CSO Insights (part of Miller Heiman) just released their 2018-2019 Sales Performance Study of nearly 900 global sales leaders. I’ve taken a look at the document, which is full of great information for Key Account Management, Customer Success and Sales leaders.
Here are some statistics that caught my eye:
- Revenue from existing customers accounted for 70.1% of total results across 900 organizations
- Customer churn is at 13.9% of revenue
- Sales cycles to close opportunities with existing customers were reported to be an average of 3.8 months as compared to 7.2 months for new customers
- Only 34.6% consider account expansion a strength for their organization
- The biggest driver of success in reaching goals? Having a Dynamic Process for Account Management and sales. Yet only 28.9% of companies are at that level of process maturity.
- If you’re rated as a “Trusted Partner” with your customers, your win rate is 59.9% (vs. 43.7% on average)
This research validates the fact that it’s more important than ever to invest in processes and tools to maximize relationships and revenue from existing accounts.
Download the full report here.