The number of deals closed fell globally from previous Q1 weekly averages by 21%, with the most noticeable decrease also happening after the week of March 16.
Customers are initiating more interactions with businesses today than they were a year ago, and doing more research online.
Average monthly website traffic increased by 13% in March, compared to February.
Weekly chat volume via onsite chat and Facebook Messenger increased 5% after March 16, based on previous Q1 global weekly averages.
Marketing and sales teams sent a significantly higher volume of emails in March. However, only engagement with marketing emails increased, suggesting that opportunity exists to improve outreach and connect with the right buyers at the right time.
Sales teams were significantly more active in March, but buyers were less engaged with sales content. The lower response rate to outreach was ultimately reflected in lower deal volume.
**Emails using the Sequences tool.
Email open rates increased in March despite a significant jump in send volume. Corporate communications conveying COVID-19 related messages likely contributed to part of the growth in email volume, and we expect this metric to shift over time. Encouragingly, the number of average contacts added to HubSpot customers’ portals increased in the same time period.
Average marketing email volume increased 29% the week of March 16, while open rates increased by 53% the same week. Across the month, open rate increased by 21% overall.
The weekly average number of contacts added per portal increased by 51% after March 16, based on prior Q1 global weekly averages.
While this is early data, some opportunities for companies have already emerged.
The increase in website traffic, buyer-initiated conversations, and marketing email open rates suggest that customers are still looking to engage with companies.
Your customers may be more interested in learning and education right now. Our own website has seen an uptick in visits to educational resources like our blog, certifications, and Academy classes.
Instead of dialing up the promotion of your products and services during a crisis — an approach that may be insensitive to your customer base, focus on nurturing the long-term relationship. Identify where you can help your customers today, without asking for anything in return.
Our data shows that chat volume has steadily increased over the last two months, and we believe this number is likely to continue growing. Conversational marketing offers a real-time way to answer customer questions, as well as automating the lead routing process so your business can serve prospective and existing customers even when your team is out of the office.
Investing in chatbots to get customers answers more quickly, automate lead qualification or book meetings can help your company meet the increase in customer inquiries.
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Depending on your company’s sales process, a dip in new opportunities today may not impact your company’s profit & loss statement until several months from now. Many businesses will need to rethink what prospecting looks like to bolster their long-term pipeline.
Operationally, regularly adjust your sales projections to reflect potentially extended sales cycles or lower deal size so forecasts remain accurate. Just a touch of process (or improvements to existing processes) goes a long way in creating a clear picture of your business over time.
On individual calls, encourage your team to emphasize a helpful, consultative selling approach. Certain factors, like your customers’ budget and willingness to enter sales conversations at this moment, are out of your control. Instead of cold calling your whole database, use your knowledge of your customers’ industries to prioritize reaching out to:
We hope these benchmarks provide useful context as you monitor your business’ health in the coming months. We’ll release refreshed insights every week, and over time plan to add additional breakdowns. You can sign up to be notified of new insights as they’re available below.
Originally published Apr 8, 2020 4:05:57 PM, updated April 08 2020