3 Proven Strategies for Increasing SaaS Sales: Make Sure Your Company Is Always in the Green
Software as a service, better known as SaaS, is a huge industry that keeps growing every year. This industry is expected to reach a value of $171.9 billion by the end of the year, so there’s no doubt that there is potential for success and growth in the SaaS industry.
But with so many competitors, it can be hard to reach the top. If you want to grow your business and know how to sell SaaS business assets later on and attract brokers, you need to get the most out of your sales. And these tips will help you achieve exactly that.
The 3 Proven strategies for increasing SaaS sales:
1. Get on Social Media
Everyone who uses social media knows how many businesses use these platforms to promote their brand, product, or service. Everywhere you turn for business advice, you will hear that you need a social media marketing campaign, but not every campaign will help you bring in customers.
With the right social media marketing strategy, you will be able to achieve the following:
- Boost your company’s credibility. You can post about the services you’re selling and explain them in great detail, your company and the team that works there, and the causes you care about. Doing all of this will show your business is credible and even trustworthy.
- Create a loyal community. Social media was created for social interactions, which is why it’s all about engagement. Your clients will be able to comment on your posts and send you messages, and if you have open and honest discussions with them, you can create a loyal community.
- Retain your existing clients. Retention is even more important than acquisition, and when you’re active on social media, you can improve your retention rates. You can do this by providing them with useful content such as product tips and tricks or educational content such as case studies.
Another very important thing you need to remember is that you need to choose carefully what platforms you’re active on. LinkedIn is a platform you can’t go wrong with because it’s for business purposes only, and it allows you to make meaningful connections and establish your authority.
If you want to speed up your growth on LinkedIn, you can automate your lead generation by picking the right tools with features that will help you grow your network.
2. Generate Quality Leads
Finding leads is difficult for any business, especially in the early stages. Sometimes it can be hard to differentiate between someone who might be just slightly interested in your services and someone who has a high potential of becoming a client.
This is why it’s very important to focus on leads that are probably going to turn into clients if you give them the right push. There are a lot of tips that can help you generate sales leads that have potential, and here are just some of them:
- Try data scraping. One of the hardest activities related to lead generation is gathering information, but you can make that easier with data scraping. This is a process where you use software to get information from the internet that fits your criteria for a quality lead.
- Start a referral program. Referral marketing is the modern version of word-of-mouth marketing, and by encouraging customer referrals, your clients will perform lead generation for you. The best way to ensure you get these referrals is to create a program where you will offer incentives.
- Focus on content marketing. Content marketing strategies have grown in popularity over the past few years because they help you build credibility, establish authority in your field, and improve your SEO. The most common way businesses run their content marketing is by creating a blog on their website.
3. Try Out Different Ways to Reduce Churn
High churn rates are one of the biggest issues for companies in the SaaS industry. Your churn rate represents the percentage of your clients who cancel their subscriptions or don’t pay for them anymore.
Churn affects all SaaS companies but especially the ones that are just starting out. In fact, a SaaS startup may have up to a 60% revenue churn rate.
Luckily, there are a few ways to reduce churn rates and keep your clients:
- Improve the dunning process. One of the most common causes for churn is dunning, which is when a client’s card can’t charge. This can happen due to many reasons, but mostly because the card is expired. Instead of writing off that customer, send them an email after you’ve re-tried that card a few times.
- Try to win customers back. Even if a customer decides to cancel your services, that doesn’t mean they can’t be encouraged to return. They might just want to take a break, so when someone cancels, you can entice them to come back by offering a special discount or talking about new features.
- Use predictive analytics. You can locate patterns that show a customer might be on the verge of canceling if you use predictive analytics. This form of analytics uses various metrics, and it can also determine what aspect of your service is causing people to cancel.
If you manage to battle churn and use tips that will help you build a loyal customer base, you won’t be seeing too many cancelations.
SaaS isn’t going anywhere. If you chose this business model for your company, you made the right choice.
Software is the future, and if you create something that’s good enough to entice people, all that’s left to do is bring them in and increase sales. And if you apply these tips, that’s exactly what you will do.
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