Like Startups and SaaS, today we review the State of Conversation Intelligence 2020. What’s unique about this Chorus.ai report is that you can customize your view based on your deal size and sales cycle.
– 91 days is average Sales cycle. 30% time spend on cold calling, 10% on Discovery and 60% time in late stages. Yet, Closed lost deals take 76 days as against 96 days for a closed Won deal.
– Cold calling stage needs 6 calls to move to discovery, 1-2 meetings there and 3+ meetings over 52 days in the late stage.
– 106 calls before a SDR gets a scheduled discovery meeting. only 27% if these dials connect. Of each of these calls only 32% move to late stage and 19% will go on to close won deals with average value of $16.5K.
– Average Cold call is 132 seconds long ( 2 mins + ) and 56% of the time the prospect speaks.
– Competitors are spoken about at least once in the 2 mins and pricing is discussed at least twice in these 2 mins brought up by the prospect.
– Discovery calls ending in a deal is 37 mins long. 61% of time the rep speaks. Asks 7-8 questions. Prospects ask similar number. Pricing is discussed 4-6 times on discovery calls.
– Average later stage call is 29 mins. 4 questions asked by reps while prospects ask 5 – 6 . 38% calls Use video. Pricing is discussed 3-4 times.
– Competitors discussed at least twice in Won deals and 4 times in lost deals.
– Typical post sales call is 30 mins with customers asking up to 6 questions. Competitors are mentioned twice. At least 3 attendees in a post sale call. Two on the vendor side and 1 client side.
– Turn on video, especially once you are past the early stages! Video helps build rapport…. This becomes even more important as deals advance through the pipeline.
This report throws up a lot to think about and gives legs to a lot of what we are working on at Pitch.Link. DM me for a peek into our take on increasing efficiency of the sales process.
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State of Conversation Intelligence 2020