All hype and a lackluster product are a common phenomenon. We’ve all been seduced by a miracle product that promises so much but underwhelms. But what about the flipside? What happens when you spend all your time focused on technology development and neglect to think of the future sales? It’s tempting to believe that a truly fantastic product will sell itself. Sadly, this is a modern fable of the highest order. Every major new tech development of the past 10 years has been backed by a sound sales and marketing strategy because nothing drives new product investment better than a solid first year’s sales figures.
In the SaaS industry, success is largely predicated on those early sales, as an estimated 92% of SaaS companies fail within 3 years. Despite growth and funding, securing pipeline and a stronghold in the market is even more vital.
It’s a tough situation because it’s natural for entrepreneurs to hold back on marketing and sales plans when they feel their product requires further development but it’s also this lack of planning beyond the initial investment that can prove a seriously limiting factor.
So, if you’ve secured investment, found a perfect product market fit and are confident in your value proposition and pricing, you’re way ahead of most of your competitors. But in a high growth and extremely saturated market, that’s not enough to edge the competition. Beige, generic and all-encompassing messaging that doesn’t help your product stand-out, coupled with a less than expert sales approach, isn’t the winning combination that will help you succeed.
Define your market and nurture it
It’s true, there’s a global market out there if you’re an SaaS business, and even if you’ve validated the market need for your product with extensive research, you still need to have a consistent, defined approach to influencing the decision makers in the businesses who have the most need for what you’re selling. Even if you have the perfect product to solve their business challenge, if your sales strategy and approach to prospecting doesn’t include a thorough discovery process, you could be missing out on valuable prospects and upsell opportunities. Our team are experts in guiding and influencing these conversations, gathering valuable insight throughout their conversations.
Invest in lead generation
If you’re new to the market and your organic traffic and enquiries need a boost, investing in lead generation can not only directly feed your pipeline but drive valuable traffic to your website, and can help you build brand and reputation when you’re still trying to expand your reach.
Stop firefighting and trust a sales expert
We’ve covered the issue of allocating a budget to outsourcing sales in our blog How to decide what to spend your investment on. A big part of this is understanding that the right team is essential to success. When you’re just starting to get established, it’s frustrating for team members to lead functions where they have limited expertise. You can be a genius developer with a talent for securing investment but that doesn’t mean you know how to create a winning sales strategy, tailor conversations that convince decision makers to part with their cash or seamlessly adjust the script to keep a prospect warm and interested. That’s what our team can do for you, giving you back valuable time to focus on core business.
The Covid-19 effect
The pandemic has seen SaaS sales rise, thanks to increased digitisation of services expedited by the shift to remote work. Who knows how long the boom will last? What we do know is that when budgets tighten, SaaS services will have to prove their mettle and stay close to both customers and prospects to keep churn low and convince new customers to part with their cash, making a consistent approach to account managing existing customers and nurturing new relationships even more vital.
If you’d like to find out more about how we can help you create a winning sales approach that will ensure a strong pipeline as the market recovers, get in touch: call 0333 250 3217 or email firstname.lastname@example.org.