The business landscape continues to evolve rapidly, which means the sales team is in a constant state of awareness to match market needs despite the cutthroat challenges ahead. Rolling out new campaigns that aim to boost the credibility and profitability of companies is a never-ending process, but selling technology that has no tangible form is a different ballpark altogether for sales representatives.
Breaking into the Software-as-a-Service (SaaS) market, in particular, requires a comprehensive and tailored approach to provide a greater perspective into its expansive potential. Since SaaS is a cloud software product that offers services over the internet, customers don’t have any physical hold over it, requiring a unique selling proposition.
The Advent of SaaS in Multiple Industries
Businesses are already moving forward with their digital transformation, but the COVID-19 outbreak in March 2020 sped up the transition as industries turned to remote opportunities to survive through the pandemic.
The demand for SaaS solutions took the market by storm; that’s why there are projections that the SaaS revenue will reach a whopping $300 billion by 2026. Despite the boom of SaaS companies, selling its unique products requires a different technique altogether.
With new metrics, methodologies, and processes, businesses looking to break into SaaS sales need exceptional teams ready to take on uncharted territories to flourish in a time that demands transformative technologies.
What are SaaS Sales?
Before we dive deep into the different factors that can help you break into SaaS sales, it’s good to take a refresher and understand what makes this sector different compared to selling other products or services.
For one, SaaS is a customizable service that offers unique solutions to evolving problems involving cloud-based apps like email, calendaring, and other web-based office tools like Google Workspace, Dropbox, Cisco WebEx, SAP Concur, and more.
Since it grants accessible and streamlined data from any device with internet connectivity, businesses that seek SaaS solutions can gain a significant cost reduction in their IT infrastructures, gain effortless scalability, and maximize trouble-free up-gradation as business technologies continue to make headway into a digitally-oriented environment.
As a SaaS sales representative, it’s up to you to communicate to prospective clients the role of SaaS products in automating different business workflows to stay competitive.
A Need for a Fresh Perspective: Taking Your Saas Sales Techniques to the Next Level
SaaS companies are only taking their first steps, but despite being relatively new, it focuses on products birthed from the digitally-oriented world. Its ingenuity requires sales departments to rewrite their marketing pipeline from scratch; that’s why taking on the role of a SaaS salesperson needs an exceptional approach to thrive in a domineering environment.
To handles the pressures of SaaS sales, seasoned sales professionals need to step up and use the following methods to propel themselves ahead of the fierce competition:
Factor #1: Exceptional Sales Experience
Beginners will find it challenging to step forward in a SaaS marketplace since handling high cost and complex solutions to new consumers. It’s a far cry from other products and services since SaaS is complicated by nature, so shedding light on the functionality, features, and integration capabilities require greater technical know-how on the product.
Keep in mind that the SaaS sales cycle is considerably longer and elaborate, too, since it undergoes several decision-makers in the process, so having a greater command over the intricacies of SaaS increases your chances of winning sales. Since SaaS products require a thorough understanding of their potential, sales reps can gain an advantage by having a technical background.
Collaborating with your sales team and engineers can also enhance how you educate your customers, allowing your SaaS company to effectively communicate your product’s benefits to a market that is still primarily unfamiliar with SaaS.
Factor #2: Understand Your Target Market
Remote work has been booming in niche markets in recent years, but the pandemic and its social distancing restrictions paved the way for remote companies to make their mark in the world.
With that in mind, SaaS sales teams need to explore different markets so you can pivot your offer to companies with a higher demand for SaaS solutions. SaaS behemoths like Salesforce have international reach, but striving for the same global awareness requires a greater effort in getting to know your target market.
While it’s true that tech-driven niches are dominating the world, not all companies need SaaS, so it’s important to identify which markets, companies, or sectors can benefit from your offerings.
Factor #3: Widen Your Connections
Networking makes the worldwide web go-’round, and in the case of supercharging your approach as a SaaS sales representative, it makes sense to connect with remote companies to tap into an extensive market at every scale and size.
In a sector that needs technical expertise over SaaS, advertising through a wide-ranging network should catapult your sales team ahead of the tight competition compared to relying on online advertisements alone.
Factor #4: Greater Customization and Metrics
No SaaS company offers the same products; that’s why the best SaaS sales team should utilize different software tools to enhance their customer base system and tailor offerings that completely match the client’s specific needs.
As a sales representative who strives to take charge of the growth of SaaS companies, you will need to develop a replicable roadmap to streamline your SaaS processes. Some of the key checkpoints sales teams can use when fine-tuning their SaaS sales performance includes the following metrics:
- Net Promoter Score (NPS) – Clients extend a greater deal of trust when purchasing SaaS products; that’s why it helps to use a Net Promoter Score when assessing your SaaS sales performance since it reveals customer satisfaction and the extent of their loyalty.
Customers with a nearly perfect NPS means they can serve as ambassadors of your SaaS products, which loosely translates to enhancing your ability to generate referrals.
- Monthly Recurring Revenue (MRR) – A SaaS sales team needs to improve their forecasting capabilities to track their growth, so if you want to land SaaS sales, you’ll need to look into your company’s monthly recurring revenue. By looking into the success of your client contracts, you can create data-driven plans designed to build your business momentum and ramp up your revenue as you progress.
- Sales Qualified Leads – Every sales process needs to connect with high potential leads, known as the sales qualified leads. They are the prospective clients who are highly interested in purchasing your products since they have an immediate need to solve a problem, so curating your qualified leads can maximize your SaaS sales effort by putting you in front of customers who are willing to invest in your solutions.
Factor #5: SaaS Sales Tools
On top of sharpening your skills in sales, it helps to leverage SaaS sales tools to optimize your conversion strategy and keep teams in the loop for any progress. Automation tools like MailChimp, HubSpot, or Zendesk can boost your SaaS sales by taking the guesswork out of your marketing efforts since it can automate your process in more ways than one.
For example, SaaS tools can offer customer relationship management (CRM) capabilities that allow you to handle your client base on a more hands-on level. But beyond establishing greater connections with clients, CRM systems can improve your SaaS sales with the following benefits:
- Improve internal communications within the sales team
- Maximize sales opportunities
- Stay on top of email subscribers
- Personalize your sales approach
- Nurture high-quality leads
- Boost customer retention
- Enhance relationship-building strategies
- Organize data
The Bottom Line: Skyrocketing Your SaaS Sales
Each market in the landscape has its unique challenges, but the world is dominated by revolutionary technologies like SaaS, so businesses need to gain the competitive edge to flourish in a new industry that is already gaining worldwide traction.
With the novelty and complexities of SaaS sales, it’s important to take your skills to the next level by exploring ways to make your products more viable to a curious market. With the dog-eat-dog landscape, one of the unique propositions that can enhance the value of your SaaS sales is a smooth-sailing, quick integration process.
You’re already selling a solution, so it’s up to seasoned sales representatives like you to make SaaS products stand out from the competitive crowd by offering additional benefits designed to make implementation easier for your customers.
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