Americans Aren’t The World’s Best Closers: What This Means For You

With customers in more than 140 countries, you really start wondering:

  “How different is sales work around the world?”

We started looking into it and went on a quest to find the best sales nation in the world.

What we discovered was that we can’t trust stereotypes. For example, Americans simply aren’t the world’s best closers. But that’s not the whole story – we realized that some numbers in isolation can be misleading.

We pulled anonymized metadata generated by Pipedrive users around the world about the number of deals that were added and closed; number of activities that were initiated and marked complete, and so on – and put it in a large database. We sliced up the data by country and removed all outliers. What we got was a clean view about the differences in conversion, length of the sales cycle, and levels of activity.

What did we find out?

The world’s best closers are South Africans (but it’s not the whole story)

Conversion rate is one of the best indicators of sales skills. And if you only look at conversion rates, a clear winner emerges – South Africa. Runners-up include Brazil, Chile, Denmark and Sweden – a surprising combo of fast-growing emerging economies and the conservative Nordics.

Sales Conversion by Country

Worst closers, based on conversion rate? Sales people in Switzerland, Poland, Canada, Russia and … the United States. That’s right, Americans who invented selling as we know it are at the bottom of the conversion list.

Could it be? The numbers don’t lie, but we realized that the conversion numbers don’t tell the whole story. To understand what’s going on we decided to see whether similar trends would emerge under other metrics as well.

 

Brazilians get to ‘yes’ quickest

Time is money, which is why we included the average time of closing as one of the proxies for identifying the best sales nation.

Sales Velocity by Country

Brazilians get to hear “yes” quickest – they take the least time to close a deal. Runners-up: South Africa and Chile, who were in top three positions also in the conversion table. It’s mostly the developing world who follow the top three, including Mexico, Russia, Colombia and India.

On the other end of the spectrum – countries slowest to close – we find mostly European countries with Australia and Canada in the mix. And the Dutch – the great traders throughout much of history – are the slowest of the slow.

So far, all of our preconceived ideas about who’s great and who’s not seem to be wrong.

Salespeople in Spain have the magic touch

Finally, some sales managers argue that the best indicator of sales skills is efficiency. The more time you spend with one prospect, the less you have for others. So we looked at the average number of activities (calls, emails, meetings, etc.) per each deal eventually won.

 Sales Activity by Country

A salesperson in Spain needs 3.8 activities per closing with salespeople in Denmark, Netherlands, Estonia, Sweden and South Africa not too far behind. On the other end of the scale, we found that a Russian salesperson needs 6.11 activities per every closed deal, with Great Britain, Germany, Colombia and United States also all in need of relatively many touches to get to a “yes.”

Again, we find the hardcore salespeople of Great Britain and the United States at the end of the scale with little context to explain it. However, it’s possible that there is more competition for attention in developed nations so those sales cycles are expected to be more protracted; buyers have more options and have more sales teams competing for their attention.

What does this mean?

What we found was any sales success indicator in isolation is probably misleading.

It would be a mistake to declare South Africans, Brazilians or Spaniards the best at sales. As you saw, interesting correlations emerged in the different rankings. Countries among the best in one dimension tended to fare well across other dimensions as well.

The countries that were quickest also converted highest (with the exception of Russia).

Overall, we found a correlation:

Countries with high conversion rates close deals faster.

Low conversion tends to correlate with lots of activities per deal, and vice versa. Combining three variables, it becomes clear that countries with the highest conversion rates also enjoy the fastest sales cycles and fewest activities needed to complete each deal.

Sales Conversion vs Sales Velocity

Is this a signal of cultural differences, or is the mix of businesses using Pipedrive just different from country to country (expensive vs. cheap items, enterprise vs B2C sales, and so on)?

Truth be told, it’s probably a bit of both. The correlations are not so clear that you could explain them simply with big differences in the business mix.

The big reveal – how tough is the life of salespeople around the world?

Salespeople in South Africa, Brazil and Chile seem to have it easiest – well, at least for Pipedrive users there. The United States, Canada, to an extent the United Kingdom, Australia and France have the toughest conditions – slow, low conversion and lots of activities per deal.

Sales Difficulty by Country

 

What this means – generally, for you and for your team

And this reveals what we’ve been looking for there is no best sales nation. And there’s two sides to this.

The first has to do with the cultural and historical background and differences that have created this situation.

