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.
Did you know that more than half of the companies listed on the Fortune 500 in the year 2000 have vanished?
The pain churn has caused B2B SaaS Companies around the world is undeniable. Unfortunately, we still see executives and leaders that still don’t *get* the nuances that come with operating a business in the subscription economy.
Churn hurts…don’t believe me?
Consider this recent stat from Zoura: putting to bed the argument that what has worked before will continue to work in the future. Same argument that fuels funnel vision.
With over $1.2 Billion in paid subscription-based revenue and over 50k SaaS deals closed to date for clients, I’m excited to extend the expertise I’ve established working in trenches of the digital gold rush.
I serve companies, leaders and professionals aiming to reduce churn without outsourcing sales or customer success or buying expensive technology.