SetSail, the Revenue Execution platform for sales, releases new data on the anatomy of a successful B2B sales deal, derived from its analysis of deals at six large enterprises, including one of the Fortune 10, over the past two months. SetSail found sales reps are most effective when given data on the next best action in tandem with a micro-incentive (points that lead to prizes and rewards) to act. On average, if a sales rep takes action on five or more success indicators the deal win rate increases by 62%.
“Reps must be aware of the path to success and motivated to execute on multiple recommendations, focusing on the small wins that lead to big deals,” said Haggai Levi, SetSail CEO. “Micro-incentives accomplish this – they lay out success indicators and prompt reps to take action, making the difference between a deal closing and an indefinite sales cycle.”
As part of its analysis, SetSail broke down the three most important elements of a B2B deal: Buyer Persona (who the rep is contacting), Buyer Engagement (contact type and frequency) and Deal Progression Keywords (keywords discussed throughout the deal cycle) and the impact that micro-incentives play within them.
Findings around Buyer Persona include:
- Deals with six or more active contacts delivered a 62% win rate using micro-incentives for reps
- The highest win rate occurred when the rep engaged with two or more active director-level contacts. Doing this yielded a 48% win rate, as compared to 29% with just one director-level contact
- Contacts in finance delivered the best chances of a deal close (56%)
Findings around Buyer Engagement include:
- On average, micro-incentives increase meeting volumes by 17-25%
- When reps complete five or more meetings, the win rate increases to 47%
- Sending an email with a spreadsheet attachment yields a 38% increase in win rate while a quote leads to a 50% increase
Findings around Deal Progression Keywords include:
- Three or more emails received about a “Pilot” leads to a 42% win rate whereas five or more emails about “Trials” leads to a 37% win rate
- Other win indicators are one or more emails about “Pricing” (48%), quick email responses (under 24 hours) (33%) and delivery of an NDA (36%)
For more details about SetSail, visit SetSail.co.
SetSail is a Revenue Execution Platform that realigns sales around the small wins that lead to their big win. SetSail uses machine learning and AI to identify key buying signals that lead to successful deals, tracks those signals for coaching, and allows managers to create automated incentive programs to drive top sales behaviors. CROs and Sales VPs at companies like Dropbox, Cisco, and HubSpot use SetSail to increase attainment, accelerate ramp time, and improve win rates. Customers that use SetSail have 12% higher quota attainment, 25% faster ramp time, and a 15x ROI on sales incentives.