The second is perhaps more important. Admittedly, for many of you, this will be like reciting the alphabet, but for others it’s something that will make a big difference in their day-to-day sales work:

  • For the 10% (and growing) of salespeople who sell globally – be aware of the sales culture of the country you’re selling to. When you’re selling to the people in the United States, it’s likely that you’re going to get more “no” responses and you’re going to have to do a lot of sales activities for the deals you’re able to close than in some other countries. If you are one of the people who can adjust well to different circumstances, try changing your rhythm a bit; maybe you’ll be more successful.
  • Don’t judge your own work or the work of other salespeople by looking solely at the conversion rate. It differs, surprise-surprise, from industry to industry and product line to product line. Though it’s general advice and has been repeated again and again, it remains relevant – look at sales with a more holistic view and you’ll have a better chance to improve.

Three tips on how this can benefit you:

  1. Try improving your conversion rate as much as you can. Usually, it starts from improving a critical stage-to-stage conversion a little. If you hit the ceiling, look elsewhere to other metrics.
  2. Measure the length of your sales cycle. Compare it with others, compare it with the data presented here about your region. Try shortening this cycle, chat with colleagues who close faster. Find out how long they take to move from one step to another. If there are people around you who are more successful and have longer cycles, study their work habits, slow down a bit and see how this works for you. 
  3. Calculate your number of activities per an average deal that you win. Compare it with the best producers in your company. Are they doing more things with prospects? Less? Again, try adjusting your workflow and monitor the results.

PS! The meta-data on the tens of thousands users researched is only representative of the population who are Pipedrive users – people and businesses that love using modern and well-designed web tools (as opposed to old-school companies that love having their software downloaded, and have lots and lots of different menu options and data entry opportunities and bad interface – but it might apply to them as well, who knows).

Nevertheless, it’s probably a useful point of reference anyway – we don’t know anyone else having done research like this.

Join Pipedrive CTA

Timo Rein

CEO and Co-Founder of Pipedrive

  • I’d like to see this data redone based on the industry and complexity of the items being sold. If we’re selling hammers and shovels in Brazil and South Africa and Finance and Telcom in Switzerland, I think the numbers are going to tell different stories.

    • As a Brazilian i am pissed reading this comment. Anyway i sell Google Apps and use PipeDrive and we have the best OTC according to Google (Worldwide) and PipeDrive is a key tool to us.

      • It wasn’t meant as any means of degrading Brazil, it’s workforce/population, intelligence, etc. But only as an example and urge for more detail on the matter. It’s well known that Brazil is a developing country with massive GDP growth. Despite what some may sell in Brazil, any country in this type of stage will be selling a lot of “hardware”. Other possible contributing factors can be the explosive growth and mindset of purchasers, overall consumer outlook, etc. Regardless, it was used as an example and we need more data. Otherwise, I personally find all this data misleading.

        • PipeDrive is not a mainstream CRM tool. I dare to say that more than 90% brazilians don’t know what a CRM is….So the numbers collected by PipeDrive are even more impressive. Most Startups in Brazil sell value, technologies, etc.

          • I would certainly tend to agree Claudio and say the same is likely the case in the US. But even still, I’d love to see an industry breakdown.

        • Eduardo Aranha

          Unhappiness the growing of the Brazilian GDP has been very poor. In last
          two years the average was 2%. This year the forecast is very bad 0.2%. Please
          see my comments about a hypothesis to explain the Brazilian result
          in this research.

    • zak

      The world according Jacob Thomason… I will love to hit you in the face with a brazilian hammer while you call you telecom provider in switzerland.

    • Hey Jacob, it is a good point. I’d love to be able to repeat this analysis with data on only one category of products sold in each country, so we could firmly conclude the differences in each country. (This was based on anonymized meta data where we didn’t know the mix of verticals in each country.) Our client base does vary across countries but the biggest verticals are often similar.

    • 4CFan

      Sounds like an ignorant comment to me implying Brazil and South Africa are nothing but plebs.

  • JDog

    Yay! Go us Saffers 🙂 I agree with Jacob – need to see a per industry breakdown for each country to really judge this, so we can judge the finance industry in UK vs finance in South Africa

  • Thanks for taking the time to put this together. Good to see a post like this with empirical data that is willing to say the results are inconclusive and data could be misleading.

    • Thanks, Steve, glad you liked it!

