Software — whether sold as a service (SaaS) is a multibillion-dollar business, with new vendors and solutions popping up all the time.
But just because you have developed a great app or solution doesn’t guarantee success. So how can you increase your chances of getting your software or digital offering purchased? This is exactly what we are going to tackle in today’s post.
Let’s look into some of the most effective ways you can sell your software subscriptions and/or services.
Offering a basic version of the product for free gets people hooked. This is a huge leg up when selling to businesses because when the time comes to scale up to a premium offer, the decision making process is already skewed in your favor. It’s more time consuming and expensive to start over and learn a competitor’s product than to simply continue to use the product a company already knows and loves. An important feature of any successful freemium model is a good subscription management process.
Have subscription relationship management tools ready to help bring paying customers on board by, for example, reminding new users when their trial is ending so the conversion to paid membership is transparent and frictionless.
Resources for subscription sales
Subscription sales teams will be effective only when they have the right resources to supplement conversations with potential customers. In today’s competitive SaaS and technology markets, many people are much savvier than ever before and require concrete examples and accurate data to feel comfortable making a decision.
Because subscriptions are built on recurring relationships with your customers, a clear and comprehensive understanding of their needs, wants, and motivations is paramount. The sales strategy required to win over a small business owner will be drastically different from the strategy required to convince an experienced CTO of your subscription’s value.
When you’re just starting out, this information can be difficult to find. You’ll have to make assumptions based on your personas and existing customer data in your industry. As your company matures, you’ll be able to reach out and survey existing customers as well as prospects with more targeted inquiry. The more data you have at your disposal, the more accurate your decisions will be.
Offer money-back guarantee
Studies have shown that a trusted and well-presented money back guarantee can actually increase sales by up to 40 percent. As for how long the guarantee should be for 120 days. A short guarantee makes it more likely the customer will take you up on it. They feel a time pressure to cash in the guarantee before it’s too late. With a long guarantee, the customer feels they have more time to make up their mind. Moreover, the longer the customer spends using your app, the more time they have to get to know you and fall in love with what you’ve created–and the less likely they will request a refund.
Video marketing of how your product/service works
Have a one- to two-minute video explaining your product or service, someplace obvious on your Website. Animation is great for a simple product breakdown, and a video of employees can give a human side to a technical service folks might not understand. It works great for us and engagement is high!
Use metrics and adjust your market accordingly
When you’re selling online software you cannot set your [marketing] campaigns and forget them. It’s important to always be testing–headlines, images, videos, links, length of page, calls to action, colors, etc. We have weekly analytics meetings where we’re constantly looking at what is performing well and what is not.
By regularly checking metrics, you know what’s working and what’s not and can adjust your campaigns and minimize losses.
Show your customers you understand their pain points
Whether it’s telling stories to highlight how your software makes life easier, or alleviating fearful or cautious emotions that come with a potentially substantial investment by providing valuable information, creating human connections around your product is a powerful way to stand out against the competition. In order for this to be effective you have to invest enough time doing your due diligence in researching your prospects’ business background and other important details.