing with online stores, use digital to direct would-be e-commerce shoppers to your brick-and-mortar store. Though it may seem counterintuitive, it can be done! This year, Insider Intelligence predicts partnerships with online influencers will entice shoppers to make the purchases they are showcasing in-store. Younger consumers still want the experience of going to a store and bringing something home to unbox. However, their prediction remains that retail e-commerce sales will grow by 10.1% YoY in 2021, whereas in-store sales will only grow by 2.0% YoY, so plan this approach strategically.
Merging retail media networks
It’s not feasible for smaller retailers to compete with their giant digital competitors that offer both in-store and online shopping opportunities. “We might see some actual M&A activity because it’s expensive for small retailers to keep their retail media networks afloat,” warns Suzy Davidkhanian, Vice President of Content at Insider Intelligence. She adds, “…some of the retail media network vendors will start buying some of the smaller providers.” What does this mean for your business? Potentially fewer advertising network options, albeit with greater reach within them.
How to stay motivated in 2024
Support and imagine new ideas.
Innovation and originality lead to sales, which leads to success. Allow your team to unleash their creativity and be astounded by their extraordinary ideas.
Encourage healthy competition
A little friendly competition is good for goals. Beginning the year with a team challenge can help keep everyone on track at the same pace. Additionally, it is important to urge your team to collaborate and assist one another to ensure that even the weakest link feels included and valued.
Stay the course
Even if things look bleak, don’t give up or give in to the pressure. Instead, lean in and lean on your team. During times of uncertainty, one sure thing is that it will pass, and things will eventually improve. Stay positive, and remain a trustworthy and credible source with your target audience so your graceful wait won’t be in vain when the tides turn in your favor.
We’re thrilled about the opportunities that the new year will bring. We’re ready to face its challenges and celebrate its victories as they help us become stronger and more resilient. We understand that dealing with low consumer confidence and making predictions can be intimidating. Therefore, if your business needs help with sales and marketing this year, Credico is here to assist you. We can help you simplify your sales process, maximize your growth, and reduce the stress of unpredictability.