  • BoothSteven

    Great blog piece – well thought out research.

    I’d like to understand more about whether these are tracking mostly domestic sales in each case – of course there are two sides to the transaction, perhaps some countries are better buyers?

    I think it’s important to consider that across geographies, there is competition based on quality as well as on supply. I’m likely to buy a product from a more developed economy more often than from a less developed one

    Americans invested selling as we know it – but I’m sure that makes them better, more rigorous buyers too.

    • Lui

      average temperature of all people on the earth alive 36,6

      • Saleinator

        Everybody is equal but some are more equal than others. On this anniversary of the Berlin Wall falling, surely that’s obvious.

    • Hi BoothSteven, most of the sales are domestic, yes. Perhaps you’re right – as some buyers have more sellers competing for their time, they might have developed more robust buying processes.

  • Liliana

    It is certainly interesting, however I don’t think it is a good idea for pipedrive to reveal to customers that you have all that open access to your clients information that is mostly confidential for any company and you are playing with it to create statistics as this one (even though no specifics are given in the post) however makes you wonder if these databases were to fall in the wrong hands…. personally gives me a bitter taste as a user of pipedrive…

    • Karl

      Jacobs earlier post about wanting to see an industry breakdown might be tied to the same thing that could reassure your concerns. Timo Rein said the stats were pulled from anonymised meta data, so it may indicate such things as conversion, speed and activity are available for analysis, just nothing identifiable about the users such as their industry sector.
      It’s a theory.

    • Hi Liliana, I wanted to comment on your concern (thank you for expressing this!). Pipedrive is specifically designed to maximize customer privacy and none of that has been sacrificed in this study. Aside from a few senior operations managers who have a business need to maintain our infrastructure, no Pipedrive employees have any access to the data inside your account. Not our support reps, managers, or myself can see data you store in your Pipedrive account. Sometimes people are a bit confused by this – if you ever contact our technical support team and need them to do something inside your account you will have to add them just like a regular user to your account temporarily. Once they are done helping they will instruct you to remove them from the account to restore it back to complete privacy. It’s a bit off-putting sometimes to folks who are used to support staff having ubiquitous admin power in their account, but for us it’s a small price to pay to offer our customers much greater privacy than our competition.

      This study was performed using anonymized meta-data. Metadata is literally “data about data” – or rough statistics about the usage of Pipedrive independent of the actual data itself. It’s kind of like the notification badge on your messaging app that tells you how many unread text messages you have. That badge doesn’t know what the messages are or who they’re from – it just counts the number of unread messages to notify you of it. In the same way we collect metadata about Pipedrive usage to help us maintain the application’s performance and plan infrastructure growth accordingly. Without this we’d never really have any clue when we should buy new servers or expand our services in some way and performance of Pipedrive would suffer. The last important fact here is that all of this was anonymized metadata as well. Meaning we look at these statistics in aggregate and never have any knowledge of which particular named account they came from or what those deals/activities really are.

      We take these matters very seriously ourselves and that’s why we designed Pipedrive to maximize customer privacy. I hope this helps.

      • Ravi

        Thanks for this wonderful analysis. The only one information that will make a major impact would be mention of number cases/users that you have considered per country. So if there are 20 users from India and 200 users from US the analysis changes drastically. Request you to share the number of cases/users considered per country.

        • Hey Ravi, I’m glad you liked it! We only analyzed countries where we have more than 250 users – that’s the level where data points seemed to get constant.

      • Liliana

        Thanks for the explanation

  • Rob Herold

    Timo – This is a great piece and I’m sure with the insights suggested by Jacob (i.e. Industry breakdowns) it will just get better and better.

  • It sounds like the US is suffering from paradox of choice. Perhaps if we get clearer in our ask the first, second and third time, we might close on the 4th go.

  • Jose Francisco Ruiz

    Thank you for this very interesting report. I’m very surprised for the results of efficiency in Spain…anyway, even if it’s supposed everybody declare all their activities in Pipedrive, we should know if they are using Pipedrive for reactive selling or proactive selling. If you try to do all the sales cycle starting from cold call, it’s rather difficult to close a deal in 3.8 activities of average.

  • Very interesting as south africa and Brazil its two best
    growth markets, do not have English as the main language. It’s time to
    provide support in Portuguese!

