Sales people sending proposals know that counting how many times a prospect opens your email or proposal document is a useful metric to track. You can reach out to check if they have any questions if you see them opening the document a ton of times, follow up with more context to help you follow the smartest course of action.
So we should see a ton of sales people wanting to close more deals and looking at these vendors to see which is best, and ultimately buy one of their solutions. We used our tool to understand what level of seniority those buyers are at, what size company they operate in and which vendors are favored by those guys.
This is what we found…
Who owns the general market?
We have a clear winner, even if they do not totally dominate the market. Proposify comes out on top and are followed by DocSend who owns 1 quarter of the total market. GetAccept follows them closely in 3rd place, while PandaDoc and Qwilr take just under 10% of the market each.
This is pretty even compared to other markets we have examined. Sometimes there is a dominant vendor that owns over half of the market in total, leaving other vendors with less than 5% of the attention in the market.
Company size intent
We have seen data like this before but it’s still surprising. Again we see the Enterprise market show the least intent out of all the company sizes we tracked, which is common but odd given we can see Enterprises have more staff. Your logic would lead you to say that more staff equals more people to look at vendors, due to the larger buying committees in larger companies. Larger deals, larger impact on team members and decision makers when a decision is made.
But we see only 7% of the intent signals towards these vendors coming from an Enterprise, with just 8.1% from the Mid-Market.
The overwhelming majority is with the SMB market which is common. This means we could see some movement in who owns the market in specific sectors where the intent signals are much lower in volume from the Mid-Market but could be much more heavy towards certain vendors over others.
Who owns the SMB market?
This reflects the general market share very closely, because so many of the intent signals we found towards these vendors come from the SMB market. Proposify leads with just under 40% of the market followed by DocSend and GetAccept. Qwilr and PandaDoc remain around the same shares of the market. It will be interesting to see how the share of the market for these vendors changes in the following sectors.
Who owns the Mid-Market?
This is where we can expect to see some change. DocSend and Proposify share the dominant stakes in the market here, both owning 27.3% of the market. GetAccept closely follow with 22.7% where PandaDoc gains slightly and Qwlir remains at the same level. The main changes are how Proposify have dipped and GetAccept have gained.
This is not uncommon in sectors where most of the intent signals come from the SMB market.
Who owns the Enterprise market?
Interestingly DocSend comes out on top in the market for the first time. They own just over 40% of the market where former leaders Proposify takes 21.1%. GetAccept slip back to 15.8% on the same level as PandaDoc. Qwlir slip to the lowest share of the market we see in all of this data.
Often the leading vendor can change when we see such a high volume of intent signals coming from one company size.
Intent signals by seniority
This is the first time we have seen such a high level of intent coming from the Owner of a company. The VP level and Partners are showing a low level of intent, which is common. We usually find the C level and the Management tier are the highest hand-raisers but we see the Owner level and C level tied on 18.5% of the market.
This is odd because the Owner level is usually under 5% and the spread in this data set is huge. We have seen Management level staff show over 50% of the intent we found in the whole data set before, yet in this data we see 30% comes from Management, 21.6% from Directors and 18.5% for Owners and C level.
But think about it…
Lots of intent signals from SMB companies. We are looking at a sales tech market, where the tools help sales people close deals and sign new clients. The Owners of these companies will have created the idea and vision for the offering and product the company has, they have a sales mind.
It is then natural for the Owners to be looking at vendors to help them grow sales.
Interested in what your market looks like? Message us via our live chat…