41 Days Per Vendr How Long Does It Take to Close an “Average” Deal in SaaS?

Attention SaaS Buyers! Vendr just released their latest Buyer Report, packed with insightful data you don’t want to miss.

But here’s the game-changing metric I want to highlight. Average sales cycles? Almost meaningless. Why ?

 

Because big deals take time, while small deals can close with just one call. Some leads are warmer than others, making a significant difference. Want to know the real deal? Keep reading.

Across all SaaS vendors tracked by Vendr, new deals typically take 41 days to close, while renewals average 53 days. But here’s where it gets interesting. The average varies significantly by category.

Zendesk and Datadog top the charts, taking the longest to close, while ZoomInfo and 1Password race to the finish line, closing deals in a flash. 

However, here’s what you need to keep in mind to stay on top of your game: deals start to lose their mojo after Day 45, unless there’s a clear roadmap to closing. Think about it. The best use of this data? Closing out opportunities.

Don’t let your pipeline become a mere illusion. Holding onto deals that aren’t really going anywhere doesn’t benefit anyone. Not the company, not the reps. So, take action. Review every deal that’s been in process for 45 days. If there’s no solid progress, treat it as a time-waster and move it out of your pipeline. 

 

Remember, closing deals is what counts. Don’t let potential slip away. What’s your move? Share your thoughts below! 

 

Here is the link to the detailed report – https://www.vendr.com/insights/saas-trends-report-2023