10 Sales Statistics You Should Know
When used properly, statistics should tell a story. What’s the use of a bunch of stats thrown around if you can’t make actionable changes that are based on your findings? Numbers and metrics can show what methods are working for an organization, as well as uncover gaps that need to be filled. We did some research and compiled some valuable sales stats that are important for all salespeople to be aware of. You’ll find, these statistics tell a story about the sales industry: how it’s changing, what kinds of best practices exist, and where the challenges lie.
Take a few minutes to look through these facts and figures, we know you’ll be glad you did.
- 30-50% of sales go to the first salesperson to follow up with a prospect. Be diligent about your follow through with a prospect, it really does make a difference.
- In 2015, the U.S. spent $70.6 billion on training expenditures – including payroll and spending on external products and services. On average, organizations spent 5% of their budget on learning tools and technologies. Training can take your sales reps from newbies to to rockstar status faster. Does your organization spend adequate energy on effective training? Are you taking advantage of this huge opportunity? EXTRA: The average payroll figure for midsize organizations was $437,631 while the average figure for small companies was $162,317.
- Only 13% of customers believe a salesperson can understand their needs. Yikes. This makes us question: Are your sales reps asking questions and actually listening to responses, or are they just pitching your product’s speeds and feeds? Our blog on open-ended sales questions is a great resource to help with this.
- Inside sales is growing 15 times faster than outside sales. The inside sales model was originally implemented by small and medium-sized businesses looking to cut costs and increase predictability.
- At least 74% of sales teams suffer from poor CRM adoption, according to James Rogers in Improving Sales in a Brave New World. Effectively implementing CRM within your sales force requires several layers: business analysis, data transferring, and training have a direct influence on your ability to successfully adopt new CRM software. Read Xactly’s blog about CRM to find out how you can increase adoption rates.
- Did you know it takes an average of 8 cold call attempts to reach a prospect? They say patience is key, and there is no exception for those working in sales.
- The subscription revenue relationship brings new complexities when building a sales strategy. There are multiple roles, geographies, and verticals involved, which creates segmentation within the sales teams. A Deloitte study identified that 46% of the SaaS industry employs segmentation or specialization within their sales teams whereas only 24% of non-SaaS companies do so. Check out Xactly’s blog about software subscriptions sales to find out more about the differences between subscription and other types of sales.
- Think an inbound lead can wait an hour or two for a response? Salespeople that reach out within five minutes are 100 times more likely to qualify the prospect. This stat makes perfect sense to us. If a potential customer is drawn to you, don’t waste any time – get connected with them!
- 84% of B2B decision makers kick off their buying processes with referrals. That’s a big number! Seeking out a common connection with an old colleague is most definitely worth your time.
- More than 60% of salespeople are more likely to leave their job if their manager is a poor coach. Employees work best when they are are inspired by their role. It’s a manager’s job to ensure that sales reps have the right tools to get more results. Don’t have access to these tools? Bring it up to your manager in your next 1:1.
Do you have a sales stat that we missed? Tweet us @Xactly to share.