When a contact engages with you by agreeing to a meeting you now have a prospect in your sales funnel. You are now committing to a number of meetings, phone calls, actions and activities that will last some time. But, how long is typical for B2B Sales and therefore how long the committment?
Some research performed with Chief Marketing Officers (CMO’s) in 2010 by MarketingSherpa (B2B Marketing Benchmark Survey) showed some interesting results.
11% had sales cycle times under 1 month.
34% between 1-3 months
29% 4-6 months
18% 7-12 months
8% over 12 months
Naturally, the longer the sales cycle the more you have to invest in winning a deal. Where in many B2B situations only 20 to 30% of opportunities result in a deal you have to choose wisely where to invest your time. It is not possible to win every deal so focus is the key.
We have our Deal Sheet application for Salesforce users and other methodologies exist to help qualify the best places to expend effort. We suggest you use them to maximise the return on sales effort.
How effectively are you managing your pipeline to reduce sales cycle times and improve results?