2024 Marketing & Sales Conversion Rates
Written by Josh Hines • August 28, 2024 • 3 Minute Read
2024 Buyer's Lifecycle Benchmarks
We live in a super fast-paced world, and these days, people are becoming very direct in how they buy. With inflation on the rise, people are going to be a lot more straightforward and they are going to want results.
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SaaS Leading Indicators
- Win rates have decreased to 23% (2024 Q1 HockeyStack)
- Number of stakeholders in a deal increased to 10 in 2022 (2023, Ebsta & Pavilion)
- 96% of prospects do their own research before speaking with a human sales rep (HubSpot)
- 71% of prospects prefer to do solo research instead of talking to a person. (HubSpot)
- 42% of companies had decrease win rates in the last 12 months, with 30% over 11% (Lightspeed)
Inbound -> Marketing Qualified
- 11-15% (2023, Winning by Design)
- 12-25% (2018, Gartner)
- 39% (2021, First Page Sage)
- Cold email outreach with three email rounds has the highest reply rates at 9.2% (Belkins)
Marketing Qualified -> Sales Qualified
- 12-26% (2018, Gartner)
- 16-20% (2023, Winning by Design)
- 21% (2019, TOPO/Gartner)
- 38% (2021, First Page Sage)
Sales Qualfied -> Opportunity
- 42% (2021, First Page Sage)
- 59% for SDR-sourced leads (2019, TOPO/Gartner)
Opportunity -> Close
- 6% (2014, Implisit & Salesforce)
- 10-28% (2023, Winning by Design)
- 37% (2021, First Page Sage)
- 22% for SDR-sourced deals (2019, TOPO/Gartner)
- The average sales win rate is 21% (HubSpot)
- The average sales close rate is 29% (HubSpot)
- 91% of sales pros upsell, an average of 21% of company revenue (HubSpot)
- 87% of sales pros cross-sell, an average of 21% of company revenue (HubSpot)
- 81.2% of respondents believed not offering flexible payments hindered deals from closing (Capchase)
Sales Cycle Length
- Sales reps spend about one hour per day on administrative tasks (2024 HubSpot)
- 40% of sales teams face long onboarding times ( 2023 Prezentor)
- Sales cycles increased for 53% of companies (2023 Lightspeed)
- 28% of sales pros say the sales process takes too long, the biggest reason of lost deals (2024 HubSpot)
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10 Months Ago
Oliviia Rich
Human Resources
I especially liked the detailed information about the stages of sales and how conversion analysis can help optimize business processes. I believe that such knowledge is necessary for every entrepreneur or marketer who strives to achieve success in their business. Also, if you want to save time on routine tasks, you can contact virtual assistant companies, for example https://virtualcoworkers.com/, that will help you effectively organize work processes. Thank you for the useful tips!