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5 Ways to Improve Sales in 2023. Strategies For Your AI SaaS Business.

Do you find yourself gazing into the vast buzzing AI market and thinking, "How do I carve out a larger piece of this pie for my business?" You're not alone! In the thrilling ever-evolving world of artificial intelligence, nailing down strategies to boost sale is like trying to find a needle in a digital haystack. So let's embark on this journey together. Here are 5 ways to improve sales in 2023 for your AI SaaS business.


1. Targeting the Right Market.



Behold the internet and its wonderful marketing tools. If you've been in business longer than a day you've probably started learning a little about SEO (search engine optimization for those that haven't), keyword strategies for Google, and how to make engaging content that converts for social media. Did any of that sound like your search history?


Online marketing is essential for success in today's market. So you better be good at it. The tools available on platforms such as Google Ads and Facebook Ads can help you really narrow down the audience of your advertisements. That's great, if you are dealing with a niche market. A lot of businesses would describe their customers in a very vague way. "We train B2B sales" "We sell clothing for fitness enthusiast" "We build blah blah blah for everyone remotely interested in this."


If you know the price of running ads already, you understand how expensive and competitive it can be. Go to ads.google.com and do a keyword search for CRM. You can easily end up spending over $100 per click if you're trying to directly compete with companies like Salesforce or Netsuite. (Side note, the top of the page bid range at the highest for "Oracle Netsuite CRM" is $991.87 per click.) Good luck trying to go to head to head and steal their customers with that kind of customer acquisition cost.


So what can you do to reach buyers (not just viewers) without running out of money in the first month on ad spend. Go after a smaller market. I don't mean change your business, but focus your efforts on a small group and become their experts. You sell fitness clothing. Good luck beating Gym Shark, Nike, and Under Armour. How about instead you sell fitness clothing for young adults involved in power lifting. Same exact product but can now be focused on a small less competitive corner of the market. You can focus on people that go to power lifting events, do affiliate marketing with powerlifting influencers, and tons of other things that will reach your specific buyer now. You want to drop into the middle of the ocean and try to survive or do you want to start close to shore until your strong enough to swim further out? So focus on a smaller group of customers to build your base and expand from there. Profits are what decides a companies success. The best ideas in the world don't mean anything if no one buys them.


2. Effective Pricing Strategies.



Margins are everything. The faster a business owner can grasp this concept the more likely they will be to succeed in my opinion. You'll see tons of businesses start up, have a quick profit and then die off because they tried to expand or even just fulfill their orders and don't have enough of a margin to cover the overhead cost. When pricing a service in a large market you have to price competitively. That's again why you focus your talents and product on a smaller sector you can help more than your competitors. That removes you from the competitive pricing problems. You make an AI Chatbot service? That's cool, I saw 25 of them as startups on Angellist.com the other the day. Looks the same to me. You won't stand out that way.


Once you learn to reach a very small market and target that business you can increase your prices because you are no longer solving all the problems in your industry. You solve the problems that are specific to your small niche of buyers, and if you are good, you solve those problems better than anyone else can. You should price it accordingly. Picture this. Your a dad who works 12 hours a day at a factory who is sore all of the time and starting to get fat so you want to look into some fitness. You'll come across a few blogs and end up seeing ads for fitness for weight loss programs that average let's say $150 a month. Then you come across a program that cost $300 month. This program is design specifically for working dads who need a low impact strategy to lose weight with only 45 minutes a day. Yeah its twice as much but this is exactly what you need. Now if you have the money are you going to try the general fitness program or the one tailored specifically to you? The working dad with no time and a sore body pick the one built for him. Regardless of the cost.


With step one you find a niche market that you can help. With step two you take the rewards of being the best in that niche field by getting paid for. Before you disregard this, how much would you be willing to pay a programmer that specializes in one unique part of your code to come in and write it vs a good programmer who is generally good across the whole platform?


3. Speak Like Your Customers Do to Build Value.





What makes your product or service different than the rest? Seriously ask yourself. Was your answer full of technical jargon? Do you think your customer will understand or even care about all of the stuff you just said? Absolutely not. Imagine a business that might be interested in having an AI chatbot to help with online inquires and when they ask what you do, the response is, "AI Chatbot: Leveraging Natural Language Processing, Decision Tree Algorithms, and Contextual Deep Learning for Enhanced User Engagement and Streamlined Customer Service Operations"


Copy writing is its own skill set but there is no value to that customer in that message. You know what is valuable to people. Time and Money. How can your SaaS business save or make them money? How can it reduce time spent or give them more time to do something? Take that same AI Chatbot with this answer. "We help assist customers with simple task so that you can spend more time selling and making deals" Which one would you buy? The copy can be written a hundred different ways but the key point is you solved a problem and that is valuable.


