The market for enterprise technology products is booming with 72 per cent of high-technology providers reporting growth in sales quote volumes according to a new report.
According to the SAAS Purchases Report from sales quoting software specialist SteelBrick (opens in new tab) this market is growing much faster than the overall US economy.
The report looks at how enterprise companies are selling to customers and also examines B2B selling trends compared to the same time last year. SteelBrick ran the survey online during May 2015, based on a poll of over 130 SteelBrick customers, 80 per cent of which work in the high-tech economy, including SaaS, storage, cloud infrastructure, telecommunications, networking, and big data leaders.
The report also shows that sales are up, closing times are down and overall quote volumes are up, indicating a growth in demand as enterprise technology shifts to the cloud and seeks to make sense of the big data being generated by accelerating mobile and cloud adoption.
Other findings are that in the first quarter of this year sales teams have seen a 12 per cent year-over-year increase in the number of quotes being processed. Sales cycles are shorter too, high-tech companies report sales cycles of 100 days compared to up to a year across the board. On average tech companies are successfully closing 38 per cent of the quotes they issue, again indicating robust demand.
SteelBrick says that its Configure, Price, Quote (CPQ) software helps companies improve turn around times and eliminate errors in quotes.
"Our new barometer for the high-tech economy shows that sales of enterprise technology are growing at a robust clip as cloud and mobile adoption accelerate. Furthermore, many tech companies are becoming more sophisticated around the process of selling software services and are now implementing CPQ tools in conjunction with their CRM platforms, helping them sell even faster and more efficiently than their high-tech peers," says Godard Abel, CEO of SteelBrick.
"By polling our customers, we are able to provide benchmarks for sales process efficiency and growth, as well as validate how our solution is helping them grow their business to become Silicon Valley’s next big unicorns".
You can see more findings from the report on the SteelBrick website (opens in new tab).