What’s your win rate? …..20%
It’s an answer I get a lot – when I ask that simple question.
And the odd thing is – I get the feeling some SaaS vendors feel it’s pretty OK.
Until I flip the answer: So, you’re losing more than 80%.
Then there’s silence……
When you’re losing more than 80% of the business you think you should win (why is it otherwise in your pipeline), you lose more than just 4 out 5 deals.
- 80% of your precious marketing budget (and possibly more)
- 80% of your sales execs’ precious time (and possibly more)
- 80% of the precious time of your pre-sales team (possibly more)
- and a lot of margin (not even including the 3 bullets above)
When I then ask, “How long has this been going on” – the typical answer is something like, “What do you mean? That’s the average. Been like that for years.”
I question out loud: Why? Why are we happy ‘winning’ 20% and shocked when we realize ‘we’re losing 80%’?
So how do you flip the situation?
A simple question to raise is this one:
What’s the secret inside the 20%?
You will realize that the answer is rarely of demographic or firmographic nature and almost always one of worldview and psychographic nature.
Key takeaway: No matter how much you lose, the opportunity is to get serious about the motivations of the small % that does bet on you.
Question for you to reflect upon
When was the last time you challenged the definition of your ICP?
Like this message?
Every day I send out a short 2 min reflection on shaping a B2B SaaS business no one can ignore. Join the 1,000+ subscribers that have become fans.
Not sure? Browse the archive