How Much Should Your SaaS Sales Team Be Closing?
As a Sales Leader, your top priority is driving your team to success – but what are you doing to ensure they’re closing as much as they can? Tracking metrics is one thing but what are you measuring those numbers against? Read on for a few different ways you can start looking at your team’s performance to ensure you’re in the best position possible.
Based on competition
Time is money, so spending it in large quantities for no return is not ideal. With all the work it takes to formulate emails, is there anything as a leader you can do to ensure your team is approaching cold outreach as efficiently as possible? As it turns out, you can! We did a deep dive into 3.1 million conversations between 1.4 million sales reps and their prospects and found that it actually takes fewer emails to get a response than you may think.
Did you know that, on average, sales reps are wasting 1.5 to 8 weeks and 3 emails on one prospect?
The average sales rep sends up to 7 outreach emails to new prospects. But top sales reps tend to get a response within 4 to 5 emails, making that extra time and effort unnecessary.
Moreover, 90% of the responses are likely to happen within the first 5 weeks, however, the majority of sales reps spend between 6.5 and 13 weeks on just one prospect!
Long story short; Close more deals in a shorter time frame. Train your sales reps to know when it’s best to move on and keep cadences short and sweet.
Based on buyer interests
Although a seemingly impossible task, it’s important to know how your buyers are thinking in order to sell to them effectively. According to Gallup, 68% of B2B customers are lost because of indifference or perceived apathy, not because of mistakes.
That’s why we’re such big believers in #HoldTheHustle – relationship selling is the best way to approach your prospects. Keep relationships warm or your deals run the risk of going cold.
It should also interest you to know that 84% of B2B sales start with warm introductions. Think about it – wouldn’t you rather be sold to by someone you know and are comfortable with? That’s why top sales reps tend to look within their network for new prospects because, at the end of the day, it makes in-deal relationship building that much easier. As a result, they can usually expect an overall response rate of a whopping 15.5%!
If your team is unsure where to start or are lacking industry connections, you can always leverage free tools like our Public Company Lists to research and find potential prospects.
TLDR; Increase the likelihood of deals by understanding the mind of the modern buyer. Ensure your teams are keeping their relationships warm or your deals run the risk of going cold.
Based on seniority and role
Your junior reps will likely have a different approach to selling than your more seasoned sales pros. Our data shows that their response rates are about 10 percentage points lower than that of a senior rep reaching out to a peer. But you can easily boost those numbers by coaching them on the points above or otherwise showing them how to bring value to a prospect that may assume otherwise. Even small things like polishing their public-facing LinkedIn profile makes a difference in the perceived value your team members can bring to prospective customers.
You should also keep in mind that the role of the prospect you’re reaching out to also has an effect on your team’s response rates. Between Finance, IT, Legal, Marketing, Sales, HR, Operations, and Software, you can expect these rates to range between 12% and 22% depending on their role.
In short; When looking at metrics, keep in mind certain inevitabilities that they’ll likely be affected by. That doesn’t leave you powerless to boost those numbers, though!