Sobering. That’s my reaction to the latest "B2B Sales Benchmarks 2024" report by Ebsta and Pavilion published earlier this month. Their previous report was also an eye-opener declaring that, within the 364 companies surveyed, only 29% of sellers were making their quota by end Q4 2022. A challenging prognosis of B2B sales performance. For me, it was a key indicator to help me reconcile all the layoffs we were starting to see late 2022 into early 2023. Well, as many of us know, 2023 was just as challenging. The latest report shows a slightly improved number of 31% of sellers exceeding quota, with some not so positive indications as to why. I encourage you to read both reports.
All said, what makes these reports and the work Ebsta and Pavilion have done unique are the key observed differences between the elite and average performers. One such difference shows that elite sellers are nearly 4x more likely to pinpoint and close opportunities right at the Discovery stage. These elite sellers are not just good; there's a more important story about the power of strategic qualification. It's the result of meticulous planning, precise execution, and, most importantly, a masterful approach to qualification. We’ll discuss three key behaviors that define these top performing sales champions and how adopting these can turn the tide in any sales team’s favor.
Key Aspects of Qualification as Behaviors of Top Performers:
Strategic Discovery and Early Disqualification: Top salespeople use the early talks with potential customers to quickly figure out who's likely to buy and who's not, as mentioned nearly 4x likely to close a deal after discovery. This smart move means they spend time on leads that really matter, boosting their chances to close more deals. But, these top performers continue to qualify throughout the deal, improving their likelihood of a win. These champions are more than 3x likely to win the deal if MEDDIC completed by the time a solution is presented.
Engagement with Economic Buyers: Getting the big decision-makers on board early is key. Top performers are way ahead in making sure these important buyers are listening even before they pitch their solution. They are 5x more likely to have identified the Economic Buyer before presenting a solution. This smart approach gives them a big edge.
Adherence to Qualification Methodologies: Top teams don’t just tick boxes; they dive deep into qualification methods like MEDDIC. Their top performers are nearly 6x more likely to follow a qualification methodology. This thoroughness helps them spot and tackle any issues early, making sure fewer deals fall through the cracks.
Consider the revenue implications if all our sellers executed similar to our top performers. A sharp qualification process smooths out the sales cycle, upping the chances of making a sale and making sales forecasts more reliable. Getting decision-makers involved early shortens the time it takes to close deals. This means teams can better foresee how to hit their numbers. And, spending less time and resources on leads that won't pan out means more focus on the promising ones. This smarter resource use leads to better sales efforts and operational savings.
You can get started today with these three tips.
Implement a Rigorous Qualification Framework: Encourage the adoption of structured qualification methodologies like MEDDIC across the sales team to improve efficiency and effectiveness.
Focus on Early Discovery Insights: Advocate for a deeper focus on the Discovery phase to gain valuable insights that can guide the qualification process and lead engagement strategies.
Train Teams on Key Decision-Maker Engagement: Recommend sales enablement on strategies to identify and engage Economic Buyers early in the sales process to enhance deal progression and closure rates.
Let’s remember: mastery in qualification isn’t just about hitting targets; it’s about setting new benchmarks for success. For sales leaders ready to lead from the front, embracing these practices is your next big step. Implementing MEDDIC, focusing on early discovery, and training your team to engage key decision-makers are actionable steps you can take today to see a tangible difference tomorrow.
Learn from the actions of top performers. By refining these aspects of your sales process, you're not just aiming to meet your goals; you're setting the stage to surpass them. This is about building a sales machine that's more efficient, effective, and aligned with the strategic vision of your organization. Let’s embark on this journey together and drive our teams and our organizations to new heights of success.
MEDDIC offers a structured approach to identifying and addressing technical and business pain points. Understanding the difference and connecting these pains empowers presales professionals to offer compelling solutions and drive successful sales engagements.
Get in touch. Let us show you how to implement MEDDIC effectively in your tech stack.
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