There were approximately 197 billion U.S. dollars in the global SaaS market in 2023. It is estimated to reach 232 billion U.S. dollars by 2024; by 2026, the SaaS market is expected to reach $307 billion.
From this, it is clear that there are a lot of SaaS sales. SaaS sales reps drive those purchases for the growing revenue of the business. Transitioning to SaaS can be tricky If you are a SaaS sales representative from a more traditional sales background. You must understand the unique SaaS sales process if you are a SaaS Sales rep.
So today in this article, I will walk you through some SaaS sales strategies and tips to sell SaaS products.
What is SaaS Sales?
Before jumping right into SaaS Sales, do you know what SaaS stands for? SaaS stands for Software as a Service used by businesses to solve their pain problems. SaaS sales is the process of selling online software that can be accessed by customers through an online portal.
Moreover, B2B SaaS sales involve selling SaaS solutions to small, medium, or large businesses. Here sales reps have crucial responsibility which should be focused on generating and converting new leads.
The Main Difference Of SaaS From Other Types of Sales
Firstly, SaaS products are subscription-based, meaning the customer’s commitment is ongoing. Selling Software as a Service is a complex process. In SaaS sales, the software must be supported and engineered so that SaaS sales teams can build lasting customer relationships to ensure future sales.
The cost of lead generation software can be pretty high, and more players need to sign off on the final decision, also the SaaS sales cycle will take much longer.
Before closing the deal you might need to check the following steps,
- Keep nurturing the customer relationship to increase Customer Lifetime Value (CLV).
- Hire Sales Development Reps (SDRs) and Business Development Managers (BDMs)
- SDRs focus on outbound sales and qualifying leads.
- BDMs focus on conducting product demos and closing deals.
- Hire market development representatives (MDRs) to handle leads that come in from marketing.
- SaaS sales require a detailed understanding of the software.
- Create a critical part of the SaaS sales process ie, ongoing communication, and client relationship building.
- You need to market the value of the product, as SaaS B2B products are not cheap, so pricing isn’t your selling point.
The main objective of a SaaS sales team is to move sales-qualified leads through the pipeline and generate new revenue for the company. The better your offering, the more opportunities you have to attract an enterprise SaaS audience.
The SaaS Sales Process
10 Powerful B2B SaaS Sales Strategies
- Curate a small, highly targeted app portfolio
- Build a compelling value proposition & apply lessons from top sellers
- Use “pull marketing” to generate leads
- Bundle apps with core services, not other apps
- Depend on technology advisors to reach customers and sell more SaaS
- Future-proof your business, especially in an evolving channel market
- Make onboarding a top priority
- Keep your free trials simple
- Keep SaaS sales out of internal silos
Your sales reps will need to communicate the benefits and features of the solution to customers. So they need to know how the software works to demonstrate and troubleshoot the product during demos.
Final thoughts
Nowadays more and more people are coming up with cloud-based products. Therefore you need to have a sound B2B SaaS sales strategy to grow your business. Selling SaaS is an art and it is different from selling traditional digital assets. Adding value to your SaaS products and services is the key to success in the SaaS world.
