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After an unpredictable 2023, chances are you’re getting all the information you can to build a reliable SaaS sales strategy in 2024.
One important element to consider is your performance benchmarks – how well companies like you are typically doing. That’s why at Databox, we run Benchmark Groups for companies to safely share their data for the benefit of their groups. And we’re going to share some of those metrics with you to help you kickstart your 2024 strategy.
All metrics in this guide come from our Sales Benchmarks for SaaS Companies group’s Google Analytics 4 and HubSpot data from December 2023.
Check out these metric categories:
How do marketing activities and channels play their part in building the sales funnel and generating leads? Using median values from Google Analytics 4 (GA4) and HubSpot, let’s examine how websites, ads, and landing pages contribute to sales:
Overall, SaaS companies have room for growth in generating conversions to set up sales for success. The session and user conversion rates we pulled from GA4 benchmarks were relatively low. The landing page views to submission rate in HubSpot shows better performance, but it indicates that there still could be further optimization to do.
Expert recommendation: One of the easiest yet most impactful first steps to improving conversions is to monitor your performance with a dashboard. Our free Marketing & Sales Overview dashboard combines marketing and sales metrics into a funnel so you can easily reference how each part of your funnel performs. Cross-reference your metrics with our Benchmark Group metrics to get an even richer context.
The average number of leads and how many of them become opportunities offer insight into how online channels generate leads and how salespeople nurture leads into opportunities. (For reference, HubSpot defines an opportunity as a “qualified prospect with a high chance of closing.”) Benchmark Group members had these median values for leads and opportunities in HubSpot:
Leads were much higher than opportunities, possibly indicating that it takes working with multiple leads to find opportunities. This trend may also indicate that SaaS companies could invest more in lead nurturing to improve their leads/opportunities rate.
Expert recommendation: Better lead generation and nurturing require you to zero in on the most impactful metrics for your business and work on improving them. One way to track these metrics is to build a lead dashboard so you can compare your performance month over month. Databox can handle most of this job for you with its Dashboard Designer.
If you ever asked yourself:
Databox Benchmark Groups can finally help you answer these questions and discover how your company measures up against similar companies based on your KPIs.
When you join Benchmark Groups, you will:
The best part?
When it comes to showing you how your performance compares to others, here is what it might look like for the metric Average Session Duration:
And here is an example of an open group you could join:
And this is just a fraction of what you’ll get. With Databox Benchmarks, you will need only one spot to see how all of your teams stack up — marketing, sales, customer service, product development, finance, and more.
Sounds like something you want to try out? Join a Databox Benchmark Group today!
Your sales pipeline velocity rate influences every part of the funnel. After all, the faster you can generate and nurture leads, the faster you can restart the marketing-sales cycle. Here’s what the sales funnel looked like in HubSpot for the SaaS sales group, based on median values:
SaaS business deals are complex, taking nearly three months to close, but they often pay off. These companies overall had a good ratio of closed-won to closed-lost deals, suggesting that they had solid closing strategies. There’s still room for optimization, though. The total value of all deals is just over five times as much as the value of new deals, suggesting that most sales pipeline value involves older deals.
The median number of open deals is fairly significant, which we could interpret in two ways: Either SaaS companies have healthy pipelines, or they need to pay more attention to their pipeline’s backlog.
Expert recommendation: Even when you have data on hand, it can be hard to tell if you have a healthy pipeline. Based on data from our survey on monitoring pipeline health, we recommend monitoring metrics like qualified leads, win rate, and average deal size. Respondents most often used dashboard software like Databox to monitor these stats.
Deals don’t just happen through marketing, of course – there are also human interactions that come into play. Take a look at these median values for HubSpot metrics related to these actions:
Compare the median number of companies involved to the median number of calls and meetings that occurred per month. It takes multiple touchpoints with one company to keep them moving through the sales pipeline.
Expert recommendation: The right level of interaction with your customers will depend on your product and their needs. Conduct regular sales activity reports to track the amount and type of sales activity you perform. Then, adjust your interactions and sales actions according to your highest-performing months.
With so many changes happening in tech, keeping up with the latest benchmarks will give you a competitive edge. You don’t have to wait for our next report to do it, either. When you join our Sales Benchmarks for SaaS Companies group, you’ll get access to always up-to-date sales metrics.
You just need to sign up for Databox (it’s free) and contribute your data anonymously. In exchange, you’ll have the latest benchmarks to compare your performance to.
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