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Today, there are a lot of changes that are taking place in the business world. A lot of this is being driven by changes in technology. One of the biggest developments in the tech industry is the growth of Software as a Service, usually shortened to SaaS. What it comes to SaaS companies, it is helpful to take a closer look at the SaaS industry overview. Before this, we need to take a look at the SaaS meaning.
SaaS stands for Software as a Service. This is the practice of providing software subscriptions to users. In the past, those who wanted to take advantage of software programs would need to purchase a CD and install it on their computer. Now, this is no longer the case. There are numerous SaaS examples, including SaaS Full Form, that provide exceptional products and services to their customers. With numerous people looking to get away from complicated hardware, Software as a Service is only going to become more common in the future.
When looking at SaaS companies, the biggest thing that differentiates them from other companies is that they provide software that can be downloaded instead of requiring a CD. In addition, companies only have to pay for what they need instead of the entire package. In this manner, companies decide to subscribe to software packages instead of purchasing the product and downloading or installing the entire thing.
That way, the business is can save money. By going with Software as a Service, they can scale up or scale down as they require. If companies realize they need to upgrade their services, they can simply upgrade their subscription. They do not need to train new employees, hire new professionals, pay for more space, or purchase something they do not need. When they are ready to scale back, they can do that without having to break any complicated contracts. In this manner, Software as a Service provides a new option to companies in countless industries.
For those who are looking at SaaS growth rates, it is helpful to take a look at a SaaS growth strategy or SaaS growth metrics. There are several ways that companies can increase their growth in the SaaS space using a SaaS growth model.
One of the biggest metrics that companies in this industry need to follow is something called the churn rate. This refers to how many people sign up for a company’s services and then leave to go somewhere else. If a company in this industry has a high churn rate, this means they are having a hard time getting their customers to stick around. In order to reduce the churn rate, companies need to focus on not only acquiring new customers but also on keeping existing customers. The only way to do that is to follow up with current customers regularly and see if they need anything.
Next, it is important to invest in PPC and SEO marketing. This can help a company increase its presence in the digital world. Even though many companies do not like to pay for online advertisements, this is a way to generate instant results because their links will be placed at the top of search results pages. Eventually, search engine optimization will become more cost-effective; however, it takes longer for an SEO campaign to work.
In order for companies in this industry to generate more business, they need to focus on providing free trials. Sure, no company likes to give something away for free. On the other hand, this is one of the only ways to provide people with an inside look at what a software package can do. Companies in this industry should be willing to offer free trials; however, keep them short. If the trial is too long, people may be able to meet all of their needs without having to actually pay for the service.
Finally, companies who are interested in SaaS growth also have to take advantage of email marketing. Email marketing is important because it provides companies with an opportunity to reach potential customers in a non-invasive way. Email can be opened whenever the client wants to read it.
When taking a look at SaaS marketing, it is important to think carefully about which SaaS marketing strategy to use. There are several tactics for SaaS growth marketing that can be helpful.
As alluded to above, one of the most important components of the SaaS go to market strategy is email marketing. Remember that when companies are interested in providing Software as a Service, most of their clients are going to be other businesses. Businesses make their purchasing decisions with more intentionality than typical customers. Therefore, companies need to focus on highlighting some of the technical features of the product or service they provide. In this case, they need to focus on the difference their software programs can make for their clients. One of the ways to do this is through email marketing. Thanks to automation features, it is possible for companies to automate an email marketing drip campaign over an extended amount of time. That way, they can slowly but surely convert businesses into paying customers.
When developing a marketing strategy for Software as a Service, it is also helpful to develop a SaaS partnership strategy. This is where social media can be helpful. Sure, companies in this industry need to take advantage of their own social media profiles. On the other hand, social media provides companies with an opportunity to interact with just about anyone on a personal level. This is a great opportunity to set up partnerships. Other people might have different levels of reach when it comes to social media. This could provide an easy way for SaaS companies to reach a new user base. That way, companies in the SaaS industry can place themselves in a position to grow by leaps and bounds.
Clearly, the market is growing quickly. On the other hand, taking a look at SaaS industry growth is more helpful when there are SaaS statistics to use. By taking a look at SaaS industry trends 2020, it is easier to get a closer look at the SaaS industry growth rate. There are several SaaS industry statistics that people should know.
One of the biggest SaaS statistics 2020 is that 73 percent of organizations indicated that nearly all of their applications will be SaaS by 2021. Because people are using their phones more often than they ever have in the past, mobile applications are becoming more common. This is a growing sector in the world of software-as-a-service. Therefore, it is important for companies to understand that they need to focus on software that can be used on mobile devices as well as laptop and desktop computers.
SaaS industry trends 2020 have also shown that the corporate mobile marketing within SaaS could be worth more than $7 billion by this year. This is just another statistic showing that mobile applications are growing quickly. It will be interesting to see what happens next.
On the other hand, close to a third of all companies in this industry have indicated that their churn rates have gone out during the past year. This statistic highlights a few potential problems. First, there’s more competition in the industry, as many people are looking for alternatives to SaaS providers. Second, many companies are not paying close enough attention to their churn rates. In order for businesses to be successful, they need to reduce their churn rates.
These are just a few of the most important statistics to highlight. Because more businesses than ever are investing in solutions in this industry, it is important for companies to stay one step ahead of the competition.
Because there’s more competition in this area, it is important for companies to conduct SaaS marketing research and understand the SaaS market size 2020. The B2B SaaS market size is growing quickly. In the future, the US SaaS market size will only continue to grow. Without accurate market research, it will be difficult for companies to identify people who can benefit from their products and services.
There are several ways that businesses can conduct market research in this area. First, they should reach out to their current customers and profile them. For example, what industry would benefit most from the products and services provided by the business? How big are these companies? Why did current customers decide to partner with that specific company?
Remember that the main goal of market research is to help companies target the right market. The only way they can do this is if they know what the current market is. A lot of companies wonder how they can figure out what their customers need. The best way to do so is to simply ask them! Reach out to current customers and see what the company is doing well and what the company can do better. This can help businesses find their place in the market.
Without a doubt, the current market is growing when it comes to software-as-a-service. Therefore, it is important for companies to position themselves appropriately in the market. In some situations, it can be helpful to partner with trained professionals who have experienced doing market research. This can make a significant difference in the company’s ability to generate leads and remain on top of its competitors. Even though a lot of companies do not know how to quickly perform market research, there are specialty companies that can expedite this process and provide helpful information for SaaS businesses.
RevBoss has a turnkey approach. You tell them what you need in terms of your target audience and they do the rest. And the leads come in the door.Mitchell Causey, Founder & CEO, Demandwell
RevBoss completely altered the trajectory of my business. I'm getting more qualified leads than I've ever had in 15 years of doing this business and I hit a 10X return within six months.Donald Summers, Founder & CEO, Altruist
RevBoss is more consistent and predictable than a BDR -- it is faster and achieves a broader reach than a BDR can because it combines expertise with automation.Grace Tyson, Founder & CEO, Luma
Before, we were relying on word of mouth. It was very inconsistent and frustrating. With RevBoss, we finally have a repeatable model. We are having great conversations and learning from all of our leads.Anil Rathi, Founder & CEO, Skild
RevBoss feels like an extension of our sales team, without the cost of a sales person. They know what works, they are responsive, and they take a genuine interest in our success.Jeb Banner, CEO, Boardable
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