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Where Is the Growth Coming From?
How Finished Lubricant Sellers Can Win in a Competitive, Slow-Growth Market
The finished lubricants industry is crowded, competitive, and, despite optimism, not
growing nearly as fast as many sellers would hope. While there are pockets of opportunity, the global finished lubricants market is forecast to grow at a modest 2–3% CAGR through the next several years.
Yet, across the board, commercial teams are pushing for growth. So what’s really
happening?
Growth Isn’t Coming From Demand - It’s Coming From Competitors
If you’re growing, it’s likely because you’re taking market share, not because the market itself is expanding. And that means someone else is losing.
The Challenge: Incumbents Still Dominate
85.3% of buyers in the finished lubricants space reach out to their incumbent
supplier first. That’s not just brand loyalty, that’s structural inertia.
Even though buyers are increasingly self-serving, researching online, comparing specs, and seeking out content before talking to a salesperson.
They still default to the known entity when it’s time to buy.
This creates a critical challenge for growth-focused sellers:
How do you break into the conversation earlier, before the buyer reaches out to the incumbent?
From Agitation to Education
Traditional B2B sales strategies rely heavily on challenging the status quo or agitating the buyer’s pain points. But data shows that pushing a buyer to change is a low-probability game. Most are content, risk-averse, or simply too busy.
Instead, high-performing sales and marketing teams are shifting their approach.They’re not just creating awareness; they’re building relevance and trust earlier in
the buyer’s journey.
Here’s how they do it:
- Educate with insights, not product specs
- Showcase value through stories, not feature lists
- Focus on buyer timing, not sales timelines
- Invest in content and SEO, not just outbound tactics
Understanding Hit Rate: The Growth KPI That Matters
To measure success in this highly competitive environment, one of the most important metrics to track is your hit rate from qualified leads.
What Is Hit Rate?
Hit rate is the percentage of qualified leads that ultimately convert into closed sales.
Formula:
Hit Rate (%) = (Closed Deals / Qualified Leads) × 100
Why It Matters:
Hit rate tells you how efficiently your sales team converts real opportunities into wins. It strips away the noise and focuses on what happens after a lead meets your qualification criteria (e.g., BANT; Budget, Authority, Need, Timeline).
Industry Benchmarking:
In industrial B2B sectors like finished lubricants:
- Average hit rates range between 15–25% for well-qualified leads.
- Top-performing teams, those who resonate with buyers early, can hit 30% or higher.
- Hit rates under 10% often suggest misaligned targeting or weak differentiation.
The Real Question for Growth
If most buyers stick with incumbents, and market growth is flat, then success hinges
on this:
Are you showing up early, with enough relevance and insight to shape the buyer’s thinking before they default to their usual supplier?
If not, growth will remain elusive—no matter how aggressive your targets are.
References
1. 85.3% of buyers reach out to the incumbent supplier first:
Source: Plan Grow Do – The Buyer Revolution https://orange-dunlin-317451.hostingersite.com/the-buyer-revolution/
2. Finished lubricants market forecasted CAGR of 2–3%:
Source: Polaris Market Research – Finished Lubricants Market Analysis
https://www.polarismarketresearch.com/industry-analysis/finished-lubricants-market
