In this video, Chris Boulas, the founder and CEO of Formulytic, a leading provider of demand generation and revenue operations consulting services for B2B SaaS organizations, discusses updated lead lifecycle model conversion rate benchmarks for B2B businesses in 2023.
Chris outlines three core takeaways from the video. Firstly, he explains that while discussing the traditional model, it is important to understand that the benchmarks are not meant to serve a one-size-fits-all set of use cases. Therefore, businesses must approach these benchmarks with a certain level of context and understanding to adapt them to fit within the confines of their business.
Second, Chris discusses the actual target conversion rates for each individual lifecycle stage within the model. Finally, he addresses common misconceptions, emphasizing that a high metric from one conversion rate stage to another does not necessarily mean that a business is performing above average.
Throughout the video, Chris focuses on a traditional B2B SaaS-specific lifecycle model that enables organizations to measure from anonymous prospect all the way through to close, including revenue recognition across both marketing and sales processes. He also clarifies that the video does not cover advanced topics such as account-based engagement models or PQL/product-led growth-based framework models, which will be discussed in another video.
Stay tuned to learn more about the updated lead lifecycle model conversion rate benchmarks for B2B businesses in 2023.