Software as a Service (SaaS) is a relatively new concept in the world of marketing. The reality is that all the "rules" of marketing fly right out the window. Things operate differently in this particular B2B space, and conventional wisdom doesn't apply. In fact, if you plug in a traditional promotional model, your SaaS lead generation efforts will likely flop.
From how you promote, to what you promote, to how long it takes to convert a prospect into a client—everything in this space is unique. We understand that, and we want to show you how this can actually work in your favor with a few top tips for B2B SaaS lead generation success.
It's all about FREE.
When is the last time you received a piece of direct mail that contained a free sample? It's probably been a while. Heck, even grocery stores have cut down on free samples. In the SaaS world, however, free trials are the primary way of marketing and promoting your solution. It's also the easiest way to "onboard" new users.
There are a ton of ways to tailor your free trial offer—some will allow you to download a free trial that will last a certain number of days free and clear. Others will require you to provide your credit card information, but won't bill the card until after the trial period is over. You can limit the product's functionality and let users keep it free forever, only charging them to upgrade or add-on functionality. No matter how you look at it, there's a bit of wiggle room here. Ultimately, though, you've got to give it away to glean new prospects and leads.
Purchase decisions are made FAST.
In the traditional world of B2B marketing, lead conversion times are often measured in months and sometimes even years. In the world of SaaS promotion, that cycle is dramatically shortened—sometimes measured in hours and days. Many of those decisions get made on the same day the search began.
This presents you with good and bad news. The good news is that you can make money faster than you might have before. The bad news is that if you create a sales process that assumes that prospects will deliberate over the long haul, you might miss the opportunity to convert them on day one of their search. You have to offer more information and more powerful calls to action. You need to answer their questions and overcome objections in a much shorter space of time, and you may have to do that 100% digitally—without customer service reps coached on how to walk someone through the process.
Failure to sell the sizzle instead of the steak could send your prospects and leads elsewhere to officially seal the deal. Unless you're the only software provider in your niche (and that's a rare sweet-spot indeed!) you can't afford to drop the ball on this one.
Customer retention is key.
The old 80-20 rule applies to the world of SaaS. An estimated 80% of all of your future business will result from 20% of your current customers. According to researchers at Bain & Co., a mere five percent increase in customer retention can yield an astonishing 75% increase in profitability.
This takes us back to that free trial. When you offer one, offer enough to make the user who tries it out absolutely have to keep it once the trial period has expired. Make them miss you. Make them dependent on what you can do. Make yourself seem like the only logical solution to a problem they constantly wrestle with. If you do your job right, that trial will expire and they'll have to go back to the "old way" of doing things. Chances are pretty high they won't like it.
Most importantly, once you earn their loyalty, deserve to keep it. Rigorously train your customer service and support departments. Make calling, emailing or live chatting with you the easiest thing in the world to do. Consider offering a loyalty program for those that recommend and refer you to others.
What strategies do you implement to generate leads? Are you looking for more B2B SaaS lead generation magic? Contact Accelity Marketing, Milwaukee marketing agency, to learn how to generate leads so well that you'll turn strangers into raving fans of your product.
