5 Ways to Grow SaaS Sales and Speed Up Your Sales Cycle
B2B sales are the bread and butter of SaaS companies. And, our extensive research has already shown that top reps are not one for wasting time when it comes to closing a deal. So, how do you increase your revenue and speed up the time it takes to close deals? Here are 5 ways to grow inside SaaS sales at every stage of your sales cycle.
- When doing outreach, be efficient with your time. While the average sales rep sends up to 7 outreach emails to new prospects, top sales reps actually send between 4 and 5 emails. Why? Because that’s when 90% of responses you’re likely to get in terms of cold outreach. Additionally, 90% of the responses you’re likely to get will happen within the first 5 weeks so having an outreach sequence any longer than that is likely a waste of your time and effort.
- Recognize the impact of the level of seniority and role of both you, as a rep, and the prospect. Our data shows that junior reps’ response rates are about 10 percentage points lower than that of a senior rep reaching out to a peer. But don’t fret – you can easily increase those rates in a number of ways and even out the playing field. Furthermore, the prospect’s role makes an impact as well. Between Finance, IT, Legal, Marketing, Sales, HR, Operations, and Software, you can expect rates to range between 12% and 22% depending on their role.
Main takeaway: If you want to strike a deal, make it fast and be intentional about who you’re reaching out to and how. This will drastically reduce top-of-funnel activities and the deal cycle as a whole.
When looking to expand a deal…
- Beware of being single-threaded. 68% of B2B customers are lost because of indifference. This may happen when a team member with a prior connection to a prospect has left the company or a prospect who was previously a champion for you is now gone. In both cases, the possibility of dropping the ball and not following up with the target prospect(s) is very high. Meanwhile, multi-threaded deals result in response rates of up to 15.5%. In fact, we found that the most successful sales reps had a much higher response rate due to their ability to think about in-deal relationship building. That is to say, they forged relationships with their prospects’ peers within the organization (reducing the risk of a single-threaded deal that has the potential to go bust before it even gets off the ground).
- Remember: most B2B buying decisions are made by a committee. In a typical firm with 100 to 500 employees, an average of 7-8 people are involved in most buying decisions. The truth of the matter is, focusing on just one prospect and one prospect alone isn’t going to get you any closer to closing a deal. In order to maximize revenue, you need to build and maintain relationships with everyone involved in the decision-making process throughout the entire buying cycle. This is the main crux of avoiding single-threaded selling.
Main takeaway: The buck doesn’t stop at just one prospect. Build relationships with their peers and create a network of champions (and opt-ins) within a company rather than focusing on just one. Yes, this could, in fact, increase your deal cycle length, but if you’re efficient during the prospecting phase, that should more than make up for it.
When closing the deal…
- Be strategic with your in-deal relationships. Nudge gives you visibility into the connections you, your team members, and the prospect has within any given company – use that to your advantage. Are you getting enough executive engagement? When we say “avoid single-threaded selling”, we don’t mean “talk to any and everyone”, we mean forge relationships with the key decision makers that will help you close that deal.
Key takeaway: That buying committee we mentioned? They’re made of key decision makers and can be anyone in the organization; from Legal and IT to Marketing, etc. Use Nudge to figure out who to target next to move the deal along and, eventually, bring it to a close.