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The SAAS industry has experienced continuous growth over the years and is only going to grow bigger. The public cloud market alone is expected to be worth more than $100 billion in 2017, according to Statista. But a growth in market or industry size doesn’t necessarily translate to the success of every business in the industry.
According to Statistic Brain, tech startups or other startups in the IT sector experience the highest amount of failure. Only 37% of them remain open after their fourth year. So you’ve entered an industry in which it’s extremely difficult to succeed. And you’ll need to exceed your sales goals to become part of the more successful and established SAAS companies.
In this post, you’ll get a complete guide to help you make more sales. You will learn how to generate and nurture leads as well as some of the best practices in SAAS sales.
Start with a Sales Model
For SAAS companies, their choice of sales model can make all the difference between success and failure. There’s no single best sales model that would suit every company. And if you happen to choose one that doesn’t work for you, you could end up losing plenty. Here are the three main SAAS sales models and how different types of companies can benefit from each of them:
The self-service model is sometimes called the higher-volume or lower-price method. It’s perfect if you wish to generate significant revenue by creating a product with a low average selling price. Your target market should be willing to pay anywhere between $1 and $1000.
If you choose this model, your product should be ideal for single users or small teams. Dropbox and Basecamp are some examples of companies using this model.
This model is ideal if your target audience comprises of medium-sized businesses or large companies. They should be willing to spend at least $3,000 per year for the product. Marketo and Zendesk are some examples of companies using this model.
The enterprise sales model is ideal for you if your product that is high-priced and has a long sales cycle. Your target audience should be willing to invest at least $100,000 per year for your product.
And naturally, you should be able to provide enterprise-grade support. Bright Edge and Workday are some examples of companies using this model.
Optimize Your Lead Generation Strategy
You can’t make sales without generating some leads first. So if you plan on increasing conversions you need to improve your lead generation strategy. Invest in LinkedIn and Facebook PPC campaigns if your company is still at a very early stage and you still haven’t built an audience. You can create targeted ads for specific types of organizations in different sectors.
You’ll also have to optimize your content strategy. Create useful and engaging content for your blog. You can then promote this content on social media and try to attract relevant social media users to your blog. You can also create infographics and blog posts and distribute them through relevant, high-authority websites to attract a new audience.
Additionally, you should also carry out some website optimization tactics. First, optimize your website for the search to make sure your target audience can find you while conducting relevant searches. Don’t forget to optimize your website for conversions to get visitors to sign up for your free trial or subscribe to your newsletter. For this, try running A/B tests on several design elements on your site and your website copy to see which one converts best.
Optimize Your Lead Nurturing Tactics
Now that you have some valuable leads, you need to nurture them to turn them into lifelong customers. This means sending lead nurture emails to engage your leads and make sure you’re on top of their mind when they decide to make a purchase.
With the advancement of AI technology, you can now automate your lead nurture emails and send out personalized emails relevant to each individual recipient. You can use action-based triggers to automatically send out relevant emails after a recipient has completed a certain action such as signing up for your newsletter or downloading your free eBook.
In addition to this, you need to start using conversational commerce to enhance customer experience. Try implementing live chat support on your website to provide help to visitors and possibly get them to convert. Live chat enables you to provide prompt responses to visitors who have queries or doubts about your product.
GetResponse has been able to provide faster customer service using LiveChat. This has, in turn, resulted in better customer retention.
Follow These Best Practices for SAAS Sales
After you’ve completed the first basics required to make more SAAS sales, you now need to optimize your sales tactics. And there are several steps and techniques involved based on your needs and your objectives. Despite these variations, you can still benefit from the following best practices:
#1: Don’t Hesitate to Give Free Trials
When you’re selling software, you need to give customers a better concept of how the platform or tool will work for them and how it can benefit them. But your claims alone aren’t going to effectively do that. Make them realize your product’s worth on their own by providing them with free trials (according to Close.io, you should only provide a free trial for up to 14 days).
#2: Demonstrate Your Product’s Value
While free trials are crucial for proving your claims, many people may not bother to sign up for a trial unless they understand the true value of the product. Demo videos or product videos explaining the benefit of the product for different users can help you do this. See how Optinmonster gives visitors an option to either get the product now or watch a video.
#3: Set Up a Flexible Pricing Structure
Finally, you need to have a pricing structure that would accommodate the budgets of different types of customers and organizations. Put your customers’ needs first when considering the kind of pricing structure you should implement. The Omnisend pricing structure is an excellent example. While customers can sign up for a free plan, they can also choose from different kinds of premium plans customized according to their subscriber size.
Start Selling Now
So to boost your SAAS sales, you need to begin by choosing a sales model that fits your goals and target customers. And then you have to take a closer look at your current lead generation strategy to make improvements - whether it’s by paid ads or optimizing your content strategy.
Next, make sure you thoroughly engage your leads and nurture them so that they can convert to paying customers. Including live chat support on your site is an excellent option for this. And of course, don’t forget the SAAS best practices such as giving out free trials and establishing the value of your product.
Now that you have a complete and easy-to-understand guide on increasing your SAAS sales, there’s only one thing left to do. Start implementing these tactics and watch your sales skyrocket. Got any questions about these tips? Let us know in the comments.