The more business pains you can solve with your products, services, and people — with the least amount of friction to value and desired outcome(s) — the stronger positioned you are to build a sticky brand, following and customer base.
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.
You could have the most beautifully designed product…solving the most complex enterprise problems of today…but it won’t matter if you don’t deliver the appropriate customer experience (CX) based on providing value and desired outcomes.
The evolution of what it takes to keep winning in B2B SaaS reminds me a lot of this famous quote from Charles Darwin:
“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.”
Go spend time climbing mountains or swimming with sharks. Observing nature is observing the longest long game in action – evolution and adaption of life. Same goes for B2B SaaS companies investing in CX.
Nature has always kept deep parallels to the business world, and it will always be better than most businesses at adapting, evolving and surviving.
It was recent –on a sunny windy fall day– at the beach in New England when one of those parallels hit me hard. I was on a walk with my wife when… I realized the following:
The sun‘s shining (value)…
The water’s blue (quality)…
And it’s COLD and windy (experience)…
What appeared to be a promising stroll on the beach turned into a windburn fueled freeze fest —the opposite of a delightful experience.
Questions that rushed to the forefront of mind:
-Was this what my customers feel like working with us and our product?
-What about other companies? Does this happen to them?
-Is CX like walking on a Cold Beach?
Because the value and the quality of the walk was based on the beautiful sunny beach, we assumed our experience would be delightful.
We didn’t pause and consider the unique variables of our situation and how those would affect the outcome we desired or the experience we’d have on the journey (or walk) to the value we sought.
Surely we could have recalled the seasons changing and lateness in the day. And we did.
We checked the weather and knew it was sunny outside. But we didn’t consider other factors like the wind chill or wind speed.
Same goes for AE’s and CSM’s in B2B SaaS today. Proper expectations must be set, and then reaffirmed early and often throughout the Lifecycle with each other and with your prospects and customers.
In my example of a cold walk on the beach, my ‘CX’ was assumed, which herein lies the problem many B2B SaaS companies have today with their CX motion:
a) Account Executives (New Sales) and Customer Success aren’t aligned
b) Account Management (RenewalSales) and Customer Success aren’t aligned
c) No process to ensure expectations and target outcomes are known and aligned on across all parties internally and externally.
What does all this mean?
It means that you could have the most beautifully designed product…solving the most complex enterprise problems of today…but it won’t matter if you don’t deliver an appropriate customer experience based on providing value and desired outcomes.
To keep winning in B2B SaaS, you must do one thing better than any other company:
CRUSH THE CUSTOMER EXPERIENCE
Because nobody likes the feeling of walking on a cold beach.
1. Don’t let your customer’s experience feel like their taking a long walk on a cold beach just to USE your product.
2. Companies that INVEST IN CX today, are and will become the companies of tomorrow.
3. Recurring revenue is one of the most overlooked and effective growth strategies of ALL TIME (yeah I said it)