Giving a detailed breakdown of the financial or time benefits of using your service is essential to closing the deal. Your customer has to see so much value in using your product that even if you are 3x more than everyone else, its a no brainer to go with you. You do this buy asking questions to figure out what their pain points are and showing them how your service can either solve or improve the problem.


4. Networking and Referrals.





I've taken positions as a new sales rep when I was still an employee and within a matter of a few months I wasn't able to hunt for new customers because I was buried in referrals and people from my network reaching out to me directly. It got to the point I had to turn my phone off at night because my Facebook messages would be coming in all night asking questions and placing orders. I didn't pay for a single advertisement but I was generating enough business to double my goal while playing with my dog at the park I didn't even answer inbound phone calls most of the time. (Sorry Tony, I know I said I was having phone problems but I lied.)


You could throw a rock into a crowd and hit at least two people who specializes in digital marketing now. Don't get me wrong, improving your marketing efforts was the first thing I covered but they (typically) get paid based on return from ad revenue. Referrals are free business. If you have a good referral program you can turn one new customer into 3 with nothing more than discounts on future orders or a free t-shirt.


Building a program that incentivizes customers to get their friends to purchase is a profit only return form of advertisement. No one gets any discounts or rewards until after a purchase is made. That's free money with people who are more likely to be buyers. B


Next is networking. A lot of people understand the idea of brand building but the execution of it often falls short. Building a presence on TikTok, Instagram and YouTube are long term strategies. They are important for the future growth of your business but unless you already have a large following, you're fighting an uphill battle. One of the skills that makes a killer salesman is being a perceived expert.


What does this mean for you? Get on Facebook groups and public discussions to show your expertise. A successful business, especially a SaaS business is there to solve a problem, so speak with your market about their problems. You don't have to turn everything into a sales pitch. You can use your knowledge of the industry to shine and offer advice with the occasional drop of "actually my company makes something just for this". Discuss everything in the comments. Let other people see your answers. If I answer ten people's problems in a public forum with my answer, if only one of them sees my answer and inquires about my business I got a free lead and nine other future prospects that will follow my answers more closely for free. You'll start becoming the recommended guy to go to for answers and solutions and if you do it well enough, it will always come from people that can either buy or will be willing to in the future.


5. Coaching Your Sales Team.




A well trained and motivated sales team is the key to any business. No matter what your product or service is, in the hunt for new business, a motivated salesman will outperform and tool you can imagine. All of the things I covered today comes from a long career in sales. Owning a business has reinforced these skills but sales is the key. You product means nothing if no one buys it.

You can do this a few ways. Your sales manager can provide training. There are plenty of books out there on management and how to manage a high level sales team. As long as your manager is taking the time to keep up to date and actually manage. (Side note: If you have your sales manager handling sales calls and the managing the team, you are going to get a half ass result for both)


You can send them to a sales workshop that covers sales skills of some sort or another. This can be good if they are lacking in a specific area of their abilities. A workshop on networking, closing, negotiation or anything like that can be a great tool if you are aware of the gap in their sales game.


Then you have what we prefer to do with our clients. We focus our entire business around training SaaS businesses and their sales teams. With relevant training that only applies to SaaS AI businesses, we can give insight that other companies simply don't offer. Not because they are unaware, but because they cover a diverse group of clients and it has to apply to everyone when they train them. Hiring an expert in your field yields huge results because you are getting all the answers you actually need to fix your problems.


Go back to the communicating with your customer. If you have no knowledge about what AI tools are, how will you be able to communicate the cost benefit to a business owner? What if you know but have only talked to other engineers and don't understand how to explain that to the customer? That's where paying for the expert can help improve your sales team which only pays for itself. More sales with better margins means more profits and working capital. So even as a tech company, invest in your sales team.


To wrap up, this is a small portion of what you can do to improve your SaaS business. Targeting the right market, setting a price for profits, speaking with your customers so they understand, getting qualified referrals, and of course training your sales team to make more sales. There is a lot more you can do. Believe me, you could read 20 books on the subject and still have more to learn.


Are you ready to get things done the right way and launch your business into a sea of profits and limitless growth potential? It starts with a conversation to discuss your business goals and ensure we can help you. Hit the link below and let's get started. Until then, thank you for reading and I hope this information has been helpful.




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