So, it’s a new year. It’s a fresh start. You have your New Year’s Resolutions in order and one of...
Nine Sales Statistics People Might Not Know (But Should!)
If you work in sales you’re usually also pretty familiar with numbers — whether those numbers relate to a monthly target, the number of seats on a software deal, or the latest statistics about your industry.
That's why we've put together the nine most important statistics that salespeople might not know. Whether you're a seasoned pro or just starting out in the world of sales, these statistics will help you learn more about sales including some of the best strategies and how to improve your sales skills.
1. Personalizing email subject lines leads to a 22% increase in open rates
Think about this from the perspective of your own inbox. If you saw an email with a generic subject line like "Hey" or "Check out this new product," you'd probably be less likely to open it. However, if the subject line was personalized with your name or something specific to your interests, you'd be much more tempted.
The same principle applies to sales emails: according to Outreach.io, personalizing the subject line will make the recipient more likely to open it, and therefore read your message. So, personalizing your email subject lines could lead to a significant increase in your open rates.
Here are some tips for personalizing email subject lines:
- Use the recipient's name in the subject line.
- Mention something specific to the recipient, such as their company or a recent project they worked on.
- Reference a previous conversation you had with the recipient.
- Use emojis to add some personality to your subject line.
2. On average, it will take you eight cold call attempts to get through to a prospect.
It is fair to say that one of the least fun parts of any sales process is cold calling. Constant rejection can be tough to handle, but it's important to remember that even the most successful salespeople have been rejected countless times.
The good news is, when it comes to cold calling, persistence can get results. The Telenet and Ovetion Sales Group has found that on average, you’ll need eight call attempts before getting through to a prospect. And, yes, eight calls might seem like a lot, especially if you're feeling discouraged after a few failed attempts. But try to look on the bright side – you're likely getting closer to your goal than you think.
3. 60% of customers say ‘no’ four times before saying yes.
Once again, let's look at this stat from Invesp from a personal point of view. You've all seen things advertised, often things that interest you. But maybe the first time you saw something, you were intrigued but didn't buy it. After seeing the ad a second time, you became a little more curious, and on the third time, a little more...
Sooner or later, you're Googling the product, reading reviews, and eventually decide to give it a go to see what all the fuss is about. This is often exactly the same process prospects go through with traditional sales.
Another of the more curious sales statistics is that 92% of salespeople give up after four nos. Which makes sense since the interest and consideration stages of the funnel are where prospects become interested in making a purchase. So, the key takeaway here is that just because someone says no, it doesn't mean they're never going to say yes.
4. The best time to make a sales call is between 4:00 pm and 5:00 pm.
This is possibly one of the most debated sales tactics – the best time to make sales calls. Some people swear by between 8 am - 9 am in the morning, others think a prospect’s lunch break around midday is the best time to call. However, according to Callhippo, the best time to make a sales call is actually later in the day, between the hours of four and five pm.
The reasoning behind this claim is that people are generally more relaxed at this time of day, less likely to be deeply involved in a task, and therefore more likely to be receptive to a sales pitch. Plus, they'll probably have more time to talk, as they're not rushing off to meetings or trying to eat their lunch.
Of course, this isn't set in stone and you should ultimately use your best judgment when deciding when to make a sales call. Test different times and make note of what works best for your contact base, however, if you've not been having much success getting through to people, perhaps giving this a try will turn your luck around.
5. 44% of sales professionals who sell remotely say phone calls are the most effective channel for remote selling.
According to HubSpot, when your’re working remotely, phone calls are the best method for selling. In fact, a huge 44% say that they’re the most effective channel. Once you know the best time to call, you're technically in with the best chance of reaching a prospect.
If you're selling remotely, then it's important to use the channels that will allow you to build the strongest relationships with your prospects. And, from this stat, it's clear that phone calls are the best way to do this. Of course, you can't rely on phone calls alone – you should also be using email, social media, and video conferencing to connect with your prospects. But, if you're looking for that personal touch, then picking up the phone is still the best way to go.
6. Email is 40 times more effective at getting new customers than Facebook and Twitter combined.
Of course, if you don't have your prospect's number, you're going to need another method of getting through to them. And, while many would argue that social media is the way forward, good old-fashioned email is actually the more effective way to reach new customers — 40 times more effective to be exact. This just goes to show that, even in today's age of instant messaging, there's still a place for email marketing.
Email is a great way to nurture relationships with prospects and customers alike. You can use it to send them valuable content, such as blog articles, ebooks, and whitepapers. Plus, it's a great way to stay in touch with people who might not be ready to buy just yet.
Furthermore, from a productivity point of view, it's typically easier to automate email cadences than social media messages. So, if you're looking for the most effective way to reach new customers, email should be your go-to channel.
7. Sales reps spend about 15% of their time leaving voicemails.
Another tip that could help you to boost your productivity is to spend less time leaving voicemails. According to Ringlead, this is actually where sales reps spend around 15% of their day-to-day lives - time that would be much better spent selling, right?
Now, there's no right or wrong answer when it comes to leaving voicemails. Some people believe they're a necessary evil, while others think they're a complete waste of time. Personally, I believe there's a time and a place for voicemails.
If you've been trying to reach a prospect for days with no success, then leaving a voicemail might be the best way to get their attention. Of course, you don't want to leave too many, as this can come across as desperate. But, if you've been struggling to get through, then a well-crafted voicemail could be the key to getting your foot in the door.
Nonetheless, you've got to think about how to best utilize your time. Think about the average 40-hour working week – if you spend 15% of that leaving voicemails, that's 6 hours! That's a long time and there are potentially much better ways to spend it. Therefore, if you've got a huge list of prospects to get through, leaving hundreds of voicemails might not be the most productive way to spend your day.
8. 65% of sales professionals say they “always” put the buyer first…
However, only 23% of buyers agree that sellers “always” put the buyer first, according to the LinkedIn State of Sales Report 2021. The phrase 'the customer is always right' comes to mind with these sales statistics. It's something that we've all heard before, but it seems that not everyone is adhering to it.
This just goes to show that there's still a lot of work to be done when it comes to putting the customer first. In today's competitive market, customers have more choices than ever before. If they don't feel like they're being put first, they'll simply go elsewhere.
It's important to always keep the customer in mind, whether you're working on your sales strategy, crafting emails, or even leaving voicemails. Ask yourself, 'What's in it for the customer?' and make sure that everything you do is focused on helping them and providing value, instead of just hitting your targets. Only then will you be able to build long-lasting relationships with your customers.
9. 84% of B2B decision-makers start their purchase with a referral.
Finally, let’s talk about the power of referrals. It's something that we've all heard before but still seem to be overlooked.
If you're not already using referrals to boost your sales, then you're missing out on a huge opportunity. Since 84% of decision-makers start their purchase with a referral, if you can get your customers to spread the word about your product or service, you're much more likely to close the deal.
There are plenty of ways to encourage referrals, such as offering incentives or simply providing excellent customer service. Plus, there are some excellent review platforms out there that make it easy for customers to share their views.
Referrals aren't just for new customers, either. You can use them to upsell or cross-sell to your existing customer base. After all, if your customers are happy with your product or service, they're much more likely to recommend it to someone else.
There you have it! Nine stats that every salesperson should know. Of course, this is just the tip of the iceberg and there are plenty of other sales statistics out there that could help you boost your sales. But, if you take onboard these and implement them into your sales strategy, you're sure to see an improvement in your results.