The customer experience brings B2B SaaS leaders new opportunities to grow, scale and prosper. Here’s 5 ways you can boost revenue for your SaaS company without chasing new sales deals.
The most successful and fastest growing tech companies are seeing 30-40% of new revenue annually from the expansion of their existing customer base. (Source: ProfitWell)
Here are 5 ways to boost revenue at your B2B SaaS Company without chasing new sales deals.
#1: Cost of keeping a customer is less than acquiring new ones.
Shore up resources and segment your customer base for full coverage. Existing clients are also more likely to close upsells by purchasing new products or increasing spend for new features and added benefits.
#2. Referrals can feed top funnel and top-line revenue with leads that close faster and stay longer.
A strong renewal process isn’t only about the renewal. It’s about the client’s entire experience leading up to the event of license expiration. When the customer explicitly knows the value of your product and partnership, they tend to want the same for their peers, colleagues, and network. Would you rather have 5 warm referral leads or rather chase down 50 cold leads? Low hanging fruit right here if you’re not asking for referrals.
#3. Inside Selling roles are growing more than any other role in the sales profession today
Not SDR’s, not BDR’s, but Inside Sales. Professionals in Inside Sales now make up almost half of all sales positions. Using census data, Insidesales.com estimates of the 5.7 million non-retail U.S. salespeople in 2017, 43.5% were inside sales pros.
#4. B2B renewal sales require a hyper-focused approach, process and talent pool different from your new sales team.
This starts at the top. If the leadership at your organization doesn’t know this already you’ll struggle to perform and probably already are. Don’t erode your user base because you’re too lazy to hire the right talent to keep your happy customers, well, happy.
#5. Renewal teams are often an untapped gold mine for BOTH the company they work for and the customers they serve.
Because the subscription-based model is fueled by the customer experience and normally sold as a monthly or annual subscription, your renewal team has more access than ANYONE else to practice empathy and walk in your customer’s shoes. They should be cataloging behaviors and trends.
Your takeaway action: Establish a client feedback loop, collect the data and use it to build better products, stronger support offerings, and tailored and appropriately personalized journeys for all users.
Originally appeared on LinkedIn, written by Aaron Cowell.
The key to your next promotion starts with understanding how to serve in b2b.
The Rise of New Leadership in Tech
In the tech community exists a rarely curated cohort of highly skilled executives and leaders. Impressive on paper and impressive in person. They are unique for many reasons. And the key to your next promotion is understanding how to serve them.
Tech leaders are unique because of the expertise they bring to the table. In the software world, depending on your ‘niche’, companies are hiring talent with the right expertise to help them compete in that market.
It’s these executives teams driving how companies innovate, compete and win in business today.
If there’s a big difference between The Lenox and other high-end hotels it’s the experience you have while you’re there (CX). They’ve mastered the B2C experience that so many B2B companies fail to do today that costs them long-term revenue: The Customer Experience (CX).
There’s plenty of high-end luxury spots and hotels in Boston to choose from.
The world of business technology has changed how we sell and buy more in the last 10 years than the last 50 years. To compete and win today, professionals in tech will have to close the knowledge gap caused by the rise of B2B SaaS.
The world of B2B SaaS has changed how we buy and sell more in the last decade than the last 50 years.
B2B professionals must pivot away from conventional wisdom and own the development and growth of their core skill set to stay competitive and relevant.
I don’t know about you but I wasn’t sent the memo. I had to learn it myself. It’s why I started The B2B Report and it’s why I’m sharing this insight with you now.
So what changed?
Three things: Cloud, Customer Experience, and B2B Vendor Accountability
Cloud: The driving force behind the buyer and seller evolution started with the cloud race. Which AWS won and still dominates. Sparking a conversation on the death of on-premise (the verdict is still out on). The cloud powers the SaaS products you know, love and use.
Accountability: The cloud race gave way to technology products being offered as a monthly or annual subscription. This shift allowed buyers to expand their product offerings and get customized or tailored solutions that didn’t break the bank or lock them into 10-year maintenance contracts.
Experience (CX): Gone are the days you can overpromise to close a deal or keep a client’s business. Every interaction someone has with your brand impacts the likelihood they will do business with your company (and recommend to others). The customer experience, or CX, is the most important aspect of your business now. There’s good news too: it’s within your control.
Today’s Tech Leader’s have the shortest path to go out and champion real change. B2B SaaS companies that plan Go-To-Market strategies around new age practices for Sales and CX will endure the long-term race to capture market share and keep it.
One of the best things you can do is to put yourself in a position to win by working at a company or for a leadership team that understands the nuances of operating a successful B2B SaaS.
Work with and for Leaders in Sales, Marketing and Customer Success who:
1) think laterally
2) practice servitude
3) invest in coaching
4) are willing to change to compete
5) lead from the trenches – they’ll get their hands dirty with you
Go work for and with people that execute and embody these 5 traits. It’s these fearless leader’s that will win the long game — not just in SaaS, but in life.
If you’re in Sales or CX and made it this far….thank you for reading. Check out or consider reading these books to close your specific knowledge gap in B2B SaaS. All highly recommended by The B2B Report.