In today’s challenging economy, finding new sources of revenue is becoming increasingly difficult. As pipelines dry up, sellers must fine tune their skills and learn to identify additional revenue opportunities with existing clients to meet quotas and grow revenue. By learning to effectively upsell to existing clients, sales teams can find new opportunities for revenue and reduce the risk of churn, even in a struggling economy.
Dissecting No Decisions for Pipeline Revival in 2023
In today’s uncertain economic climate, many sales reps may feel like their pipelines are drying up – which means it’s all the more important to source as many warm leads as possible.
One often overlooked option for finding additional leads is returning to deals previously thought to be lost – your “No Decisions.”
This might seem like a waste, but it turns out that almost one-third of the time, sales reps are incorrectly classifying “No Decision” or “Pending” deals as losses in their CRM.
That means that on average, approximately one-third of your losses may be primed for re-engagement.
Key Predictors of Churn (According to Buyers)
As 2022 comes to an end, one question that is top of mind for many sales organizations is one of customer retention. Facing an uncertain macroeconomic outlook and the reality that customer acquisition is significantly more expensive than customer retention, many sales leaders are looking for ways to secure the renewals of their existing customers and shore up a precarious pipeline.
Our team has analyzed the responses of over 2000 respondents and investigated the most important metrics that separate the secured clients who are identify themselves as “certain to renew” from churn risks who are “doubtful to renew”. Based on this feedback, we’ve identified three critical warning signs of potential churn.
Predicting No Decisions
Deals that end in no purchase can represent over 30% of lost revenue for some organizations. But, without clear indicators, these “no decisions” can be difficult to identify and monetize. From 1,800 no decisions, we uncovered four indicators to help you identify a no decision before it’s too late. Our study also includes advice from 125 no decision buyers, who detailed how you can intervene effectively and close a “stuck” deal as a win instead.
How to Win at a Higher Price
It’s true that being a higher priced vendor increases your chances of losing a deal. But your higher price doesn’t have to work against you. In 25% of wins, buyers pick the pricier product. Buyers say these higher priced winners offer the greatest value at the least risk to them. Our study from nearly 900 purchases shows how you can use your higher price as an asset, too.
Changing Your Sales Outcomes
Your chances of recovering a struggling sale may be greater than you realize. From 1,000 competitive deals, buyers said over 33% of losses could have been won had the vendor done something differently. In most cases, buyers didn’t see price as the problem. Learn how you can save one in three losses without making a single change to your price point.
2017 State of Win Loss Industry Report
How companies are using win loss analysis to increase revenue
Competition increases each year for B2B businesses. Many companies are realizing the importance of win loss analysis, the study of past sales deals.
As responsible sales, marketing, and product leaders, you must use data-driven analytics to produce actionable intelligence and develop strategies to create a competitive advantage. You know what matters most are the initiatives you’ll take to lead your teams to success.
2016 State of Customer Experience Report
How Organizations Are Leveraging Customer Experience Programs to Build Customer Loyalty and Grow Long-term Revenue
Often referred to as “CX,” Customer Experience helps to explain customers’ overall experiences with their vendors, including the discovery phase, evaluation of products and services, sales engagement, usage of solutions, any service and support interactions, and eventual “end of life” or replacement of the product.
Much has been written about Customer Experience Analysis in the recent past. While Customer Experience initiatives are most visible in the Business-to-Consumer (B2C) market, the prevalence of customer focused organizations continues to gain traction in Business-to-Business (B2B) settings as well, particularly as B2B managers increasingly hold the same expectations of customer service for firms they do business with in their personal lives as those in their professional lives.
B2B Vendor Success Report
How Understanding Buyer Perceptions Can Increase Vendor Win Rates and Improve Customer Engagement
Although most buyers are keenly interested in features and functionality, factors related to company performance also matter. This report analyzes eight company-related factors—such as reputation, service and support, and vendor financial viability—that buyers use when evaluating vendors in competitive B2B sales opportunities.
Primary Intelligence analyzed research from over 10,000 purchase decisions during the past eight years to uncover what’s most important to buyers from a holistic, company-based perspective. We also show how these perceptions have shifted in the recent past. Additionally, we uncover differences between buyers in different parts of the world and in different vertical industries in terms of their perceptions of how well vendors are performing in these company-related categories. Finally, we offer strategies and recommendations vendors can use to improve how buyers perceive them from an overall corporate perspective.
B2B Buyer Loyalty Report
How Sales Engagements Can Influence Product Perceptions, Referrals, and Future Business
Nearly every business has metrics to measure “stickiness,” often referred to as Key Performance Indicators, or KPIs. This report analyzes three important leading indicators—product quality, recommendation likelihood, and future business—that were collected from decision makers in over 10,000 B2B purchase decisions during the past eight years.
We uncover the most important loyalty indicators and share findings that demonstrate why it’s important to stay in touch with buyers, even when a deal was lost. We show the relationship between buyers’ overall happiness with their purchase decision and loyalty metrics. Additionally, the study includes recommendations for how sales teams can effectively leverage KPIs to increase buyer loyalty and win more deals.
Understanding Buyer Needs Report
How Sales Effectiveness in Understanding Buyers’ Business Needs Drives Improved Win Rates and Increased Satisfaction
Despite the obvious importance of understanding buyer needs, most sales reps perform poorly. Only 43 percent—less than half of the over 10,000 buyers Primary Intelligence interviewed—rated their sales team as “excellent” in understanding their business needs.
In compelling industry research that analyzes buyer feedback from over 10,000 interviews with B2B decision makers, Primary Intelligence evaluates sellers’ ability to understand buyer needs.