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B2B Lead Conversion Rates

By Candyce Edelen

UPDATE JANUARY 2021

B2B Conversion Rates using LinkedIn for Lead Generation

In 2018, we started using LinkedIn to prospect for new leads in a market where we had no existing network. We’ve had some amazing success. Over the course of 6 months, a single sales person was able to connect with 500 new prospects, engage with 355, and book sales meetings with 125.

Here’s how our lead conversion rates break down for each phase in the sales prospecting process:

  • Connection request to accepted connection:  76%
  • New connections who engaged via LinkedIn messenger:  71%
  • Connections who booked an initial Zoom call to get acquainted:  25%
  • Initial meetings to qualified lead:  21.6%

Want to duplicate our process to get similar results for your business? We’ve recently launched a LinkedIn master class to show you exactly what we did.

How would 125 new sales calls for each of your reps in the next 6 months affect your pipeline? Would it help meet your revenue goals? Watch a free webinar to learn more, and if you think it would help, enroll in our master class. 

MarketingSherpa Conversion Rate Research

MarketingSherpa recently posted some data from their research on B2B lead conversion rates.  This is important data for a couple of reasons.

1.  We see most marketing departments tracking conversion strictly from new leads to sales. In reality, leads should pass through multiple stages, and conversion rates at each stage should be tracked to measure the effectiveness of marketing and pre-sales activities.

2.  Marketing and sales both need to understand that there are lengthy time spans for new inquiries as they progress from initial lead generation to qualified sales prospects. If leads are not nurtured during this process, conversion rates will drop precipitously and qualified leads that will eventually buy a product/service like yours will fall out of your pipeline before they’re ready to buy.

B2B lead conversion rates
Converting leads from inquiry to sales-ready (click the image to enlarge it)

Here is a quote from MarketingSherpa clarifying this point:

“When prospects first enter the pipeline, they may be months away from defining specifications, a budget or purchase timeline.  It is marketing’s responsibility to identify and fulfill the information needs of prospects at each stage and to advance prospects through the pipeline to a sales-ready stage as rapidly as possible.”

The one issue I have with this chart and the article on the MarketingSherpa site is that it does not discuss the source of the inquiries. Marketers should expect to see a substantial difference in inquiry to sales-ready lead conversion rates based on the source, quality, and freshness of the original leads.  Given the high conversion rate in the first stage, I suspect that this table only considers inquiries where the lead contacted the company on a “contact us form” or called a general number asking for information about the firms’ products/services. Leads generated from trade shows or webinars may not have as high a conversion rate.

Also, this chart makes no mention of the time required for conversion or whether the leads were nurtured during that process. Again, based on the results MarketingSherpa published, I’d expect that these leads have been carefully and consistently nurtured, that the inside or field sales team then worked the leads that bubbled up to convert them, and that the time range for conversion from stage one to stage two allowed at least 12 months for the leads to mature. I submitted an inquiry to MarketingSherpa to get more details, and if their analyst responds, I will be happy to share the response.

I’d love to hear your thoughts on this. Feel free to comment below or email me at cedelen (at) propelgrowth (dot) com.

For more on the subject:

  • Read the blog post, “B2B Lead Conversion Rates — Tracking The Right KPIs.”
  • Check out our master class on improving B2B lead conversion rates by using LinkedIn for prospecting.
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Candyce Edelen
CEO at PropelGrowth
Candyce is the founder and CEO of PropelGrowth. She brings more than twenty years of experience in managing technology companies and has founded four companies prior to PropelGrowth. For the past ten years, Candyce has focused exclusively in the capital markets industry, launching two financial technology companies. Now, she helps financial technology vendors improve their marketing strategy, publish compelling content, and drive revenue through marketing and sales enablement. Contact Candyce at +1 970-300-2280.
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Latest posts by Candyce Edelen (see all)
  • The Reality of Cold Calling for B2B Sales
  • Can Inbound Marketing Generate Enough Leads?
  • How to Fill Your Sales Pipeline Using LinkedIn for Prospecting

Filed Under: Lead Generation, Lead Nurturing, PropelGrowth Blog Tagged With: conversion, lead conversion, lead generation, lead nurturing, marketing, sales, sales ready leads, sales-ready

About Candyce Edelen

Candyce is the founder and CEO of PropelGrowth. She brings more than twenty years of experience in managing technology companies and has founded four companies prior to PropelGrowth. For the past ten years, Candyce has focused exclusively in the capital markets industry, launching two financial technology companies. Now, she helps financial technology vendors improve their marketing strategy, publish compelling content, and drive revenue through marketing and sales enablement. Contact Candyce at +1 970-300-2280.

Company Profile

PropelGrowth helps companies improve their marketing and sales. We start with in-depth buyer research. Then we develop a marketing and sales strategy and customer-centric messaging. Then we coach your team and help you execute on the strategy by developing thought leadership programs, content for every stage in the buying process, sales collateral, and tools to help buyers buy.

Figure out why and how your buyers buy

Develop a customer-centric marketing strategy

Get coaching from a senior marketing strategist

Recent Posts

  • The Reality of Cold Calling for B2B Sales
  • Can Inbound Marketing Generate Enough Leads?
  • How to Fill Your Sales Pipeline Using LinkedIn for Prospecting
  • Tips from 8 ERP Resellers on How to Leapfrog Your Competition​
  • How to Win 74% of Your ERP Deals
  • Buyer Persona Research, the Key to Niche Marketing
  • 8 Ways a Niche Strategy Improves the Value of Your Practice
  • Acumatica VARs – Spending Money on Marketing with No Results?

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Ft. Collins, CO 80524
+1 970.300.2280

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      • Strategy Development
      • Acumatica Partner Marketing
      • Integrating PR
      • Creative Design
      • Back
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