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Does your SaaS Conversion Funnel have a Leak?

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Does your SaaS Conversion Funnel have a Leak?

Posted by Grant Hatfield

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9/1/16, 12:04 PM | Comments

Does-your-SaaS-Conversion-Funnel-have-a-Leak-Blog-IMG.pngFor so many businesses, the conversion process largely remains a mystery -- especially if there are multiple routes for a prospective customer to take: free trial, demo, phone call, whitepaper; the list gets complicated, quickly. Rather than investing in answers to address why leads aren’t enticed to become customers, companies often persist with the same infrastructure, hoping that the sales will eventually come. Or worse yet, they pump a bunch of money into an unproven process and don’t glean the results they were hoping for.

While such optimism is noble, it can be misguided, especially in regards to the SaaS conversion funnel. Conversion rates for a SaaS free trial typically hover around 2%. Without the proper measure in place to optimize efforts, your business too could be wasting precious resources in an endless battle to win over prospects.

For Best Results with your SaaS Conversion Funnel...

The very thought of your company’s many initiatives essentially going to waste on a fruitless mission to help customers progress down the SaaS Marketing Journey may initially frustrate you. However, consider it an opportunity for growth, one that can direct you down a path of improvement that will isolate and eliminate any lingering leaks within your SaaS conversion funnel. Oftentimes, all it takes is a simple adjustment or newly introduced step in your process to make all the difference. Here are a few ways in which you can optimize your SaaS conversion.

Fix the Onboarding Process

While we would also recommend that you take a close look at your calls to action, your onboarding process is ultimately more directly responsible for transforming free-trial users into paying customers. If you build a better awareness of what your product is and how they can use it properly, then customers will inevitably develop a better understanding of your product and are more likely to see its benefits.

Kick up your Analytics

As the saying goes, “knowledge is power,” and never is that truer than in the business world. Data is often the missing ingredient that businesses fail to properly invest in for their long-term success. Stronger analytics can result in increased customer satisfaction and stronger, more powerful leads, directing you down a path of continuous self-awareness and endless opportunities for growth.

Score your Leads

Speaking of powerful leads, it’s essential that you have a system in place to identify exactly what that means for your business. Close examination of established customer relationships can lend you the tools you need to develop a metric that works for determining what elements set more qualified prospects apart from those who will simply cancel their subscription as soon as the free trial comes to a close.

Adjust your Free-Trial Offer

A free trial is ostensibly a chance for newcomers to test out your product and decide if it’s something that works for them long-term. However, it shouldn’t be intended for everyone. After all, your focus should always be on individuals who fit your ideal customer profile, and any investment you place in attracting a prospect who fails to convert goes to waste. Be sure that your free trial offer is targeting the right people and only them. Otherwise, you’re likely missing out on an easy boost to conversion.

Implement Testing ASAP

No matter which method you choose, there’s no reason why your business shouldn’t be engaging some form of testing. It’s this approach that will help you to identify the optimal way to frame your conversion process and win over customers who are unsure if your product is right for them. There’s something to be said for constant improvement, and without the knowledge to light your path, your business may very well end up stumbling around in the dark.

Automate Communication Efforts

Any way you look at it, automation is a win, especially when it comes down to your communication efforts with customers. Setting up automated emails, for example, allows you to create more attentive customer service -- building that trust and loyalty among users -- and creates less work for your company. At this point, there are countless tools that can make such efforts a cinch. So introduce more automation into your business as soon as you can. You’ll see results in no time.

No More Leaks

Though every SaaS business no doubt has its own distinct set of challenges, the fact remains that a surefire path to increased revenue is to identify what needs to be done to boost conversion rates. The measures described above will help you to address some of the most common obstacles and provide you with the knowledge and tools to prevent a leaky funnel from plaguing your business forevermore. With a design specifically tailored to the nature of the business, the SaaS conversion funnel has great potential to court prospects into devoted long-term customers, but don’t let nagging leaks interfere with all the success awaiting your business.

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Topics: Conversion Rate Optimization, Lead Conversion, Marketing Strategy

   
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