info@thewinacademy.co.uk   |   +44 020 3303 0415
info@thewinacademy.co.uk   |   +44 020 3303 0415

What is a good sales win rate and how to achieve it?

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A company’s win rate directly impacts its growth, revenue, market share and long-term customer loyalty. Yet win rate optimisation is one of the most underutilised strategies in the B2B sphere.

In this article, you’ll learn what constitutes a good win rate. We’ll also outline a host of practical optimisation tips and cover mistakes that often kill sales teams’ deal-making success.

What is a win rate in sales?

The term “win rate” refers to your total number of sales conversions measured against closed opportunities. This is in contrast to “close rate”, which measures your sales conversion rate in the context of all opportunities (closed and open) over a given time

It’s an important metric because it encapsulates the efficacy of your sales team’s late-stage sales processes and allows you to identify opportunities for improvement.

What constitutes a good win rate?

Industry research puts the average win rate at around 45%.We, however, believe a win rate below 75% is subpar. That’s what our extensive client work has led us to believe.

We typically deliver a 30% uplift in win rates for our clients by focusing on precise, marginal gains at key stages of the sales process: client discovery, pitching and follow-up. 

What gets in the way of the best possible win rate?

In our experience, there are three factors that contribute to poor win rates. Typically, all three are present to varying degrees. 

  • Your customer relationships are too transactional: This happens when you or your team initiate closing efforts prematurely, without adequately accounting for specific needs during the pitching process nor remedying objections. Poor, superficial intelligence is often to blame. 
  • Your pitch team lacks confidence: Many teams struggle to challenge clients’ thinking. In our experience, clients prefer difficult questions. Team members may also become easily unsettled by complex, challenging inquiries from prospects. 
  • You’re missing a disciplined approach: A failure to recognise and address both overt and covert motivators (logical and emotional) impacting client decisions is a huge barrier to successful deals.This can be further exacerbated by ambiguous communication of unique selling propositions (USPs) and differentiators. Additionally, insufficient rehearsal time results in presentations that often veer into irrelevancy. 

Strategies to improve your win rate

Your sales teams must focus on these three crucial imperatives:

  • Tell better stories
  • Have meaningful conversations
  • Deliver winning pitches

We recommend the following practical strategies to achieve these goals:

  • Deepen your understanding of client needs: Conduct comprehensive market research and in-depth client interviews to meticulously map out prospects’ business challenges and objectives.
  • Foster meaningful conversations: Utilise active listening skills to cultivate a rapport that transcends standard transactional exchanges. And don’t be afraid to ask challenging questions. 
  • Take a disciplined, well-rehearsed approach to pitching: Implement a regimen of rehearsals and constructive feedback mechanisms to ensure engaging pitch delivery.
  • Create compelling stories: Engineer narratives that weave your solutions into the fabric of the client’s needs.
  • Develop “win themes”: Strategically distil and communicate core messages that resonate deeply with clients, ensuring alignment of your value proposition with their nuanced requirements.
  • Collate multiple data points: Aggregate and synthesise information from diverse sources to construct a holistic view of your potential client.
  • Adopt a data-based framework for decision-making: Employ data analytics to underpin strategy formulation and decision-making, grounding sales tactics in empirical evidence.
  • Gather qualitative data from both won and lost deals: Analyse feedback comprehensively from all engagements to find critical success factors and identify areas in need of improvement.
  • Set realistic goals: Formulate attainable targets predicated on a realistic understanding of competitors and market conditions.

Conclusion

Consider the impact of improving your win rate by 30% or more on sales and revenue.

For most businesses, this is an entirely achievable outcome. With a targeted, well-thought-out optimisation plan, a win rate of 75% or above can be expected.

Keep in mind that sales success is a game of margins. And it’s in gradually, consistently tightening those margins that you give your sales team a distinct competitive advantage. 

Are you ready to achieve a 30% uplift in your win rate?

The Win Academy uses proven, customised techniques to improve your win rate. Take our 3-minute diagnostic now to learn practical ways to unlock your win rate potential.

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