State of IT Sales in Bulgaria 2021
Many businesses learned valuable lessons in 2020. The vast majority of them adapted their businesses and stepped fully into 2021.
Due to the ongoing COVID-19 pandemic, we wanted to paint a clearer picture of one of the industries that contributes the most to the Bulgarian economy and see how they adapt a year later to the already established situation and the new “normal.”
That is why we collaborated with our partner BESCO – The Bulgarian Startup Association and received funding from Endeavor Bulgaria to collect the necessary data and create a report describing the State of IT Sales in Bulgaria in 2021.
What we found out
111 companies took part in the 2021 survey, 90 of which were full responses of companies with sales functions. More than 84 % of respondents reported an increase in total revenue in 2021, while only 10 % reported a decrease or “no revenue.” The differences between the sectors are insignificant. At least 80% of respondents in each division reported an increase in total revenue. Companies focusing on Own Product Development lead the way, with nearly 90% of respondents having revenue growth in 2021 versus 2020.
Revenue from EXISTING clients increased in 64% of cases, while revenue from NEW clients increased in 77% of cases. Even with these levels of growth, one-third of respondents had higher goals planned for 2021 which they didn’t manage to meet. Europe remained a predominant market, and according to our respondents, European clients, along with North-American were the most commonly mentioned.
In terms of sales functions, more than two-thirds of the respondents expanded their total headcount in 2021, whereas 39% grew their sales teams. In general, the surveyed companies use a combination of outbound and inbound approaches to acquire new clients. However, due to the loss of Expos as a reliable factor, the internal sales teams bear the majority of the burden with 71% of respondents claiming to rely on an internal Sales team. Half of the surveyed companies were using more than 3 sales channels to reach potential customers.
Planning the future. The positive results from 2021 seem to have motivated our respondents in greater aims for 2022. Furthermore, 82% expect an increase in revenue from EXISTING clients, and 95% expect the same from NEW clients. The focus will remain on Europe and North America.
The State of IT Sales in Bulgaria 2021 report was published on February 16, 2022, and was covered by companies and media alike. Here is a part of the coverage it had:
- Forbes Bulgaria Interview with Teofil Shikov, CEO of Out2Bound
- Bloomberg TV Interview with Teofil Shikov
- TV Evropa Interview with Teofil Shikov
- Talk with Endeavor about the findings from the State of IT Sales in Bulgaria
- Talk with BESCO about the findings from the State of IT Sales in Bulgaria
- BESCO Blog
- Talk with OfficeRnD on the findings from the State of IT Sales in Bulgaria
- Talk with LimeChain about the findings from the State of IT Sales in Bulgaria
Download the report if you still haven’t seen it – HERE.
You can also check our eBook and learn how to set up a startup sales process in as little as 3 weeks.
Marketing Specialist. On a daily basis, she is a content creator, responsible for Out2Bound’s social media presence as well as helping with campaign planning and strategy development.