Sales Insights From HubSpot's State Of Inbound Report
In this blog post, we'll take a look at the top issues sales people currently face, reported average conversion rates and their 2017 priorities (according to HubSpot's recently released State of Inbound 2016 report). HubSpot gathered data from over 4,500 respondents for this report. Although HubSpot is a marketing company, this report includes insightful data about the general sales industry. Keep in mind that many of these numbers and charts are based on a combination of data from both inbound and outbound salesforces.
Note: All charts and graphs are from HubSpot's report and not owned or created by Map My Customers
Challenges Reps Face In The Sales Process
20% admitted that identifying a new lead is a significant problem of the sales process. Although this is the first year that the option was given, it is an essential part of the sales process.
Prospecting and closing take the cake. These are the biggest challenges and arguably the most important steps of the sales process.
Percentage Of Leads Converted To Sales
Almost 50% of respondents reported that their conversion rate is below 20%. Each industry will have its own benchmark, but it seems that technology has helped improve this rate compared to past years.
9% did not know how many leads converted to sales. This concerning because in a time when competition in sales is growing, having an established sales process to measure conversion is essential. How else do you evaluate your sales team?
Top Sales Priorities For 2017
70% of companies are planning on prioritizing closing more deals in the next year. This is no surprise. Numbers speak for themselves.
A combined 78%, of respondents, plan on prioritizing optimizing the efficiency of their sales process. What's interesting about this is that companies that help streamline the sales process, like Salesforce.com, have been around for many years now. There is still concern about this process. With a seemingly slow adoption of technology by sales forces, it appears that those who implement and use technology effectively first (in their respective industry) will have a massive advantage over those who move slower.
Too many sales reps struggle with prospecting and closing on leads. Such struggles could be solved with:
- Adequate sales training
- Implementation of and training for sales tools
The fact that 48% of respondents reported a conversion rate higher than 50% shows that the combination of sales skills and sales tools can lead to more sales. Still, 78% of respondents want to continue focusing on improving the sales process. If sales forces can stay true to their priorities, next year's State of Inbound charts for sales will be amazing!
If you're looking for tips on how tech can help boost sales, check out this blog post by Selling Power and our blog post on leveraging 6 tech tools for optimal performance. Selling Power's post gives a general description of what technology can do for you while we look at specific tools. Hopefully, these guides will be useful in putting you on the right path to overcoming your company's own sales obstacles and achieving your goals.