With SaaS companies rising everywhere, SaaS Sales have become a highly sought-after role in the world of startups and innovation. Undoubtedly, SaaS is a highly profitable business model with an estimated market value of USD 700 billion by 2030. While this doesn't make SaaS sales the only profitable way to sell software online, it's certainly one of the most widely used. In a nutshell, SaaS sales, or software as a service, is a way to distribute software that customers can access online. It is much more common for people to see SaaS companies offering their products as a monthly subscription, and it is one of the best ways for companies to earn recurring revenues. One such example is Netflix; if you can sign up to it directly from your browser, then you are using SaaS.
Phases in SaaS Sales Process:
Prospecting: Your first step is to reach out to prospective customers—people interested in your products. There are a host of strategies for attracting clients, from social media and blog posts to targeted ads and trade shows.
Qualifying: With a little research and some information about their interests, sort the hot leads from the cold leads.
Presenting: It's here that you get to meet with your leads and find out what they need. From this meeting, you can derive how you can help their business.
Handling objections: Persuade leads to conversion by addressing the objections. Price justification and feature salesmanship are the best ways to create interest in your product.
Closing: The closing stage entails collecting your payment and signing the papers, and pushing the transaction across the finish line.
Nurturing: This is the post-sale stage that helps in making the customers feel valued and retain them.
Important SaaS Sales Metrics:
Annual Recurring Revenue(ARR): A metric that gives you an idea of how much income a company makes on an annual basis.
Sales qualified leads (SQL): A potential client who is willing to become a customer or ready for the next phase of the sales process.
Churn Rate: it is the percentage of customers that leaves the service on a monthly or yearly basis.
Customer Acquisition Cost(CAC): It is the cost of acquiring each lead that in turn helps in measuring the ROI.
Customer Lifetime Value(LTV): It indicates the overall money the customer will invest in your product that helps in assessing your business model.
Win Rate: It is the percentage of closed prospects by the sales team.
5 Insider Tips for selling SaaS effectively:
Map your Customer's Journey: Knowing ins and outs of a customer is as important as knowing your product. Put yourself in their shoes, learn every step, and ease out their problems.
Up-Sell/Cross-Sell: At some point, you might realize that your client's needs keep changing. At this stage, pitch a new product through upsell/cross-sell suggestions.
Never ignore Customer Feedback: There is always a place to improve, and SaaS products are no exception. Understand the input to see where you can most effectively enhance the product or service.
Learn from your Experience: Going through your day-to-day interactions is the best way to learn and improve your selling tactics.
Maintain Communication: No matter what phase of sales your customer is in, communication is the key to lower the churn rate. Take advantage of omnichannel and personalize your message according to the client.
Bonus Tip: Sell a Solution, Not a Product: For more such tips to make your revenue earnings skyrocket as a SaaS Sales professional, check out Certificate Program in SaaS Sales. This program also offers guaranteed job offer after the program completion. As stated by Brian Tracy, "Approach each customer with the idea of helping him or her solve a problem or achieve a goal, not of selling a product or service".A sales professional must always regard their client's pain points and needs. When you know that your product is good for their business, you can sell the solution to their problems.
SaaS is one of the in-demand and lucrative professions of today and in the future.
Like many other marketing disciplines, there can be a number of common mistakes made by companies offering SaaS products, ranging from incorrect promotion to poor app development. But despite this, we see that SaaS as a vendor-driven marketing approach is a very effective method of building strong relationships with your customers and growing your business. Sales professionals in the SaaS world are gaining more recognition due to the impact they have on the growth and success of SaaS companies. They are responsible for establishing needs, providing sales presentations, servicing accounts, training users, and generating revenue through product or service sales.Seeking to make inroads into the multi-billion dollar industry? Altuni's Certificate Program in SaaS Sales can help you enter the SaaS world by securing a guaranteed job with high-paying, top SaaS firms.How do we do it?
You will learn in-demand concepts like Lead Qualification, Relationship Building, Negotiation, Sales Closures, Cold Calling, Objection Handling, etc. with SaaS sales expert, Zohort.
You will understand the nuances of the SaaS with industry exposure by working on real-life processes.
You will learn to create your personal super brand on Linkedin.
You will get an In-demand certificate from Zohort and Altuni to acknowledge your knowledge and skills.
Interview preparations are a significant part of the program with 1-on-1 prep sessions, profile building, and mock interviews.