When you are a small business owner or entrepreneur, it often feels like you need to be a jack of all trades for your company. Growing it from the ground up, keeping an eye on production and service, and at the same time figuring out sales.
A lot of us in that situation think, well, let’s just hire a sales team and solve the problem. Well, for most, this is not a realistic financial decision, not to mention that just training a good sales team takes time.
So who’s the best person for the job? Well, you are! And don’t worry, you got this!
You know your product the best, you know what you can offer, which timelines work, and how to best angle the sales to each business.
If you are not sure how well you are doing in comparison to other B2B owners and entrepreneurs who sell - we have a solution.
We teamed up with Databox to create a benchmark group exclusively for B2B business owners who sell. With this live, always-up-to-date benchmark study, you can anonymously see how you stack up with the sales metrics of other business owners who sell.
With data from 300+ companies and growing, this provides great insights into how you are performing across the board. You can easily discover in which metrics you are leading and in which you are underperforming and need to make changes.
Members of the group can even track their performance vs. the benchmark over time, making it easy to see progress or the lack thereof.
The best part?
This means that you can compare your data to similar companies without worrying about anyone sharing it.
Before we share some of the data we compiled here is how to read the benchmark charts.
In our Benchmark Group, you will see charts similar to the one below. Now if you are familiar with statistical analysis, these are very easy to read. On the other hand, if this is really new to you, it can be a bit confusing, but that is why you can go through this useful guide and learn how to read them in no time.
Now that you know how to read the graphs, we’ll share some of the actual data from our group below.
However, you can join the group for access to the rest, and to see up-to-date data and historical benchmarks too.
Within this group, we focus on data from three integrations to give us a well-rounded view of your sales success. These include HubSport CRM, Salesforce CRM, and HubSpot Marketing.
The group shares data on a total of 16 sales metrics. For this blog post, we will be looking at the following:
Monitoring these metrics and comparing your data to the industry benchmarks can help shape your sales strategy and increase your efficiency.
According to our benchmark group of over three hundred B2B owners, the median value of the Sessions metric for October 2023 was 1.66K. For the Deals Created, this value was 14, while the median value for Dealers Closed Won Amount was $35,250.00. Finally, the median value for Emails Logged was 259.
Here’s a chart showing the distribution of Total Contacts (marketing) values for one of the group members:
The height of the green area shows the percentage of companies that have Total Contacts in that range. As you can see, the height of the chart on the left of the median as the number of Total Contacts approaches zero is very high. This means that lots of companies have very few Total Contacts. In fact, 25% of the sample had between zero and 1.24k, while 25% of the sample had between 1.25k and 3.01k.
On the right side of the chart, you can see that 25% of the companies had between 3.01k and 6.15k, the range is wider in this case. We can also see that 25% of the sample had somewhere north of 6.15k of Total Contacts. This member is performing better than 66% of the companies in the group!
If you have more than 3.01k total contacts, you’re doing better than half the group.
As mentioned above, when you join the group, you’ll see charts like this. If it is green, you’re doing better than at least 50% of the sample, which means that you have more than 3.01k total contacts.
Based on this, we can determine that this company is obviously doing great.
However, this is not the case for all of their metrics. For example, Let's look at another metric from the group - Deals Closed Won Amount. Sadly, for this specific metric, the company in question is in the bottom 36%.
If you want to learn about how other small business owners and entrepreneurs navigate sales, take part in our The Sales Habits of Highly Successful Small Business Owners and Entrepreneurs survey. Here are some interesting insights from over 150 entrepreneurs who participated.
How much time do you spend?
The survey is still open, and we invite you to take it. That way, you will be among the first to get your hands on all the interesting insights that it reveals.