Unexpected B2B sales research results [infographics]
Original article: Gilad Raichshtain -
B2B Sales Benchmark Research Finds Some Pipeline Surprises [INFOGRAPHIC]
Implisit analyzed the “sales funnel” of hundreds of companies in order to find channels that have the highest conversion rate (the transition rate from one sale to another, at which the probability of a deal rises). What channels do you prefer? How justified is your choice?
The B2B (business-to-business) sales process is quite confusing, with a huge number of stakeholders and a lengthy decision-making process. Therefore, it is very difficult to estimate at a glance what exactly is the result and what is not. Fortunately, we have Salesforce, where we can fully track the sale from the expression of interest and the source of this interest (lead source) to the signing of the transaction.
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Implisit analyzed anonymous lead data (a lead is a “very” potential customer) collected from hundreds of companies to see what works and what does not work. The results were unexpected: some channels were more effective in creating opportunities (the opportunity is the stage of sale when the customer showed interest), but these opportunities were less likely to lead to transactions; in other channels it was more difficult to get the opportunity, but if the opportunity was received, then the probability of bringing it to the transaction was high.
On average, according to the results of the analysis, 13% of interests leads to a possibility with an average transition time from one stage to another equal to 84 days. The percentage of opportunities that end in a deal is even lower. It is 6%, but on average it takes only 18 days.
The most important metric, the transition from interest to the transaction, revealed one unconditional winner. 3.6% of potential clients recommended by the employee or client switch to a deal - this is the best indicator among all channels. Next in terms of efficiency are the company's website and social networks. Among the worst-performing channels are lead lists (the so-called “cold base” of contacts), various kinds of events, and an e-mail campaign with a probability of re-entering a deal below 0.1%.
Another interesting fact is that the recommendations of employees and customers, the company's website and social services. networks generate opportunities that most quickly move into transactions. For example, the transition from interest from social. Networks per transaction take an average of 40 days. Interests that come from the company's website after an average of 75 days become transactions, and recommendations from customers and employees — 97 days. Calling customers on the “cold base”, mass mailing emails, exhibitions and webinars give the interests with the smallest chance to make a deal, but if a deal does happen, then the average time it takes will be the highest in comparison with other channels.
When we broke the conversion rate into 2 parts — leads to opportunities and opportunities in a deal — something that surprised us. Webinars, for example, ranked third in the “transition from interest to opportunity” category (17.8%); however, they also have the lowest probability of moving from opportunity to transaction (only 2.5%). The company's website has the best result in the transition from lead to opportunity (31.3%). Perhaps this is why sellers are so happy when they receive an application from the company's website. However, only 5% of the possibilities from the website reach a victorious closure (closing a deal).
Another interesting pattern is the ratio of successfully closed and lost opportunities. Apparently, some channels give opportunities that almost guaranteed lead to failure - the loss of opportunity. Less than 20% of all opportunities coming through channels such as company events, the “cold base” of leads, the base of leads from partners, end in success. This is especially unexpected - sellers open the possibility only after they have evaluated the viability of the lead. Even after “filtering” the leads, it is very likely that these channels are unlikely to produce opportunities with a high probability of closure.
In an entangled sales process for a business to customers, some channels provide a predictable better result than others. The leaders among the channels are the recommendations of employees and customers, the company's website, social networks. Outgoing channels are a list of leads (cold base), events and exhibitions, mass mailings tend to show poor performance. It seems that the probability of closing a deal depends more on where the lead came from than on the ability to sell.
B2B Sales Benchmark Research Finds Some Pipeline Surprises [INFOGRAPHIC]
Implisit analyzed the “sales funnel” of hundreds of companies in order to find channels that have the highest conversion rate (the transition rate from one sale to another, at which the probability of a deal rises). What channels do you prefer? How justified is your choice?
The B2B (business-to-business) sales process is quite confusing, with a huge number of stakeholders and a lengthy decision-making process. Therefore, it is very difficult to estimate at a glance what exactly is the result and what is not. Fortunately, we have Salesforce, where we can fully track the sale from the expression of interest and the source of this interest (lead source) to the signing of the transaction.
')
Implisit analyzed anonymous lead data (a lead is a “very” potential customer) collected from hundreds of companies to see what works and what does not work. The results were unexpected: some channels were more effective in creating opportunities (the opportunity is the stage of sale when the customer showed interest), but these opportunities were less likely to lead to transactions; in other channels it was more difficult to get the opportunity, but if the opportunity was received, then the probability of bringing it to the transaction was high.
Conversion Rate (Conversion Rate):
Interest in the opportunity - 13%; Ability to deal - 6%
On average, according to the results of the analysis, 13% of interests leads to a possibility with an average transition time from one stage to another equal to 84 days. The percentage of opportunities that end in a deal is even lower. It is 6%, but on average it takes only 18 days.
The most important metric, the transition from interest to the transaction, revealed one unconditional winner. 3.6% of potential clients recommended by the employee or client switch to a deal - this is the best indicator among all channels. Next in terms of efficiency are the company's website and social networks. Among the worst-performing channels are lead lists (the so-called “cold base” of contacts), various kinds of events, and an e-mail campaign with a probability of re-entering a deal below 0.1%.
Another interesting fact is that the recommendations of employees and customers, the company's website and social services. networks generate opportunities that most quickly move into transactions. For example, the transition from interest from social. Networks per transaction take an average of 40 days. Interests that come from the company's website after an average of 75 days become transactions, and recommendations from customers and employees — 97 days. Calling customers on the “cold base”, mass mailing emails, exhibitions and webinars give the interests with the smallest chance to make a deal, but if a deal does happen, then the average time it takes will be the highest in comparison with other channels.
Webinars: only 2.5% of potential opportunities become deals
When we broke the conversion rate into 2 parts — leads to opportunities and opportunities in a deal — something that surprised us. Webinars, for example, ranked third in the “transition from interest to opportunity” category (17.8%); however, they also have the lowest probability of moving from opportunity to transaction (only 2.5%). The company's website has the best result in the transition from lead to opportunity (31.3%). Perhaps this is why sellers are so happy when they receive an application from the company's website. However, only 5% of the possibilities from the website reach a victorious closure (closing a deal).
Events: Most Lost Opportunities
Another interesting pattern is the ratio of successfully closed and lost opportunities. Apparently, some channels give opportunities that almost guaranteed lead to failure - the loss of opportunity. Less than 20% of all opportunities coming through channels such as company events, the “cold base” of leads, the base of leads from partners, end in success. This is especially unexpected - sellers open the possibility only after they have evaluated the viability of the lead. Even after “filtering” the leads, it is very likely that these channels are unlikely to produce opportunities with a high probability of closure.
Conclusion
In an entangled sales process for a business to customers, some channels provide a predictable better result than others. The leaders among the channels are the recommendations of employees and customers, the company's website, social networks. Outgoing channels are a list of leads (cold base), events and exhibitions, mass mailings tend to show poor performance. It seems that the probability of closing a deal depends more on where the lead came from than on the ability to sell.
Source: https://habr.com/ru/post/244063/
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