It is vital, to have a thorough understanding of how to sell SaaS solutions. As more businesses prioritize transitioning their operations to the cloud, there is a significant spike in demand for SaaS solutions. In this context, it’s crucial to understand MEDDPICC and how to implement this salesforce strategy within your sales team to maximize long-term returns. To enhance your knowledge of how to sell SaaS Solutions, follow these steps.
Discover your USP (Unique Selling Proposition).
Don’t take the value of your apps for granted. What may seem like an apparent advantage to you may not be as evident to prospective buyers. When you properly articulate why your B2B SaaS products matter and how they differ from the competition’s offerings, customers will appreciate their importance. When presenting your distinctive selling point, you can sell SaaS Solutions online with ease.
Simplify your free trials as much as possible.
The word “free” alone can attract customers to an offering. Conversely, creating obstacles for clients to receive a trial in B2B SaaS is a surefire way to increase drop-off rates. A three-step activation requiring minimal registration (an email and password) is much more attractive. Maintain momentum by having ongoing conversations with your customers during the trial. This could lead to a 20% to 40% conversion rate from free to premium.
Prioritize onboarding for your customers.
Onboarding involves guiding clients through the process of activating, configuring, and potentially migrating data to their new SaaS solutions. It is essential for a profitable SaaS sales strategy.
Improper onboarding can also decrease the likelihood of customers using your applications. Customers are often hesitant to pay for a service they do not use, which means that inadequate or nonexistent onboarding can lead to a churn rate of up to 80%. Additionally, it can cause significant strain on your customer care team, which must handle a constant flow of dissatisfied clients. Consequently, a strong onboarding program is crucial for achieving your objectives, as it defines sales onboarding by providing new hires with the tools and confidence necessary to streamline this process.
Provide sales incentives.
Offering incentives is crucial for a successful and results-driven sales team. However, the quotas that used to be effective in the past, when software was purchased on-premises, are no longer as efficient in the age of SaaS. When you pay a predetermined incentive for each service offered, the salesforce shifts its focus to increasing sales volume. However, this approach might lead to low activation rates and unhappy customers who do not use or understand the worth of the SaaS they have acquired.
Instead, a compensation structure based on the rates of new employees and activation is a better alternative. This will motivate your sales team to steer clients towards solutions they would actively engage with. This strategy will highlight the importance of your B2B SaaS solutions to their business, boosting customer retention.
Use a Personal Touch.
While consumer electronics have conditioned us to expect apps to sell themselves, this is simply not true in the world of B2B SaaS. Buyers require guidance from a person. Over 90% of first-time purchases are made through offline channels, such as contact centers and field sales, even in a digital marketplace with a limited and customized app portfolio.
It is vital to bundle applications with critical services.
Buyers always seek a good deal, which is why they often go for bundles. However, multi-app packages in B2B SaaS often lead to confusion in both the sales pitch and cycle. Instead of bundling multiple applications, a better strategy would be to bundle related apps with your key services. For instance, a telecom company could offer a mobile internet subscription or a core service in combination with select apps.
Now that you have the requisite knowledge, ensure adherence to these guidelines to optimize returns on how to sell SaaS solutions sales.
If you need help or want to improve your skills in the way to sell SaaS solutions, Altcode‘s team can assist you.
Contact Altcode for more information.