Auto Suppliers Losing Billions in Sales Opportunities
Major auto suppliers are successful in winning new business only 25% of the time, and if this rate is improved by 5%, they could gain close to $700 million in revenue.
The study, "Automotive Suppliers and the Revenue Acquisition Process: What's Working and What's Not?," also shows that 24% of large suppliers miss submission deadlines for request for quotes (RFQs), costing them an estimated $3.5 billion annually in lost sales opportunities. According to the commissioned study by Salion Inc., smaller suppliers lose an estimated $194 million annually.