As a SaaS Tech founder, your every day is spinning plates, you're spearheading product development, pinpointing market opportunities, and forging vital partnerships.
Budgeting isn't just a task—it's crucial for your growth strategy.
Your team isn't just employees; they're the pillars of your vision and culture.
Customer satisfaction? Non-negotiable. And technology isn't just part of your operations; it's what keeps you ahead.
Your focus: making swift, informed decisions that drive your SaaS company forward.
However when everyone has gone home, the lights are off and you are still pouring over the data…..when you ask yourself this question
”do I really trust your data?”
What's your honest feedback?
How many time have you asked
“I wonder what our competitors are performing like on this metric or this area”
If you had a dollar everytime you wished you could compare your own performance, not with broad industries that are not remotely associated with your products development or audience type, but ones that are in your own backyard of competition.
The wait is over and now you can…..
6teen30 as a Premier Partner of Databox are extending their partnership to bring you a benchmark study, one that is built exclusively for SaaS and Tech organizations titled Sales & Marketing Benchmark Group for SaaS / Tech Companies.
We have over 800+ contributors so far (and this is growing daily) to the data set, all from similar niches, the data is totally anonymous, so they like you are not giving any secrets away, you just get to compare your performance against the same type of companies, how cool is that?
You can quickly and easily see where you are leading the pack, where you are stuck in the mud or falling behind, allowing detailed insights on where you need to focus on to become the best in breed.
This is not a one time hit ... .you will after joining i=the group have ongoing access to the data, so you can track your performance vs the benchmark pool of contributors to see if you are maintaining your position, improving or being left behind.
What's the catch?, nothing! It is totally anonymous and totally free!
We have a few examples of the benchmark study that cover key metrics from sales and marketing, before we dig deeper into these, first of all let's show you how to read the benchmarks.
Like anything new, it will feel strange, but it really is a simple set of considerations to get the best from the metrics - here's how.
The benchmark metric shows a sample company's performance against similar organizations participating in the same benchmark group.
With a better understanding of how to read benchmarks and before we go and review a few metrics from the benchmark group, if you are ready to join, contribute and compare your performance in the Sales & Marketing Benchmark Group for SaaS / Tech Companies get started by clicking this link.
The study is aimed to serve B2B SaaS and Tech founders with revenues ranging from $1m to $100m and highlights metrics across their marketing and sales performance, here is a few key metrics from the benchmark study that spans a total of 20 separate metrics in the full study, however we are focussing in this blog post around the following metrics to give you an overview of the customer journey performance.
Sessions - A collection of interactions that take place on a website within a specified time frame [Source is GA4].
Bounce Rate - Bounce Rate is a metric in Google Analytics that represents the percentage of visitors who leave a website without interacting without interaction with other pages or elements of the site [Source is GA4].
New Opportunities - New Opportunities metric in HubSpot measures how many new potential customers or sales leads have been created within a specific period of time [Source HubSpot Marketing].
Deals Created - Deals Created is a sales metric in HubSpot CRM that measures the total number of new deals created within a specified time period. [Source HubSpot CRM].
Deals Closed Won - Deals Closed Won is the total number of sales deals that have been successfully closed and won within a given time period [Source HubSpot CRM].
Average Time to Close Deal - Average Time to Close Deal measures the average duration it takes to close a deal, from initial contact to the signing of the contract [Source HubSpot CRM].
Focusing on these six metrics in isolation allows you to evaluate online traffic, marketing and sales conversions efficiency.
Summary:
The benchmark group has currently at the time of writing had 826 contributors, here's the summary of these six metrics median values from March 2024.
Looking at a member's anonymized data for privacy, we see the following examples of individual performance against the benchmark cohort on the bounce rate metric.
In line with how we read the metrics, using the Hill Chart visualization from a contribution of 816 companies, this company's bounce rate is at just 33.33% as shown in the blue line and is outperforming 80% of the rest of the companies on this metric.
Breaking this down further we see:
Summarizing, if you have a bounce rate better (lower) than the median 49.26% you are in the top half of the group.
Now let's look at a metrics where the company is not performing as well versus the group.
Using the same Hill Chart visualization from a contribution of 236 companies, this company's closed won deal rate reports only 2 deals closed as shown in the blue line and is in the bottom 23% of the group on this metric.
Breaking this down further we see:
Summarizing if you have a closed won deal rate lower than 11.5 deals median you are in the bottom half of the group.
When you join the group (join here), you’ll see performance metrics across 20 different areas and your data will always be highlighted by the blue line, and if the chart is red, it means you are performing worse than the group, and if it's green, better, allowing you to identify how you are performing against similar B2B saas and tech companies in the revenue range of $1m to $100m.
6teen30 are a Certified Benchmarks partner and Premier Partner of Databox, and provide a comprehensive and unique service Performance Analytics as a Service (PAaaS) that not only builds dashboards and reports on marketing, sales and Customer Success departments, we also operate a bowtie model approach (Credit Winning by design) - to track revenue through your entire customer journey. Plus we partner with Insycle to ensure data hygiene, modeling and segmentation is achieved to ensure your Databox boards report accurate data.