This week’s SaaS roundup features tips for building your SaaS dashboard, selling into the enterprise, boosting SaaS conversion rates and much more! Let’s get started…
First up is Crossover‘s Mihai Raulea, bringing his expertise to the Hacker Noon blog to discuss how to properly build a SaaS dashboard. What is a SaaS dashboard? A SaaS dashboard organizes key SaaS metrics from sales, marketing, finance, support, and development teams to give executives a bird’s-eye view of the business. The benefits of having one are countless, and the need is clear. So how do you build one? And what do you include and how do you keep it accurate, effective and up-to-date? Raulea has the answers.
Asking yourself “Will my storage solution scale?” when you barely got your first 20 customers are words that shouldn’t be uttered. What will kill your SaaS startup is the high cost of customer acquisition and low life-time value or high churn rates. I say OR because one is enough.– Mihai Raulea
Paddle‘s James Doman-Pipe writes about the importance of customer-centric growth strategies, and how to implement them company-wide. Doman-Pipe advocates for SaaS companies to try and see things from the customers’ perspective, not only prioritizing their wants and needs, but being passionate and tireless in the pursuit of fulfilling them. As long-time fans of the folks at Paddle ourselves, we can’t say enough good things about their approach to customer-first thinking and customer-centricity in general. Who better to offer advice on this subject than a company known for customer dedication?
Time spent understanding your customers’ perspective is never time wasted.– James Doman-Pipe
The brilliant folks at Incredo have made quite a few appearances throughout our weekly roundup series, and for very good reason. Described as the “story-maker” of Incredo, Sona Hovhannisyan shows off her writing skills and intellectual prowess for all to see with these nine steps for boosting SaaS conversion rates. Hovhannisyan states the difficult truth, pointing out that simply having a SaaS product that is useful, easy to use, customizable and affordable is no longer enough to ensure a steady stream of users. So what do you do? Start here.
Every company, but especially SaaS companies, needs to make their customer service a top priority. The reason being that you will likely never meet your customers in person, so it’s rather hard to establish a personal relationship.– Sona Hovhannisyan
To start a SaaS podcast, or not to? SaaS podcasting may not be for everyone, and odd as it may seem – it may even be detrimental to some. Geoff Roberts of San Diego SaaS giant Outseta digs into the finer aspects of SaaS podcasting, outlining the benefits, the complications, and the reasons him and his team at Outseta decided not to start one. Decide which form of content to invest in carefully and thoughtfully. Wasting time and resources is the same as wasting money.
Aside from the skills on your team and the content consumption tendencies of your audience, you also need to consider your product and the market that you’re trying to reach.– Geoff Roberts
Opening with a powerful quote from Lincoln Murphy stating that any first sale is only the tip of the iceberg, Cobloom‘s Emily Smith explores the art of the upsell. The good news is that existing customers are much easier to sell to: the probability of converting an existing customer is 60-70%, compared with only 5-20% for acquiring a new customer. But with that being said, when’s the perfect time to upsell? And how should you go about it? The answer is really quite simple, and Smith is here to help you get started.
The most important thing to remember is that upselling to your SaaS customers should never be random. You need to focus on the customer, rather than your service.– Emily Smith
Basis State‘s Paolo DiVincenzo is one of the most clear and concise writers we’ve featured in this series to date, and nothing demonstrates this succinctness better than his latest offering. He doesn’t mince words, giving you only the information you absolutely need and aiming at the heart of the matter from the very first word. DiVincenzo points out that there are three main reasons why companies acquire sub-scale SaaS: (1) to accelerate a roadmap, (2) to access a new type of customer, (3) to avail a new product to existing customers. His article discusses reason 1, the 3 factors to consider in this scenario, the math behind it and what it all means. And better yet? He does it all in under 5 minutes.
When acquirers buy a sub-scale SaaS business, it’s rarely for the business’s revenue. The revenue-based valuation rules that apply for scaled SaaS companies do not apply sub-scale.– Paolo DiVincenzo
Instead, sub-scale SaaS valuation is based on the particular reason the target is receiving interest, and this can vary.
Keeping churn rate to an absolute minimum is a priority for SaaS businesses in order to achieve and sustain growth. For those of us in the SaaS community, this probably goes without saying. But how can we bring our churn rates down and keep them there? One google search for the word “churn” will likely offer a few million suggestions on this, but one powerful churn-reducing tactic we don’t hear about too often is the implementation of a live chat option for prospects and customers alike. Can introducing live chat really reduce SaaS churn enough to matter? According to Ibby‘s Caterina, the answer is yes. Here are three ways to make it happen!
In general terms, SaaS startups can afford to invest significantly more in retaining customers to improve churn rates, because retaining existing customers is less expensive than finding new ones. Moreover, investing in customer success to grow existing accounts can be a more cost-effective way to reduce churn than increasing spend for new customer acquisition.– Caterina
Last but not least comes Openview‘s latest collaboration with our very own Anna Talerico. Anna frequently pops over to the Openview blog to share some of her sage wisdom with their readers, and we appreciate them so much for welcoming us back yet again! This time around, Anna discusses what you need to sell SaaS products to enterprise customers, and takes readers through each step of the process.
According to a recent study by MuleSoft, 52% of SaaS vendors report that over half of their customers require integration, and 87% viewed integration as a major hurdle in the sales process. Let those stats sink in and then consider that those stats are especially relevant to enterprise customers, who have lots of software and need it all to work together.– Anna Talerico
Thanks so much for joining us for another SaaS roundup. We hope to see you here again next Monday!