The pandemic cloud seems to be passing. And we have almost gone back to our usual way of life, except for the continuation of the hybrid model of working and selling.
With so many uncertainties, the best way to navigate is to adapt and change selling techniques. And for that, you need to be aware of what exactly is happening in the market?
And that is why we have compiled and combined a list of trends from our conversation intelligence platform and market to see how selling has evolved and what trends and tips you should adopt to improve sales.
Before we proceed, we need to clarify that the future of selling is virtual!
If you disagree, take a minute to evaluate your daily life.
We have reached the end of the pandemic, but we are still continuing the practice of remote selling and buying. Even though physical networking events have returned, virtual events are here to stay, and this is because it gives a chance to connect with a wider, focused audience, that too without having to tackle traffic. 🙈
But it’s just not the sellers who prefer remote selling; buyer’s also prefer assisted purchasing. In a recent survey run by LinkedIn, 55% of buyers said that working remotely has made their buying process easier.
So if virtual selling is your key to revenue, doesn’t it make sense to know some virtual selling trends to help you close more deals?
Don’t worry; we got you covered!
We analyzed 38,191 deals covering more than two hundred thousand calls to get you the trends of all sales calls. So here we go.
This data is directly coming from Convin’s R&D room.
Sales Calls Statistics
1. On average, a sales rep makes more than 100 calls a day
You heard us right.
On average, a sales rep makes more than 100 calls a day, out of which he gets 30 to 35 connections in a day. That is a probability of just 0.3 percent.
We also found out that, on average, a sales rep spends more than 100 mins a day on a call to achieve their monthly target. The patience level of the audience is decreasing, which is why the time they get per customer is significantly less. Hence, it's crucial for sales professionals to regularly hone their sales skills and script to help get on a follow-up step of the sales funnel within a few minutes of the call.
Whereas an account executive, on average, makes more than 20 calls per month. It is because they get involved later in the deal stage.
2. On average, a cold call lasts for 1.3 minutes.
After analyzing more than thirty thousand deals, we saw that, on average, good cold call duration is over 1.3 minutes. This time may seem less but is sufficient if the call script is strategized.
Remember, the cold call is not for pitching but for scheduling a meeting.
Strategize how the call flows to enable maximum interactivity while extracting information that you may need for the follow-up call.
- Your and company's introduction,
- Verifying the prospect,
- Send social and product proofs
- Asking about the problem statement,
- If yes, schedule a meeting,
- If not, try to schedule a meeting to see how your solution can help the prospect.
3. The average discovery call lasts for 37 minutes
On analyzing the discovery calls of all deals, we found out two things: on average, an interactive discovery call lasts for 37 minutes. And apart from this, we also found out that 1.9 minutes is an average good discovery monologue duration.
And it makes sense as the purpose of the discovery call is to understand the reason for the prospect's interest, what are the problems they are facing, and how your solution fits the prospect’s business processes.
You can even check out the secrets to a great discovery call in our sales podcast’s Sales Gambit episode Spilling the Secrets of a Great Discovery Call. Keenan Yoseph joins Ashish Santhalia to share his experience.
On analyzing the calls and after speaking with our clients, we found out that when the sales reps did their homework after listening to cold calls and structured their calls, they were able to engage the prospects better.
4. The average successful demo call lasts for 47 minutes
After cold calls and discovery calls, the next call that we will discuss is demo calls. On analyzing all the deals captured by our conversation intelligence AI, we found that the average demo call duration is 47.19 minutes.
A good interactive demo call has to last long. If it’s not, then you need to evaluate your demo call script. We also saw that the prospects would ask more than 17 questions in a single demo call, spanning from the product, pricing, features, etc.
Our advice is to do your homework and be prepared with answers as this call is responsible for making or breaking the deal.
Sales executives’ performance statistics
We analyzed the calls and all deals closed, and we saw that the average patience is 0.8 sec, the talk ratio is 54%, and interactivity is 7.8 for the top performers.
A little confused with these terms, let us explain.
Convin’s conversation intelligence solution analyzes the sales calls for sales reps' soft skills and scores them based on industry and custom parameters. Patience is very crucial for sales reps as they have to undergo a sea of prospect’s questions, objections, and doubts. And even then have to reply back with patience and provide an excellent brand experience to the prospect.
To check patience, Convin analyses the tone and response rate to understand the patience timeline of the sales executive.
The talk ratio refers to the speaking and listening part of the calls or the basic building blocks of any communication. Experts say a good talk ratio should be 1:10, which is more listening and less talking. But that cannot be possible in sales calls. That is why Convin analyses the call and checks the talk ratio to check the interactivity rate of the call.
We also saw that for good sales calls, the talk ratio is between 40% to 60%.
Our suggestion to improve your talk ratio is by asking stimulating questions that would push prospects to answer and ask questions that would help them make an informed decision.
On analyzing more than 30 thousand deals, we saw that it takes more than 30 interactions to close any deal. It includes the reach out, discover call, negotiation, closure call, etc.
That’s not the end of this news; it takes up to 5 reach out to a prospect per deal to get the conversation going. This data does not cover social reach out for social selling and prospecting. Hence it is essential to plan and be prepared with trends and call data for every reach out from Tofu to BoFu stages.
Apart from this, after analyzing the calls, we also saw that the major sales objection that comes from prospects is pricing. To know how to tackle sales objections, you can listen to our sales podcast, How to handle Objections Effectively?, where Marcus A Chan shares some amazing tips to tackle sales objections effectively.
Sell better with the help of these trends.
Too many numbers, right?
But if you use these as targets, it can help you sell better, bigger, and more. So what are you waiting for?
Analyze your sales call with Convin for free and improve your whole sales team’s performance.
Selling is not tricky. It's how you sell that makes a difference!
Results first, payment later.