This week’s roundup includes laws of sales funnel physics, strategies to benchmark customers to success, optimizing free trial signups, and how to think about pricing.
7 Laws of Sales Funnel Physics Every SaaS Business Needs to Know
This article is titled as “Sales Funnel Physics” because as in physics, these laws identify the universal principles behind why people do or don’t buy online, assuming there is a market need for the product.
“This is about people. It’s about the people who are stuck in your sales funnel. It’s about the people who haven’t heard about your product yet. And it’s about the people who are your competitors. While people may not always behave in a predictable manner, they are influenced by the Laws of Sales Funnel Physics.”
How We’re Thinking About Pricing
This article discusses how businesses should be pricing their products. Including examples of a few different SaaS products.
“Most SAAS businesses operate under the gym membership model: they make much of their money from customers who barely use the product but don’t bother to quit…In fact, most gyms would go out of business if every card-carrying member made a weekly visit. Their entire system depends on non-consumption.”
7 Strategies to Benchmark SaaS Customers to Success
Customer benchmarking — the practice of identifying where a customer can improve or is already doing well by comparing to other customers – helps Customer Success Managers to deliver unique value to their customers. The comparative insights from benchmarking motivate customers to make changes that produce better outcomes with their solutions.
“I’ve found that SaaS vendors use seven distinct strategies to empower CSMs with customer benchmarking. The first two are longstanding strategies that rely on third-party data. The other five strategies leverage the data that is a byproduct of the vendor’s customer relationships and usage of their solutions. The last two of these five progressively use artificial intelligence to further automate the task.”
How To Optimize Free-trial Signups
SaaS free trial sign-ups can be a great way to win business. But many SaaS companies have found it difficult to stop their free trial from turning into a tribulation. One of the major problems is the huge gap between signup and conversion. A much-quoted 2012 survey from Totango showed that even the best SaaS companies were losing as much as 75% of those who signed up for a free trial before they entered their credit card details.
‘The very best conversion optimization is tailored to specific industries. The more specific and focused the conversion tips, the bigger impact you’ll see.”
“The truth is that turning free trial users into paying customers is just as important as getting people to try your product.”
Video of the Week:
Tweet of the Week:
#quote #rt pic.twitter.com/D3utUUEnHL
— Ian Moyse – FInstSMM (@imoyse) November 23, 2016
Instagram Post of the Week:
“What we fear doing most is usually what we most need to do.” – Tim Ferriss . Accept the fact that you will have to face your fears and weaknesses on a daily basis. But if you want to overcome them, you need to do what you fear most and believe you can do it. . #Motivation #MIndset #Quote . For your daily serving of #Inspiration, follow now!