SaaS companies work continuously towards developing a business model that enhances your recurring revenue with a reduced churn rate. Irrelevant to the industry, we all know that this can be achieved when you can keep your customers satisfied with regular follow-up and by providing them with enhanced customer service.
A decade ago, when SaaS was establishing itself in the market, several sales and marketing executives had to spend their time in explaining the various benefits a SaaS-based solution could bring to their prospects. Thanks to its massive success in the past few years, people are now more aware of SaaS companies, and this allows businesses to focus more on keeping their current customer base happy.
SaaS companies may be hitting a stage of stagnancy in some fields where the competition has become too stiff as the customers have already decided which vendor suits them best. However, exceptions are present in every form of business.
The compound annual growth rate of adopting SaaS will keep increasing in industries such as:
- real estate, etc.
The simple reason being that these industries still need to understand the benefits of SaaS.
Challenges that SaaS business faces
Let’s take an example of Netflix or Spotify, or for that matter Google Drive, everything is SaaS, and that will become a norm in every industry soon. But, there are many challenges that these SaaS companies face.
- Registration of new subscribers
- Increasing their conversion rates
- Decreasing churn rate
- Enhancing cross and up-selling
- Constant subscription revenue
Overcoming these challenges
The challenges mentioned above are not avoidable, but these can be adequately handled if businesses can use their existing customer and prospect database properly. A feature rich CRM comes in handy while a SaaS company makes progress in increasing their revenue via customer engagement and satisfaction.
SaaS businesses need to use a smart sales automation tool that seamlessly manages their customers' data and bundles it together whenever a particular kind of report needs to be produced for sales forecasting, employee performance, finding out the value of the most crucial deals.
Using sales automation, users can set workflows that will start the onboarding process whenever prospects request service signups. You can automate your follow-ups too, making it easier for you to establish the right communication with potential buyers.
- Salesmate CRM is the perfect CRM p…any SaaS business as it allows users to optimize their signups as per their business process. It propagates timely follow-ups using automated emails and gentle reminders to your sales reps for follow up calls.
- Once you start establishing a regular connection with your customers, it allows you to create a smooth flow of communication that helps in providing timely feedback to customer and prospect query.
- With a 360-degree view of your customer and their previous communication history, you know precisely how to treat them, reducing your SaaS businesses churn rate and increase your recurring revenue.
- SaaS solution providers are growing with each passing time. With that in mind, it gets effortless to target, find and persuade their audiences that they are the best solution providers of their problems.
- In this modern business era, it is not that difficult to find the tools required for engaging the customer base.
- However, maintaining a personalized relationship with reduced churn rate and pushing prospects forward from trial to recurring revenue generators gets more comfortable with a CRM.
- The data stored inside the CRM can be used to understand the prospects and customers behavior toward your solution.
- With intelligent integrations it is effortless to find out about their social interactions their designation, etc.
- Once the SaaS business owners have the ideal consumer persona of different prospects, providing them with a personalized solution creates a venue for the business owners where they can keep their customer happy.
- This fact alone contributes a lot toward the success and the future of SaaS businesses.
- Creating a bunched customer data for enhancing the speed of machine learning will surely help SaaS companies in creating a framework that can help then create a regular and automated feedback loop.
- Doing so will allow business owners to concentrate their core efforts on making better sales based on the experiences shared by their prospects and customers.
- Google Cloud services announced its rebranding strategy saying they will weave more artificial intelligence into their apps for enhanced efficiency at work.
- Predictive analytics is helpings SaaS companies streamline their user process to boost their sales process so that less time is spent prospecting and inputting data; giving more time for making a sale with informed data.
- CRM system is SaaS too, which means they are enabled with the highest security protocols available for cloud-based technology.
- The other most important feature of CRM software is that users can create roles of their team and still can keep the overall authority of the information under their protection so that there is no data misuse.
- With proper notification occurring for every deal and contact made, every prospect closed and every deal won, you will never miss any activity that happens in your sales process, making it hard for people to commit any type of fraud with you or the client.
Mobility in the SaaS Industry
- The world is working on-the-go these days and the modern business generation heavily relies on their smartphones in carrying out their business tasks.
- Every SaaS business that has a strong mobile presence successfully connect businesses with prospects faster.
- Also, sales displays, information kiosks in-store display can be connected to these smart devices too, for a successful demo procedure.
- With mobile CRM, users can easily coordinate with their team from any location. They can track their deal, create new contacts and meetings, give a live demo to their prospects.
Data-driven insights and sales reports
- Sales is all about the numbers but sometimes human error makes it difficult to trace those crucial numbers. Sales CRM software crunch these numbers at the right time and provide you with visually enhanced reports.
- With such insightful data, you can easily reach out to your prospects and make sure that you get a 100% conversion.
- The market has stiff competition so whenever a prospect signs up, send out automated yet personalized welcome email with a calendar invitation for setting up a call.
- With timely follow-ups, you can successfully connect with your prospects and develop a perfect client-customer relationship that ends up in successful conversions.
- Measuring revenue run rate, conversion ratio, and email clicks etc. allow your business to know how their sales team is performing with their sales goals. This helps you in understanding the reasons behind your missed opportunities.
Seamless sales pipeline management
- Business processes that have a clear visibility of their sales cycle are able to free manage, sort and filter their deals based on their value and take a quicker decision, hence enhancing their profit.
- For every SaaS business, it is necessary to focus on right deals in a timely manner for better conversions and Sales CRM come in handy in such situation as they help you focus more on making sales while they manage your deals.
- Doesn’t matter which SaaS solution you are selling in the market, seamlessly customize your pipeline and keep a close watch on the won and rotten deals.
- Multiple pipelines can be created for SaaS businesses that deal in more than one solution.
We read somewhere the “as a service” is going to be the trend in the coming year and keeping in mind the current pace this industry is moving ahead that day is not so far away! However, it is not feasible to provide the truly personalized service to your customers without that human touch.
Why? Somethings cannot be outsourced as it is impossible to “license” customer satisfaction. Introducing CRM software into the business process, SaaS companies can be assured that their core problems of providing a remarkable service to their customer base can be tackled in a well-informed manner.
Salesmate CRM for SaaS companies has been working with many businesses and has been helping them out in managing their deal, contacts and sales activities in order to achieve the recurring revenue. If as a business owner, you would like to know more about Salesmate CRM and its use for your business, do get in touch with our team.
Category: Business Intelligence Software Company about: Salesmate is an intelligent SaaS based CRM made for providing an extraordinary support to sales reps with the features like Sales Intelligence, Sales Forecasting, Automation, smart emails etc. Salesmate CRM is cloud-based and hence it doesn’t require any team of IT experts for management, it is simple and easy to use CRM Software.