Five strategies to drive revenue growth for B2B SaaS businesses

Driving revenue growth in B2B SaaS subscription businesses is not an easy task.

But why?

Because the B2B SaaS sales strategy is a challenging one because customers have a host of options to choose from.

Furthermore, according to Gartner, SaaS makes up more than 50% of the overall software market.

And with the increased popularity of cloud-based software solutions comes the increased demand for SaaS services.

Thus, standing out from the competition is not easy.

Another thing is that when looking to scale your B2B SaaS subscription business, you’ll encounter a ton of roadblocks like high customer acquisition, low customer retention rates, inadequate lead generation, etc.

So how do you accelerate revenue growth in your B2B SaaS business?

In this article, you’ll discover practical sales strategies to skyrocket revenue in B2B SaaS.

Let’s get started.

1. Prioritise customer acquisition

There is no revenue without customers. Thus, you should focus on boosting traffic and top-of-the-funnel conversions by creating a sound customer acquisition strategy.

Focus on generating leads and converting them into paying customers.

To generate quality leads, you need to launch successful customer acquisition campaigns using a laser-focused approach like account-based marketing.

The beauty of ABM is that it enables you to focus sales and marketing on key accounts and specific decision-makers within the accounts.

This marketing strategy focuses on generating quality leads, fast-tracking the sales cycle, and creating personalized campaigns that address the specific challenges of each target account.

Here are practical tips to improve customer acquisition:

• Determine who you’re selling to
• Identify their needs and pain points
• Develop targeted marketing campaigns using account-based marketing

You also need to leverage content marketing. Younium has mastered this art. Their in-depth guide on subscription management for SaaS businesses teaches people everything about subscription management.

This is a powerful strategy to attract more visitors and convert them into software users.

2. Improve your sales and marketing efforts

The effectiveness of your customer acquisition strategy will be determined by your sales and marketing efforts.

If your sales and marketing campaigns aren’t effective, you will attract fewer users of your software.

According to a article by Attrock, most SaaS businesses leverage sales techniques to acquire new customers but a few of them have a clear and well-documented sales and marketing strategy.

Here, you’ll need to improve your demand generation, lead nurturing, sales enablement, and product marketing efforts to attract and convert visitors into real subscribers of your software product.

Here, having the right tools is a great idea. Leverage marketing automation and sales intelligence software, CRM software, and other tools to enhance your sales and marketing efforts.

3. Reduce customer churn

It’s impossible to accelerate revenue growth in B2B SaaS when customers are canceling their subscriptions.

When customers cancel their subscriptions, downgrade their plans, or fail to renew their subscriptions, money bleeds out of your business.

Customer churn is a big challenge in SaaS businesses where monthly recurring revenue is essential and customers have multiple options.

The main reasons for customer churn including:

• Poor new user onboarding process
• Bad product-customer fit
• Insufficient customer support
• Product lacking enough features and functionalities
• Not enough value in the product
• Lack of in-platform guidance and self-service support

Reducing customer churn is a big challenge for many B2B SaaS businesses.

Here are useful tips to achieve this.

Here are handy ways to reduce customer churn in B2B SaaS businesses.

• Identify the reason customers are churning
• Optimize customer onboarding to increase free-trials-to-paid-conversions
• Use customer satisfaction surveys (CSAT) to evaluate customer satisfaction and gather feedback
• Use net promoter score (NPS) to identify at-risk customers and proactively reach out to them and give them the required assistance
• Use churn surveys to find churned customers and launch a win-back strategy.

4. Nail your pricing strategy

Your pricing strategy plays a pivotal role in accelerating revenue growth for your B2B Saas business.

Why?

Because an effective SaaS pricing model will help you attract more customers, sell more subscriptions and accelerate monthly recurring revenue.

However, knowing how to price your SaaS products can be challenging because several factors influence SaaS pricing strategies including:

• Competitors
• Business goals
• Your target customers
• Value proposition
• Company size

Offering free trials to enable customers to try your product is a great pricing strategy in B2B SaaS. This is because it’s easy to upsell customers who have tried your product.

Here are useful tips to improve your SaaS pricing strategy:

• Offer different pricing plans
• Tailor your pricing strategy to each customer
• Leverage a subscription pricing model

5. Reward existing customers

Rewarding existing customers is beneficial in many ways. It improves customer retention and can help to make them your brand ambassadors.

Besides, by rewarding customers with explicit offers, early access to new features, and more, you boost loyalty, decrease churn, and more.

All this helps to increase revenue for your B2B SaaS business.

Pro tip: Considering starting your B2B SaaS business but finding the process too challenging? This post by SmallBusinessHQ shares popular business formation services that can help you.

Conclusion

Increasing revenue growth for your SaaS business is not an easy task because SaaS customers have high expectations and are always looking for solutions that offer great value.

Therefore, you need to focus on acquiring more quality customers, improving your sales and marketing efforts, reducing churn, getting your pricing strategy right, and rewarding existing customers.

Author Bio – Reena Aggarwal Reena is Director of Operations and Sales at Attrock, a result-driven digital marketing company. With 10+ years of sales and operations experience in the field of e-commerce and digital marketing, she is quite an industry expert. She is a people person and considers the human resources as the most valuable asset of a company. In her free time, you would find her spending quality time with her brilliant, almost teenage daughter and watching her grow in this digital, fast-paced era.