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Statistics show that more than half of all quotes sent never leads to a won deal. What is behind these figures? Continue reading and get insights that will improve your hit-rate.
Have you ever sent a proposal that never got signed? The obvious answer is; "Yes, of course I have." The truth is that of all sent proposals only 24 percent end up in a won deal and 16 percent choose to go ahead with a competitor. When I read this report from Aberdeen Group, my first thought was; What happens with the remaining 60 percent and how can I take advantage of this huge potential?
Because there is a huge potential out there! If we just win a few percent of these unsigned deals, it will make a big difference on the bottom line. But why is such a large proportion of proposals ending up in this state, a state which I refer to as the "Valley of Death".
After talking to several sales reps and studying numerous deals I identified five recurring reasons:
Many of the mistakes above can be avoided simply by having a good a sales process, the right sales tools and a common sense to follow up. We have seen how lead generation, marketing automation and intelligent CRM system has changed and simplified many processes, but unfortunately the most important step in a business where the future of the relationship depends, have often not had enough focus.
Aim for the top!