    • Thanks, Paulo! As to Portuguese support (if your suggestion was to us) – we actually do it. We officially launched Portuguese-speaking support a couple of months back now, so feel free to send your emails to support@pipedrive.com in Portuguese.

  • Awesome article, Timo. Indeed, it would be interesting to see the same type of infographics based on $ size and industries.
    p.s. i guess in Russia it takes a lot of tasks to pay all the bribes and stuff.

  • Anna Ruseva

    I am willing to believe this statistic. S Africans build very quickly high income in the US, as CENSUS bureau say. Search for data there. I like this article. Very helpful for me as giving me point eventually who to hire.

  • Shawn Hickman

    So many problems with this. As pointed out by others conversion rates vary by industry and product. However a more obvious piece is being completely overlooked which is, what is an opportunity? Opportunities are created by the individual contributor. Some reps won’t create an opportunity until it’s clear to them there is a likely chance of winning the business. They do this to manipulate their conversion rates. Other reps will create an opportunity with anyone that can fog a mirror. You show mean how you define an opportunity and that the data enters the CRM consistently, then and only then will conversions begin to have meaning. Did Pipedrive ask their customer’s how they feel about this data being shared? Probably a moot point considering i’d never heard of Pipedrive.

  • And what about Peru? 😀

    • Luis, unfortunately we didn’t have enough data on Peru, hopefully we will in the future.

  • Amazing work. Thanks a lot for all that data

  • markus aurelius

    The data really highlights the difference between more mature industrialized countries where very heavy competition exists and buyers are king. Buyers in these markets know how so “squeeze” the deal by simply reflecting on the choices available. In my view the best salespeople float to the top in this environment not because they need less “touches” to close the deal but because they stay the course with their tenacity and don’t fold as soon as a competitor arrives with a less expensive and more feature rich product.

  • neil

    Interesting – However, the reason why South Africa stats are so good is because South African executives make decisions. They do not procrastinate.

    • Derek Wiggill

      I have to agree with you Neil, South Africa is a very volatile market, and to be a successful and growing company in this market requires seasoned leadership who can read trends well ahead, pivot and execute. As such, we have no time for garbage in our sales pipelines. We qualify hard and qualify out fast. We understand all too well that hope is not a strategy, and run our sales teams extremely efficiently. I measure every inch of their performance, there is nowhere to hide. We are very focused on understanding why our customers buy, and then coach our sales team to execute fast. The South African market is growing at less than 2% GDP, it’s a tough climate. My two south African cents worth.

  • Jacob I think you will be amazed that we South Africans sell more than just hammers and shovels! More importantly I think it is key to keep in mind the markets, products, and levels of experience required in the various fields. Some do take longer and are more specialised but that said the info in the study is still interesting. I think the various country’s culture and where they are at in the world economy also drive the degree/percentage of conversions. For example, in emerging markets like SA things are tough and its “dog eat dog” so sales strategy here tends to be very aggressive. This would probably not succeed in the US or Australia where markets and the economy are better established.

  • Vandenplas

    Well, it is probably no coincident that the best closers are found among the BRICS and related countries. It is probably not only an indicator for the quality of the sales reps in these countries, but also an indicator for the state (and nature) of those economies that benefit from a great GDP growth. Good for them – as we (EU) may probably forget about a substantial GDP growth for a long time to come. (industry: sports aircraft manufacturer, Central Europe)

  • Julio

    Numbers don’t lie… or they do?

    • Mike

      This analysis is about differences between nationalities / nations in sales conversion, velocity & effort to a close.

      What’s interesting is the data (see the link & pictures) shows clearly the pattern & why… but the ‘expert’ fails to see it because of preconditioned assumptive thinking.

      The ‘surprising’ conclusion is that tier 1 large wealthly mature nations have the lowest conversion, slowest velocity & highest effort to close.
      Ah,,,and if only they all used pipedrive,, they could be harmonised in best practice crm’s to be better.

      What it misses completely is the buyer environment & thus the buyer decision making process.

      Those nations that have the ‘lowest conversion & velocity & highest effort’ all have open highly competitive wide ranging & sophisticated choicing – the power is with THE BUYER.

      Therefore the seller has to have far more leads, more effort and a deeper & longer span (funnel & slower velocity) in total sales effort.

      The ones with the ‘highest conversion’, velocity & least effort are ones where it’s ‘sold’ or ‘supply’, not bought. Tier 2 monopolised or restrictive buyer choices.

