Question

Topic: Research/Metrics

Length Of Sales Cycle For Small Bus. Bank Products

Posted by Anonymous on 8/29/2010 at 5:01 PM ET 250 Points
Would anyone know an industry standard or average for the sales cycle of small business banking products (loans, checking, savings, etc.)? I'm not a member of the ABA, thus I don't have access to their research. Ballpark figures would be good, anything more specific great.

Thanks
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RESPONSES

  • Posted by koen.h.pauwels on 8/29/2010 at 5:48 PM Member
    Hi,

    A few weeks is what I would consider standard, a few days excellent.

  • Posted by mgoodman on 8/29/2010 at 7:52 PM Accepted
    The average is likely to be skewed by those who take months (or years) to close. The minimum is fixed at one day, but the maximum can be hundreds of days. What you probably want is the average time for 50% (or 75%) of the ultimate number to close.

    My own experience in the banking business is years out of date, and I suspect that things have changed pretty dramatically in the last few years. I'd suggest you not rely too heavily on anything older than, say, 2 years. Also might be different in different countries/regions. Where are you?
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