The number of times you meet with prospects, whether you meet online or in-person, impacts your win rate. Here is how you’ll leverage your sales meetings better to close more deals.
Sales meetings are one of the most important parts of every B2B sale. It’s where the prospects get to know your product or service better and reps explain how they can solve clients’ problems. However, not all sales meetings are born equal. Our analysis shows that the number of meetings with a prospect as well as other factors impact prospects’ likelihood to purchase. Click here to download the eBook with the full research.
To analyze sales meetings best practices, we used aggregated anonymous data from hundreds of companies and tens of thousands of opportunities from Implisit’s platform. We identified sales meeting by analyzing reps’ calendars and linking each meeting to a sales opportunity in Salesforce.com’s CRM.
In addition, we analyzed the characteristics of each meeting — how many meetings preceded it and who attended the meeting. For every attendee, we looked for his or her job title and seniority to understand whether top executives are better buyers. Furthermore, we analyzed the location and conferencing details of every meeting to understand whether the meeting was done in person or online.
Here are our findings:
Closed-won opportunities have more meetings
Implisit’s analysis shows that closed-won opportunities tend to have more meetings as compared to closed-lost. Sixty percent of closed-lost opportunities had only one meeting and 88% had two meetings or less. On the other hand, 50% of closed-won opportunities had two meetings or more. Eleven percent of closed-won sales opportunities had 7 meetings or more. In sum, a greater number of meetings increases the likelihood of winning more deals.
Meetings consistently increase opportunity win rate
When we analyzed opportunity win rate by the number of meetings that were held, we noticed an interesting trend. It seems that opportunities win rate increases pretty consistently with the number of meetings. The more you meet, the more likely you are to win the deal.
Furthermore, our analysis shows that after 5 meetings win rate increases to 66% or more. After 7 meetings or more, win rate increases to a whopping 85%. This shows that not only sales meetings increase engagement, but also signal that buyers are more serious and likely to close the deal.
Most meetings are online
The traveling salesperson has been a legend for the better part of the 20th century. However, the advancement in online conferencing has created a revolution. Now you can meet with clients right from your office — no need to spend time traveling.
Implisit’s analysis shows that 82% of sales meetings are conducted online, saving the time and cost associated with meeting the client in person. Online sales meetings also allow for much higher productivity for sales reps. However, are online sales meeting as effective?
In-person sales meetings are more effective in wining deals
Online sales meetings may be more convenient and boost sales productivity, but they do come at the expense of winning deals. Implisit’s analysis shows that in-person meetings have a 54% likelihood of helping to win opportunities, as compared to only 46% for online meetings — an 8% difference.
Most sales meetings are with Director level and below
While most sales people would like to meet with the senior ranks of the organization, thinking that they have a better chance of closing deals faster, most meetings in the organizations are done with directors, managers and below. However, C-level executives are present in 24% of meetings, while VPs in 17%, well above their ratio in an average organization.
Furthermore, the share of in-person meetings versus online meetings is similar across the ranks in the organizations. Implisit’s analysis shows that 75–80% of meetings are held online, from managers to C-level executives.
Meeting with senior managers will not increase your likelihood to win deals
It’s more important to meet with the right decision-maker than with the most senior person involved in the purchase process. Implisit’s analysis shows that the opportunity win rate tends to be similar when meeting with C-level executives, VPs and directors — around 60% for in-person meetings and around 50% for online meetings. When meeting with managers, win rates tend to be lower — around 50% for in-person meetings and 42% for online meetings.
Sales meetings are the fuel that drives revenue and allows reps to effectively communicate solutions to potential buyers. Old-fashioned, in-person meetings are more effective, but not way ahead of online meetings. However, the number of meetings does matter — your ability to generate momentum with multiple meetings increases the likelihood to win. It appears that your next meeting with a prospect is even more impactful than the present one.
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