The worldwide business software market had a value of $429.59 billion in 2021. By 2030, this value will continue to grow at a CAGR of 11.7%. B2B software will dominate this industry by then.
Moreover, enterprise software will see the average spend per employee reach $68.64 by 2022. Compared to the rest of the world, most revenue in this industry will come from the United States. Thus, it’s easy to see why people are growing so interested in entering this market.
Selling business-to-business software is a different beast than selling consumer products. The sales cycle – the amount of time it takes to close a deal – is longer, and the value propositions are much more complex. To be successful at selling B2B software, you need to understand that every step matters.
SaaS sales stages are complex but necessary to understand if you want to sell software as a service to B2B companies. The more well-versed you are at understanding how these steps and processes work, the better initiatives you can take to sell your products. At the same time, selling the product itself requires you to know a few tips and tricks.
Having established that, here are a few top tips for selling business-to-business SaaS.
Define Your Ideal Customer Profile
Defining your ideal customer profile is critical to SaaS success. You need to know who is most likely to buy from you so that you can tailor your message and sales process accordingly.
To get started, identify the problem that your product or service solves. If someone was able to solve their problem with what you’re selling, would they be willing to pay money? That’s where you start when defining your ideal customer profile — the person who has a problem and will pay for help solving it.
Once this is clear in your mind, take an honest look at how many people have that specific problem and how much money they might spend on solving it. Then, consider whether there are enough potential customers with sufficient budgets for the business opportunity available for a SaaS company like yours.
Focus on a Niche Market
Selling to niche markets is much easier than selling to the broader market because you have less competition. It’s easier for prospects to understand your offering and therefore buy from you. It’s also much easier for you to build a business around them.
Utilize Your Existing Network to Find New Customers
Find new customers by utilizing your existing network. You’re already in a fairly unique position because you have access to the people who are in your industry, have done business with them, or know them well enough to introduce the product. Use your network to find prospects, partners and investors, and even buyers.
By leveraging the connections you already have in place through personal relationships and common interests, you will be able to reach more people than if you were just cold calling or sending out emails asking for leads.
Develop a Value Proposition
Before you can sell your business-to-business SaaS, you need to know what it does and how it does it. The product marketing team should have a clear understanding of the value proposition for your business-to-business SaaS.
At this point, don’t worry about selling to customers yet. Think about how you are going to sell your product internally. Your value proposition should take into account any competitors that offer similar solutions, highlight the benefits of your solution over others on the market, and show how those benefits will help customers.
Don’t Sell Until You Are Ready for an Order
When you’re selling business-to-business SaaS, it’s easy to get caught up in the excitement of closing a deal. When you get to that point, it can be tempting to think about all the benefits your product will bring to your customer and how quickly it will pay for itself. But before you start selling anything, make sure that everything is squared away.
If you haven’t done so already, have a basic product specification ready. This document should clearly outline all of your main features and benefits, as well as any limitations or restrictions around those features and benefits. It should also include pricing information and contact information where interested parties can reach out with questions or comments.
Once your potential client agrees with whatever you are offering and at your conditions, you are ready to sell.
The global SaaS market will reach a value of $240 billion by 2022. That means it will grow at a CAGR of 13.4% from its 2021 value of $212.2 billion. Thus, there is no doubt that it’s a lucrative business opportunity to invest in this market right now.
However, selling SaaS is an ongoing process, and you need to pay attention to every step of the journey. That means looking for leads from the moment someone hears about your product or service through the moment they sign on as a customer. It also means nurturing those leads through their purchase decision so that when it comes time for them to make that final call, they know exactly what’s in store for them.