Software as a Service has become a popular model for businesses seeking sustainable growth and profits. The scalability, the ability to host multiple users, and cost savings are all reasons why businesses are turning to SaaS. As a provider, having the wrong SaaS sales strategy could mean losing clients. In a highly competitive market, the right sales strategy ensures that you secure current subscribers and also attract new clients. In this post, we discuss how you can sell your SaaS products through sales strategies that work.
1. Research Your Prospect
Winging the sales process and approaching random people with your product is a sure way to become frustrated. With the internet, you have a chance to research your leads and narrow the list to potential clients.
Spend time on your competitor and market research to identify who your target market is and how your business fits into the market. Once you know your target market, you can identify how to market your SaaS product to them. For instance, you can reach out through social media and website ads.
Take time to understand your prospects’ businesses and use the information to craft your SaaS sales pitch, demos, and emails. During the first interactions, find out your prospects’ preferred means of communication so that you use it for the rest of the sales process.
2. Create a Relationship
Establish a connection with your prospect before they’re ready to make a purchase. Establishing a relationship with your client makes you their immediate go-to once they’re ready to make a purchase.
Think of it as buying furniture for your home. You know that you need a couch and are already saving up for one. However, you don’t know where to find one. One day, you browse the internet and discover a local furniture shop close to you. As you browse their online catalog, you have a fruitful chat with a sales rep on their website. Once you’re ready to make a purchase, you visit the furniture store and make an order.
To make SaaS sales, you need your prospects to notice your presence. Interact with prospects and leave a lasting impression.
3. Know Your Market
If you’re just starting, establish a niche or smaller market segment. It’s always nice to dream of selling to the entire country (or world), but SaaS is a competitive space — you need to start with a small market and then expand. Create your brand around your niche to secure sales with small businesses.
For example, a new company might focus on SaaS products for marketing farm produce. As they grow, they might expand that marketing software to farmer inputs, farm technology, and later hop into a different industry.
4. Make the Sales Process about Your Prospect
Do you know a person who always talks about themselves, and barely gives you a chance to express yourself? They probably go on into a speech about their business and activities, without taking the time to ask about you. Listening to a self-absorbed person is annoying, and this habit annoys clients too.
When attempting to pitch your product to a prospect, you need to make it all about them. Instead of going into lengthy sales pitches that explain the relevance and benefits of your products, take time to focus on the potential client.
Ask your prospect about their well-being, especially now with the coronavirus pandemic. Take time to establish a rapport by asking your clients about their business and practice listening rather than speaking first. In your emails, calls, and demos, ask yourself how your products are relevant to the client. Once your potential client is comfortable, pitch your SaaS product.
5. Solve a Problem
Jumping right into your product may scare or anger the potential customer. Instead, listen and conduct thorough research on your prospects to find out their problems. Once you know what the prospect needs, you’ll be more confident to pitch your product.
A pro tip for closing sales is to save the questions buyers ask. Use the questions to identify the problems. Once you’re sure what the client needs, draft personalized responses that come off as advice rather than sales pitches.
If you’re uncertain, ask. Your research on a prospect may be inconclusive, and asking thoughtful questions is a great way to find out the problems that need solving. For example, ask the prospect to give an example of the challenges they’re facing, what they’re doing to address the problem, and what they expect a new product to solve.
With the right information, you can tune your sales pitch to their liking. However, if the conversation takes an unexpected turn, move with it. If your prospect starts talking about their business and life, listen and urge them on. They’re more likely to purchase your software if they form an emotional connection with you.
6. Sell During the Follow Up
Maintain a prospect list and follow up with them regularly. Instead of attempting to pitch on the first meeting or call, establish a rapport and ask for a follow-up. Preserve the first meeting for understanding your prospect’s personality and emotional points. Remember, you’re selling to a person, not a robot.
For personality, you may encounter the following:
- A confident person is interested in margins, bottom lines, and results.
- A sociable person is interested in the big picture and creating a vision.
- A logical person is interested in statistics, figures, and facts.
- An expressive person is interested in how your ideas affect others.
After the first interaction, try and determine the prospect’s personality. Research the prospect’s online presence to get a brief idea of their interests. In the second meeting, be sure also to read the prospect’s mood and emotions. If your prospect is restless or angry, allow them to explain their problems. Afterward, make your SaaS pitch.
7. Reach Out To the Decision Makers
All your research, sales pitches, and calls may go to waste if you’re not reaching out to the person making the decisions. Before making your sales pitch, make sure you’re talking to a person with decision-making power or close to the decision-makers.
However, remember that even if you establish a relationship with the decision-makers, you have to face specific objections. For example, if your prospect can acquire a similar product from a competitor, make sure you explain how your product is different. How can you justify your prices? Can your product help your prospect save money? How much money would they save?
SaaS Sales Strategies: Stay Ahead of the Curve
Would you like to grow your Saas sales strategy? With Ascent, you can interact with other leaders in the SaaS and B2B companies, and learn from them. Discover how our virtual conferences can help you grow your brand today!
