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B2B Conversion Rates in Numbers: Our Data + Benchmarks
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Before now, only 10% to 15% of sales leads reached the bottom of the sales funnel and converted into deals. Plus, only 5% of sales reps said marketing qualified leads are of high quality. This is different today because WebFX puts the average conversion rate in B2B at 2.23%. “This rate varies widely depending on your industry, marketing channel, target audience, and other factors.” 📌Note: Different companies in various markets may calculate their conversions differently. At Belkins, we currently don’t use a retrospective approach. Instead, our sales team considers the actual number of contacts made and deals closed within a given month.
In Benchmarks
“Knowing the conversion rates of specific channels and benchmarking them against industry data helps you with 3 things:” Optimizing your marketing spend
In Benchmarks
There are several tactics you can implement to set more appointments for your sales team. “It can be an ad, frequent visits to your product page, or a LinkedIn post where they express an urgent pain point.” Align your sales and marketing team. Per the HubSpot 2024 Sales Trends Report, companies with aligned sales and marketing teams are 103% more likely to outperform those with misaligned teams.
“Knowing the conversion rates of specific channels and benchmarking them against industry data helps you with 3 things:” Optimizing your marketing spend
What is lead-to-opportunity? “This metric calculates the percentage of leads that convert into sales opportunities.” Here’s how to calculate lead-to-opportunity:
Below are a few ideas we apply to close more deals. “An effective lead qualification process helps you filter prospects with low lead-to-deal potential.” Ask probing questions and be prepared to handle objections.Promising opportunities can run cold. It happens. Prospects sometimes hesitate to complete a deal because of reasons beyond the salesperson’s control. Your job is to ask probing questions to uncover the root cause of their hesitancy, empathize with them, and address identified concerns.
Align your sales and marketing team. Per the HubSpot 2024 Sales Trends Report, companies with aligned sales and marketing teams are 103% more likely to outperform those with misaligned teams. “With a lead nurturing workflow, you can move such leads down the buyer’s journey, stay top of mind, and convert leads into opportunities and sales.” Average appointment/demo-to-close conversion rates
Devise a lead qualification process. An effective lead qualification process helps you filter prospects with low lead-to-deal potential. “Your job is to ask probing questions to uncover the root cause of their hesitancy, empathize with them, and address identified concerns.” Follow up until your prospect says “No.” Our VP of sales at Belkins, Brian Hicks, has an interesting approach to follow-up. “I follow up with every single conversation I’ve had until the prospect tells me they are no longer interested,” says Brian. This persistent approach has helped Brian close a sales deal 19 months after the first conversation with a hesitant prospect.
“Knowing the conversion rates of specific channels and benchmarking them against industry data helps you with 3 things:” Optimizing your marketing spend
Before now, only 10% to 15% of sales leads reached the bottom of the sales funnel and converted into deals. Plus, only 5% of sales reps said marketing qualified leads are of high quality. This is different today because WebFX puts the average conversion rate in B2B at 2.23%. “This rate varies widely depending on your industry, marketing channel, target audience, and other factors.” 📌Note: Different companies in various markets may calculate their conversions differently. At Belkins, we currently don’t use a retrospective approach. Instead, our sales team considers the actual number of contacts made and deals closed within a given month.
Create an ideal client profile. The spray-and-pray approach to cold email doesn’t work. It’s just a great way to waste time. If you don’t clearly define your ideal customer, you’ll inevitably waste resources chasing poor-fit leads. Unfortunately, that’s what many marketers and salespeople do. “Research your prospects, identify their pain points, and write a personalized email targeted at their pain.” Follow up.Prospects may not reply to your first email for multiple reasons. Your email may have been buried in their inbox or directed to their spam folder. So don’t conclude they are uninterested. Before giving up, send 2–3 email follow-ups. Our analysis of over 11 million cold emails shows that doing up to 6 follow-ups increases your odds of getting a reply by up to 3%.
There are several tactics you can implement to set more appointments for your sales team. “Use this insight to prioritize prospects to contact.” Align your sales and marketing team. Per the HubSpot 2024 Sales Trends Report, companies with aligned sales and marketing teams are 103% more likely to outperform those with misaligned teams.