      An RPMG Telemetry view of this very same pipedrive data (in a buyer decision path view) would turn all this conclusion upside down & say that tier 1 OECD mature open markets need — buyer driven sales tools & — all the rest just need a simple seller supply driven crm.

      It would take seconds to load & show that in RPMG telemetry and how an organisation within the respective nation state environment would optimise to their market and also provide weighted comparison of buyer effectiveness versus effort cost of acquiring revenue across markets.
      You would find sellers in tier 1 open highly competitive market eg USA etc – have a much higher productivity & conversion & velocity ratio to result than tier 2 or restricted choicing markets – it would reverse the result & conclusions.

    • Whether the numbers are statistically correct or not, the tips at the end of the article are useful. Sales reps do need to work on those 3 things to improve their sales performance. The problem is, sales reps do not have the time to start counting numbers and a tip like “improve your conversion as much as you can” doesn’t provide clear direction.

      What sales reps need is start using a sales engagement platform in addition to their CRM. Such platform basically tracks your and your prospects’ behaviour on your sales collateral for each deal or opportunity. It gives you all the insights you need to improve your sales performance in an automated way.

      Based on this research we wrote an article that extends on the three tips, showing exactly how to bring them into action: http://www.fileboard.com/2014/11/research-shows-your-sales-performance-can-do-better/

    • Hi Julio, Dilbert’s good :).

      (Like I pointed out, the dataset we analyzed included thousands of companies and we excluded samples from countries where we didn’t have statistically significant data, and we removed strong outliers.)

  • Ayn Gant

    Hey, did it occur to you, that peeps from different countries have different styles of documenting their sales process and that THIS could be one of the main reasons for the differences? Greetings!

    • This comment is dead-on. I’d agree this is the primary reason why this data is pretty much meaningless.

    • Greetings, Ayn! It’s a very valid point, I’ve seen people in a single organization have very different styles of documenting their process, and progress, indeed. So, I believe it’s certainly part of the formula. I don’t think it’s all of it, though – I believe we have to look at other contributing factors that show strong trends.

  • Julio Martins

    I think the graph “Convertion vs Sales Velocity” is wrong. In the previous graph, where talk of closing speed, Brazil is in the first 33 days. In this one appears more than 48! Analyzing, I think the data are reversed because the text also says the opposite.

  • Mike

    This analysis is about differences between nationalities / nations in sales conversion, velocity & effort to a close.

    What’s interesting is the data (see the link & pictures) shows clearly the pattern & why… but do the ‘expertst’ fails to see it because of preconditioned assumptive thinking.

    The ‘surprising’ conclusion is that tier 1 large wealthly mature nations have the lowest conversion, slowest velocity & highest effort to close.
    Ah,,,and if only they all used pipedrive,, they could be harmonised in best practice crm’s to be better.

    What it misses completely is the buyer environment & thus the buyer decision making process.

    Those nations that have the ‘lowest conversion & velocity & highest effort’ all have open highly competitive wide ranging & sophisticated choicing – the power is with THE BUYER.

    Therefore the seller has to have far more leads, more effort and a deeper & longer span (funnel & slower velocity) in total sales effort.

    The ones with the ‘highest conversion’, velocity & least effort are ones where it’s ‘sold’ or ‘supply’, not bought. Tier 2 monopolised or restrictive buyer choices.

    An RPMG Telemetry view of this very same pipedrive data (in a buyer decision path view) would turn all this conclusion upside down & say that tier 1 OECD mature open markets need — buyer driven sales tools & — all the rest just need a simple seller supply driven crm.

    It would take seconds to load & show that in RPMG telemetry and how an organisation within the respective nation state environment would optimise to their market and also provide weighted comparison of buyer effectiveness versus effort cost of acquiring revenue across markets.
    You would find sellers in tier 1 open highly competitive market eg USA etc – have a much higher productivity & conversion & velocity ratio to result than tier 2 or restricted choicing markets – it would reverse the result & conclusions.

  • Dan Macías

    Hey Timo, EXCELLENTE data. One question. You mention Colombia in your statistics but I don’t seem to find it in the SALES VELOCITY infographics. Was that a mistake or are you not including it in the images on purpose?

