The Data Behind What Makes an Effective Sales Process

UP and to the RIGHT The data behind what makes an effective sales process * IMPORTANCE OF LEAD RESPONSE TIME Many companies are unaware of how long it takes them to respond to a lead. Only 37% of companies respond to inquiries within an hour. 1 % OF COMPANIES 40% 35% 37% OF COMPANIES RESPOND TO 30% INQUIRIES WITHIN AN HOUR. 25% 20% 15% 10% 5% 0-5 5-30 30-60 1-2 2-4 4-8 8- 12 12-24 >24 No RESPONSE MINS. MINS. MINS. HRS HRS. HRS. HRS. HRS. Reply TIME Companies that try to contact potential customers within an hour of receiving inquiries are nearly 7 times as likely to have meaningfulconversations with key decision makers as firms that try to contact prospects even an hour later. 1 7x >1 HOUR WITHIN 1 HOUR One study showed B2B leads must be contacted within 20 minutes to get the most effective qualification. 12 20 MINUTES In a survey, a PHONE CALL followed by an EMAIL has been shown to be the most effective process for B2B lead qualification. 12 Research shows that 35-50% of sales go to the vendor that responds first. 2 50% KEY TAKEAWAY: When you get a lead, respond quickly. * IMPORTANCE OF LEAD NURTURING , One study shows 73% of B2B leads were 73% not sales ready. NOT SALES READY 100% of B2B LEADS Another study showed 50% of leads were 50% qualified but not ready to buy. NOT READY TO BUY 100% of QUALIFIED LEADS 79% of marketing leads never convert into sales. Lack of lead nurturing is a common cause of 79% this poor performance. NEVER CONVERT INTO SALES 100% of LEADS Yet, 65% of companies still have not established lead nurturing programs. 65% DON'T NURTURE LEADS 100% of COMPANIES BENEFITS OF LEAD NURTURING Companies that excel at lead nurturing generate Lead nurturing campaigns Sales reps meet have demonstrated quota at a 50% 35% 19% 35% LIFT IN 50% MORE SALES 9% HIGHER RATE & LEAD GENERATION READY LEADS AT TEAMS HAVE A ROI. 33% LOWER COST SHORTER RAMP UP PER LEAD. 4 TIME FOR NEW REPS BY 10%. 4 KEY TAKEAWAY: All leads are not the same, but all leads need to be nurtured. * THE BEST SALES PEOPLE AT A TYPICAL ORGANIZATION, 13% OF SALES REPS BRING IN 87% OF THE REVENUE. : > Astudy done by Steve W. Martin of USC Marshall School of Business found 7 personality traits of top sales people: 6 91% 85% C. have medium tohigh scores on modesty and humility. describe themselves as having a strong sense of duty and being responsible and reliable. MODESTY CONSCIENTIOUSNESS 84% 82% C. C. have a strong curiosity to acquire knowledge and information. are driven to achieve goals and continuously measure their performance. ACHIEVEMENT CURIOSITY 30% 5% of top performers average 30% lower gregariousness than below average performers. of top performers have high levels of self-consciousness. LACK OF LACK OF SELF GREGARIOUSNESS CONSCIOUSNESS 10% of top salespeoplewere classified as having high levels of discouragement and being frequently overwhelmed with sadness LACK OF DISCOURAGEMENT Sales people with an ability to uncover customer problems accrue the following benefits: 205% 128% ]33% Only 61% of sales people report feeling good about their ability to uncover customer problems, and those reps are The best reps are 40% of teams do not have a playbook. Companies that do have a playbook are 205% BETTER AT QUALIFYING LEADS. 8 33% MORE LIKELY TO BE 28% MORE LIKELY HIGH PERFORMERS. 8 TO ACHIEVE QUOTA. 7 The best sales people are able to access key decision makers. 52% of sales professionals feel they are effective at accessing key players in the buyer's organization. 8 60% Those classified as poor performers report being able to access a key player less than 40% of the time. 5 Those classified as high performers report being able to access a key player more than 60% of the time. 40% One study ranked the 10 factors that separate B2B sales winners from second place finishers. The factors are as follows: 9 #1 Educated me with NEW IDEAS OR PERSPECTIVES #2 COLLABORATED with me #3 PERSUADED mewe would achieve results LISTENED to me #5 Understood MY NEEDS #6 Helped me AVOID PITFALLS #7 Crafted a COMPELLING SOLUTION #8 Depicted PURCHASING PROCESS accurately #9 Connected with me PERSONALLY #10 Overall VALUE from the company is SUPERIOR to other options A* WHEN SALES AND MARKETING WORK WELL TOGETHER Companies where sales and marketing are well aligned enjoy the following benefits: 57% [25% Ţ15% 25% MORE REVENUE 57% MORE HIGH RANKING 15% INCREASE IN ACHIEVEMENT. 7 SALES PERFORMERS. 7 WIN RATE. A study found that when sales contribute to the overall company strategy, a 15% increase in revenue is seen. 7 15% INCREASE TOTAL REVENUE UNIQUE SALES TIPS Cold call at an appropriate time. 10 These would be your prospect's times, meaning it's best if they receive a phone call at &-9 AM or4-5PM. BEST TIME TO COLD CALL : 8AM - 9AM & 4PM - 5PM WORST TIME TO COLD CALL: 1PM - 2 PM 6 AM 7 AM 8 AM 9AM 10 AM 11 AM 12 PM 1 PM 2 PM 3 PM 4 PM 5 PM 6 PM Keep in touch with the prospect throughout the sales lifecycle. Jao% 328% 40% HIGHER CONVERSION RATE On average sales prospects who receive SMS text messages during the sales process convert at a rate 40% higher than those who do not receive such messages. 1 328% HIGHER CONVERSION RATE Leads who were sent 3 or more text messages after initial contact were 328% more likely to convert. 11 AKISSmetrics People, not pageviews. SOURCES 1- http://hbr.org/201/03/the-short-life-of-online-sales-leads/ar/1 2- http://blogs.salesforce.com/company/2013/07/optimize-your-sales-pipeline.html 3- http://sherpablog.marketingsherpa.com/email-marketing/b2b-lead-nurturing-importance/ 4- http://www.marketo.com/_assets/uploads/LeadNurturing-cheatsheet2-10.pdf 5-http://www.insidesales.com/insider/sales-leadership/top-sales-performers/ 6- http://blogs.hbr.org/2011/06/the-seven-personality-traits-o/ 7- http://blogs.salesforce.com/company/2013/08/sales-managers-performance.html 8- http://i.marketingprofs.com/assets/images/daily-chirp/10-things-every-sales-manager-must-know-800.jpg 9- http://www.rainsalestraining.com/blog/new-sales-research-what-sales-winners-do-differently/ 10 - https://www.linkedin.com/today/post/article/20130701213914-33236097-finally-the-best-times-to-cold-call-revealed 11- http://www.marketingprofs.com/charts/2013/10210/texting-prospects-at-the-right-time-boosts-conversion#ixzz2kTrri6CJ 12 - http://www.revenuebuilders.com/Portals/78037/leadgeneration/insidesales_multimedia_study.pdf