Why Should SaaS Companies Invest in a CRM software?
SaaS is capturing the attention of entrepreneurs worldwide and becoming a preferred choice for businesses of all sizes. In the United States alone, around 80% final users prefer using SaaS applications (in 2016, this figure was 52%).
SaaS companies are expected to stay on their toes to address the surging demand and competition. As per a research, the chances of lead-conversion fall drastically, if a company fails to respond within five minutes.
- More organized process
- Faster access to data
- Better team collaboration
- Increased visibility into the sales process
All of the above, plus round the clock availability has become the need of the hour. Customers aren’t ready to wait; a delay in response can give them a reason to approach your competitors. What’s the use of running impactful campaigns and attracting potential prospect if they quit in the middle of a sales cycle? As per a study, 79% of marketing leads never convert into sales.”
To increases the revenue of your SaaS business, you need to change your game and approach sales differently. Investing in technology like CRM software can help you in controlling your overall sales outcome and improve the bottom line of your business. 64.2% of companies, rate CRM tool as impactful or very impactful.
CRM software- A powerful sales tool for SaaS companies
Isn’t it exasperating when you are not able to search an esteemed client’s details due to scattered contacts and unorganized folders? Moreover, things get worse when in the endeavor to find an important document you get to know that your sales reps are quarreling over a sales deal. CRM is an advanced tool that helps SaaS companies in avoiding such unwanted confusion and conflicts.
“Corporations invest in sophisticated CRM or Customer Relationship Management programs to effectively oversee their relationship with their customers at every point during the buying process” — Marc Ostrofsky
A CRM software is a better way to manage sales and customer relationships. It provides one centralized location to collect present and historical information for maintaining transparency and communicating efficiently with prospective as well as current clients. A CRM streamlines operations, automates various processes and keeps you updated with vital insights to improve sales results and grow your SaaS business.
There are reasons why SaaS companies/ startups invest in a CRM software
Sales in the SaaS ecosystem is complex and challenging. SaaS companies don’t only need to focus on selling a solution but also in building rapport with the customers for retaining them. It’s 4x cheaper to upsell existing customers than acquire new customers: costing just $0.28 to acquire an additional dollar of revenue.
“Offer your customers a long-term relationship, then do everything possible to build and maintain it”- Brian Tracy
Implementing in a CRM software is the logical step for getting closer to your customers. It helps you in earning their trust and loyalty by providing an excellent buying experience.
Below are the reasons why you should consider investing in a CRM software:
1. Efficiently manage crucial data
Once you amass the vital facts and details of your prospects, your main task begins. This information needs to be managed systematically for taking the deal forward. A CRM streamlines all the crucial data in a cohesive unit so that you can easily access and connect with a high potential sales prospect in real-time. Every interaction a prospect had with your company is stored in a CRM to ensure you have a smoother communication whenever you contact them.
- Know when the deal was last contacted and what’s its status
- View the notes added during the conversation and the activities scheduled
- Receive timely updates about the deal
- Instantly refer to the historical records and make better decisions.
- Keep your data secured
2. Automate repetitive processes
Most of the SaaS companies are spending their precious hours on administrative activities due which they don’t get time to focus on high-value deals.
Eliminate the grunt work and add more time to your busy day with a CRM by automating most of the redundant tasks. For example, you can set workflows and send your contacts a series of drip emails at specific intervals.
Like sending a –
- Welcome email when a potential prospect signs up for a 15-day free trial
- An introductory email after five hours of signing up providing information about your SaaS solution
- A reminder email after ten days to inform them that their free trial period is about to end
- An email on the 15th day of the free trial period informing them that their free subscription has ended
With a CRM you can even track these emails to see if the prospects are reading or ignoring your emails. Besides, a CRM also gives you the flexibility to automatically assign tasks to your sales team. Like, whenever a field is updated as per the set criteria, a task will automatically be created and a notification email will be sent to the specific sales rep to whom the task is assigned.
3. Make sales calls without switching platforms
Nowadays, some modern CRM software comes with built-in phone system, so you don’t need to invest money in a separate calling software. You can quickly make and receive calls without leaving a CRM. Using a CRM like Salesmate CRM, you can make global calls by choosing your desired local or toll-free virtual phone number from a list of 80 plus countries.
- Manage your sales and calls from one platform
- Automatically log calls as an activity without any hassle
- Record calls for training purposes
- Add notes during sales calls
- Track calls for getting vital information
- Create calling reports to monitor performance
- Collaborate with remote teams and forward calls
4. Create reports to gain valuable sales insights
Using a CRM for SaaS business, you can get actionable SaaS metrics with insightful reports to close more deals and reduce your churn rate. Know what’s going wrong and where do you need to put in extra efforts for filling the gaps in your business.
By creating a report in a CRM, you can:
- Understand at which stage of the sales process are your sales reps facing problems
- Find out the average revenue per user
- Spot risks and determine the best course of action to eliminate the barriers to sales growth
- Know how many deals your sales teams are closing in a month
- Analyze sales rep’s performance and track outbound activities
5. Gain control over your sales process
A CRM helps in Increasing the velocity of your sales cycle and prevent the deals from slipping through the cracks. Know where your prospects are in the buying process by creating and maintaining a healthy sales pipeline of your SaaS business in a CRM. Effortlessly manage the sales processes for clients from different industries by creating multiple sales pipeline. Track your sales pipeline to ensure a steady flow of deals
With a CRM-
- Know what’s going on in your sales cycle
- Create as many deals stages as required
- Add rotting period to avoid stalled deals in your pipeline
- Track the progress of the deals and follow-up on-time for converting them quickly
A little investment in the best technology can make a big difference to your business. A CRM technology can be very beneficial for your SaaS business provided you choose the right CRM and motivate your sales team to use it regularly
Here are few tips that will help you in making right decisions
- Asses and identify your business needs before searching a CRM
- Speak to your sales rep and create a list of features that they will require to close a deal successfully
- Try the CRM before investing in it
- Choose a CRM that grows with your business
- Research about the CRM and read various reviews
Ensure you invest in a CRM that your sales reps can easily understand and use like Salesmate CRM. This advanced solution has been awarded 2018 Best Value for Money and Ease of Use badges by Capterra.
This feature-rich CRM helps business in converting a prospect into paying customers. It has a simple interface and can be customized as per SaaS companies’ unique requirements. Salesmate is designed in an intuitive way that helps users to access crucial data related to sales from anywhere by using any device. Try Salesmate CRM for free to understand how it will be helpful for your SaaS business.