Laws of sales funnel physics ; Strategies to benchmark customers to success; Optimizing free-trial signups
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
Kissmetrics
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.”
[Read more here.]
How We’re Thinking About Pricing
Drift
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.”
[Read more here.]
7 Strategies to Benchmark SaaS Customers to Success
OnlyBoth
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.”
[Read more here.]
How To Optimize Free-trial Signups
Datanyze
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.”
[Read more here.]
Video of the Week:
Tweet of the Week:
#quote #rt pic.twitter.com/D3utUUEnHL
— Ian Moyse – FInstSMM (@imoyse) November 23, 2016
