Improve Your Product Demo, Increase Your Win Rates
According to Robert Falcone, about 10% of the demos go regardless, and the other 10% of them will bust, as you will be presenting the wrong solution to the wrong audience. And this 20% of the demos will not convert no matter what you do. The remaining 80% is where you can make most money.
For these prospects, the way you deliver your product demo will be the difference between winning and losing the deal. According to a SaaS survey by KBCM Technologies:
- The number of demos held by SaaS organizations ranges from 4 to 11 per week
- SaaS organization with an Average Contract Value below $5,000 give 11.3 demos per week
- For ACV more than $100K, the average demos held is less than 3.6 demos every week
- The median ACV of SaaS companies is about $21K, with 26% of respondents below $5k and 13% above $100K
- For B2B SaaS organizations, the average demo close rate is between 20%-50%
Your product demo can be the difference between a closed deal and a lost prospect. A great demo helps your prospects understand how your software/SaaS can solve their problems and allows them to be more productive and successful in their business.