  • Your data might be incorrect based upon the attention the sales reps give to the input. If the people in South Africa, Brazil, and Chile simply don’t input all their activities (that is a problem with sales reps, you know) and the people in the US and UK are much more detail oriented and record more, then, according to your analysis, South Africa, Brazil, and Chile would be shown to be more efficient; that may not be even close to being accurate. What might be a more valid conclusion is to look at the quantity of sales and see how many inputs are recorded for the higher volume sales achievers. You might find that the sales reps who spend more time recording events for their pipeline are the ones who sell more because of the focus that are bringing to bear of their Opportunities.

  • TheoryofRelativity

    Just another beat-around-the-bush blog post that didn’t really shine light in new areas.

  • Johan Meyer

    As a South African company we had a discussion today on why South Africa comes out tops. If you looked at who is second, it is Brazil. Both Emerging companies with similar economics.

    Then we looked at our company. We have an extremely high conversion rate as most South African companies do on Pipedrive. Going for Sales meeting in South Africa is very different to for example America. There is no hard pitching and Sales. There is a lot of conversations. South Africa was recently voted the third most friendly nation in the world. We love people and we love meeting people. It comes down to the Rainbow Nation mentality. South Africa is so diverse and vibrant that people are actually interested in finding out about each others culture. Take a walk in New York or London , stop and ask for directions and people ignore you. Do that in South Africa and people will give you directions, tell you of all the nice places to stop at before you get to where you going even though it is like around the corner.

    Secondly We go for a client meeting, having conversations and only talk 20% of the time. 80% is the client doing the talking. We don’t even come with a PowerPoint. It is a waste of time if you want a discussion or conversation.

    Our clients are still very new to a lot of innovative products. They have been around for 30 years or so and resemble Dinosaurs. With todays access of information South African companies are realising that they need to up their game to keep up with Western countries and investing in services that can help them achieve this. There is a gap and companies are filling that gap. That gap is extremely hungry and South African companies are filling that void quickly before overseas companies come in.

    Having a look at Kalahri and takealot.com merging. They know Amazon is sniffing around and acted fast.

    Furthermore South Africa is the gateway to Africa. You set up in South Africa, a continent is waiting for you. This drives very aggressive strategy from South African companies.

    These are the reasons why we think South Africa has a higher conversion rate.

  • markus aurelius

    Great to read all the comments relating to the analysis of activities vs speed to conversion among the various countries who use Pipedrive. being relatively new to a cloud based CRM, and having used a traditional localised CRM for many years, the main difference for me is how Pipedrive has been able to interface to all of the various portable devices we use so effectively with their browser options, although using the Ipad or Adroid apps is not as good as as using the browser, it’s the focus on what the next action is with a particular deal that has helped me plus the timely email reminders. For emerging economies, not saddled with traditional clunky and often manual based sales tools, its obvious that salespeople in these countries have really taken to Pipedrive like ducks to water, especially given the thirst in those markets to buy goods which we have had at our disposal for many years (I personally experienced how the East Germans cleaned out the West German supermarkets week after week after the wall came down). Having the kind of choices that we have (e.g. how many different cans of tuna with different flavours do we really need!) means more competition in our mature markets and meaning it takes more hits and stickability to convert deals, hence the longer sales cycle.

  • Leonardo

    As a Brazilian (and a desperate and unsusessiful seller) i have an explanation for this. It’s in the market itself. When we want to buy something, we don’t have that much of options, and websites, and different Brands, so when we want to buy something, is just this or that. An easy and fast buying, without that losing of time and many steps. Actually, i don’t think the data we saw up there is a reason to celebrate. Otherwise, it’s a good explanation for our mega super inflation.

  • Eduardo Aranha

    As a Brazilian, I have a strong doubt about our position in the ranking. I am a CRM consultant and I have seen with frequency, a strange market behavior from several sales force managers, whose company has implemented the CRM tool.

    Many of them are interested only in close rates. Then the salesman only open the opportunity when he has high level of certain that it will be closed with success.

    All benefits of the sales funnel management are not considered.

    Then, I have two questions:

    1. How this behavior can distorts the result of your research?

    2. Could you evaluate if this distortion can occur in your clients?

    Thank you.

  • Dick N.

    Might I ad that Souh-Africa, Brazil and Chile are also ridded with corruption. Not to downplay the succes of honest businesses but isn’t it something to take in account when you are measuring succes?

  • Atul

    Hi Timo, if i may ask, what was the total sample size of your survey and in particular, what was the number of companies in South Africa, Brazil and United States.