10 Sales Stats to Help You Increase Win Rates in 2022
Increasing sales win rates is an uphill battle. We’ve seen the shift to digital selling in the past few years, and sellers have had to adjust processes, implement new technologies, and rethink time-tested methods of selling to reach buyers in a digital age. More than ever, sellers must rely on sales intelligence data to understand how they can increase win rates and revenue.
Here are 10 sales stats you should know when trying to increase win rates in 2022.
1. Only 5%-6% of the buyer journey is spent with sales.
Our Takeaway: Sellers MUST optimize the sales experience to improve opportunity outcomes. Sellers have less time with buyers to build trust, differentiate from competitors, and demonstrate value, but are still expected to drive growth for their B2B organization. Sales leaders, coaches, and front-line reps must dive into the decision drivers behind deal outcomes to determine what can be done to optimize the buying experience.
2. Only 36% of executives believe that sales reps truly understand their business problems and offer clear solutions.
Our Takeaway: Sales reps MUST be enabled to understand and speak confidently to the c-suite’s pains to get executive buy-in and increase win rates. As a sales rep, it can be hard to compete for time and attention with a C-Level prospect. And, many reps lack the confidence or industry knowledge to connect with executives in a meaningful way. Through sales intelligence and data-powered sales coaching, sales leaders can help sales reps demonstrate value at the c-level.
3. On average, 7 people are involved in buying decisions for companies that have between 100-500 employees.
Our Takeaway: Sales reps MUST understand the needs, motivations, and perceptions of all people on the buying committee to best demonstrate value. In the shortened window of time a sales rep has with a buyer, they may not even meet everyone on the buying committee. Sales reps should work to uncover who is really involved in the purchase decision and the needs of those individuals.
4. More than 40% of salespeople say prospecting is the most challenging part of the sales process.
Our Takeaway: Sales reps MUST understand where to focus their prospecting efforts. In turn, this means companies and organizations at large need to invest in tools and resources that will enable their sales teams to focus on what matters most.
5. Gartner predicts that by 2025, 30% of B2B sales cycles will happen in digital sales rooms.
Our Takeaway: The way sellers interact with buyers is changing. Sellers need to be able to understand and track buyer engagement through the buyer’s journey. This will help sellers understand which sales touchpoints, messages, and efforts are most impactful.
6. By 2025, 80% of B2B sales interactions between suppliers and buyers will occur in digital channels.
Our Takeaway: As a result of the pandemic, the shift to virtual selling has become accelerated and permanent for most B2B businesses. Sellers have less time with buyers to build trust, differentiate their solution, and show value while still trying to increase win rates and revenue. Embracing the shift to digital sales rooms, you can create a place where sellers can collaborate, educate, and tailor the experience with buyers and customers.
7. 33% of all buyers desire a seller-free sales experience – a preference that climbs to 44% for millennials.
Our Takeaway: This trending preference for a seller-free sales experience isn’t going away (or slowing down) any time soon. Not only should sales processes be evaluated to adequately adapt to this growing inclination, organizations MUST be able to pre-qualify and funnel only the most appropriate leads to their sales teams.
8. 86% of buyers are willing to pay more for a great customer experience.
Our Takeaway: Organizations MUST know what is and isn’t working when it comes to their customer’s buyer experience. And while the mediums of a customer’s journey are shifting to a more digital experience, customer experience continues to largely contribute to the buyers final decision. In fact, customer experience is on its way to overtaking price and product as the key brand differentiator according to one study.
9. In 25% of wins, buyers select the more expensive vendor.
Our Takeaway: Higher price can translate to value. Buyers are far more solution-centric when they select a higher priced vendor. They not only spot advantages in the winner’s product more frequently, but they also see it as the surest path to reach results. These results vouch for the higher price and allow buyers to see how the higher price translates to value.
10. Collectively, references, reputation, and relationships facilitate nearly 40% of higher priced wins.
Our Takeaway: Organizations cannot become single-focused when it comes to their buyer’s experience. Key interactions that come through references, reputation, and relationships along the sales process build upon a buyer’s perception of value and can lead to higher priced wins against competitors.
Primary Intelligence helps you tap into your buyer feedback at scale with the only fully automated platform on the market. And with 20+ years of experience, we have the expertise and methodologies to gather the highest quality, unbiased buyer feedback for your sales reps.
Ready to learn more? Schedule a call with a member of our team today.
Subscribe to the Voice of the Buyer Newsletter
- KPIs for Win-Loss Analysis and Voice of the Customer Programs
- Corporate Visions Acquires Primary Intelligence
- Primary Intelligence Partners with Crayon to Launch the First Ever Technical Integration that Combines Win-Loss Data Analysis with Competitive Intelligence
- Win-Loss and Sales Training
- 5 Tips for the Best SKO Ever