Fueled by technology, Software as a Service (SaaS) is making strides in the marketplace, especially in the B2B market. A host of different companies have popped up who take care of the multifaceted software needs of different businesses. These strategies would help you as a salesperson, to set your product apart from the others in this competitive market.
Keep your demo crisp and concise
Remember that a demo is not the same as a training session. Your job, while giving the demo is to entice and amaze the client with the many benefits the system would provide them and stress on its usability. An extended demo would only have the opposite effect by boring them or possibly overwhelming them.
The key would be to focus on the benefits, and not the features. This involves going beyond merely what the product can do and stressing on what the product can do for the particular client you’re pitching to.
Follow up persistently
Don’t be discouraged if you don’t get a yes from a client right away. If you get the slightest indication that the client is interested in your product, don’t settle for a maybe. Harness the client data present in your CRM software and prepare a certain schedule for yourself on the optimal times to follow up with them and stick to it until you turn the maybe into a yes.
Shorten the trial period
On paper, longer trials seem like a great idea as it gives the client more face time with your product which might increase their inclination to buy it. However, this might not be the right way to go. Primarily, because users tend to take shorter trials more seriously. With the advent of not being able to use their product after a few days, they are more likely to try your product immediately, instead of procrastinating.
In the long run, a brief trial runs helps you as this also effectively shortens your sales cycle. Instead of waiting eight weeks to close a sale, you’d get to do it in four. This significantly reduces customer acquisition costs.
Don’t decrease the product value for sales
Sometimes, in a thirst to beat competitive pricing, companies might end up devaluing their product, which has a two pronged negative effect: reducing the value of the product in your client’s eyes and causing your company some fairly big losses. Therefore, while setting the price of the product, be sure you honestly estimate your product’s worth and price it even a bit higher than that as it sends strong message to your clients.
Ideally, this sales strategy would discourage you using discounts as a tool to close a sale. Discounts only serves to make customers unhappy when they hear about other people getting discounts that they might not have been offered. It would also make your revenue estimation unpredictable. The only scenario where discounts might be acceptable is to offer them in conjunction with a prepaid annual plan.
By emphasizing on your product’s valuable contribution to your client’s monthly revenue growth, you might be able to persuade the client to go for a prepaid annual plan for your product. This will greatly increase your cash flow and stability which, as you will tell your clients, only helps you service them better in the long run.
This might be a risky venture so be sure to anticipate and prepare for any objections the client might have. For instance, the biggest objection a business could have regarding this plan is the impediment to their flexibility, that is, they’d be sacrificing their ability to switch to another service if they outgrow you. However, your job would be to remind them that switching to another service within a year would be daunting due to the lengthy setup and orientation process that other systems might have. Assure them that they’d still have the option of reevaluating after a year, but make it a point to lightly state that they might not need to once the year is up.
Swift, painless onboarding
Onboarding occurs right after a client agrees to buy your product. It refers to the process of signing up, and completing all the pre-requisite steps, before they can use the product as per intended. Usually this is a drawn out, complicated process, including learning the system through tutorials.
At this stage, instituting a more step-by-step method of onboarding, providing free setup guides and video tutorials, or in some cases, setting up the product on behalf of the client would save the client a lot of time, and would leave a lasting positive impact on them.
Monitor client needs
It’s important to put in a strong analytical tool along with the free CRM software to review user activity. This can provide valuable information about the strong and weak points the customer is facing with the application which can enable better customization of the product for the future. This also makes sure that you identify the pain points the client gets frustrated.
These are some tried-and-tested sales strategies that have helped SaaS businesses in the past. You may customize them as per your company’s unique capabilities and limitations to make the most of your SaaS sales pitches.