growth for saas using conversion optimization

Why and how to hack growth for your SaaS using

Conversion Rate Optimization

Why and how to hack growth for your SaaS using

Conversion Rate Optimization

> Serial entrepreneur from Bucharest, Romania> Founded 4 companies (1 good exit, 1 painful failure, 2 running)

Valentin RaduCEO & founder Omniconvert (empowering marketers to do real-time personalization)

2001:2004 2006:

today

2013:today

2005:2006

1. 5 surprising facts about SaaS2. Priorities can make or break your business3. The levers behind SaaS growth4. Actionable CRO ideas to grow your SaaS5. Q&A

5 surprising facts about SaaS

The median cost for a SaaS company to acquire $1 of new customer revenue is $1.18

(ForEntrepreneurs)

86% of the SaaS treat New Customer Acquisition as their highest priority

(Totango)

High-growth SaaS companies generate 40% more leads, per month, than their slower growing counterparts.

(InsightSquared)

50% of paying customers log in to their SaaS service less than once a month (or not at all).

(Totango)

If a free trial requires a credit card, the average visitor to retained customer conversion rate is 0.6%. If it doesn’t, is 1.2%

(Totango)

Priorities can make or break your business

Problem #1You don’t know/forget where you are in your SaaS Journey => wrong priorities

Source: http://laurenrbass.com/blog/5-phases-of-the-startup-lifecycle-morgan-brown

Problem #2Bad Focus

Not converting enough trials into customers? > Develop new features. You don’t know why you’re not growing? > Develop new features. Time to close a customer is too high? >Develop new features. Customers are churning too fast? >Develop new features.

Not converting enough trials into customers? > Ask them, do a buyer persona, run A/B tests, etc...You don’t know why you’re not growing? > Do a deep dive into your funnel from top to bottom Time to close a customer is too high? >Test, find out new channels, do pricing tweaksCustomers are churning too fast? >Find out what kind of needs they cover with your product, what would make them successful and what they perceive as value.

Problem #3You’re moving too slow

LTV >3x CAC, and Months to Recover < 12 months are benchmarks for SaaS startup success.

(David Skok)

The levers behind SaaS growth

New Leads

Validating if the leads are qualified / relevant

Adjusting your content according to the needs of each audience

Increasing the engagement for product users

Reducing the churn rate

Creating promoters & referrals

Traffic generationv

Lead generationv

MQL’sv

Signupsv

Active usersv

Wow moment achieversv

Customersv

Retentionv

Referral

Lead rate

MQL rate

Signup rate

Onboarding rate

Wow rate

Close rate

Churn Rate

NPS

Actionable CRO ideas for your SaaS

Before anything, 4 things to keep in mind:

1. No successful SaaS are grown using only paid channels

2. Promoting bottom of the funnel with paid campaigns almost never works

3. You don’t need CRO if you don’t have product market fit

4. CRO is not gonna fix the other blockage points in your funnel

SegmentsBehaviourGeolocationTraffic sourceWeather conditionsData layer attributesCompany size

WHEN WHO

WHAT WHERE

TriggersOn-loadAt exit-intentOn scroll On clickAfter ___ sec

Pages in your funnelTOFUMOFUBOFU

ElementsLead capturing formeBooks / Reports / GuidesIncentivesObjection treatment surveyOffers

WHEN (name of the event) occurs

WHO (type of the visitor, segment)

WHERE (name of the page/ set of pages/ part of the funnel)

WHAT (name of the incentive/ offer/ value adding material)

Find out what motivates or stops your users - do the research

# 1 In order to find out insights about the buyer persona, intrinsic and extrinsic motivations, frictions, questions that they have, and better understand their behaviour we recommend conducting a qualitative research on the website.

The research would target three audience segments, according to where they are in the conversion funnel - top, middle or bottom. We will use the insights from this research to come up with testing suggestions based on their real needs and feedback.

Net Promoter Score For Software as

Treat the objections in real-time with Exit intent logic-branching surveys

# 2 After you find out the buyer persona and the barriers/ reasons to buy, you can treat them in real-time so that you give each of those relevant content

A/B testing on the homepage

# 3 Homepage is the place from the top of your funnel. You might want to test things that will:

> convince the visitor your product is exactly for his problem

> increase the trust

> make the visitor think that you totally understand his need

> give your visitor any type of value-added to grab his attention further: the average attention span is ~8 seconds

A/B testing on the pricing page

# 4The pricing page is the most important page on your acquisition funnel. You don’t want to miss out any opportunity there. Things to test:

> Postponing the instant gratification (show prices only after they signup)> Tweak the pricing- annual/ monthly > Tweak the trial period> Address the objections through FAQ’s> Diminish the frictions: social login > Integrations> Case studies> Visual hierarchy of elements> Customer testimonials> Metrics, numbers > Copywriting - UVP, call2action> Points of difference - support, features, competiors, awards

Exit-intent interactions

# 5 Bringing traffic to your website is hard.

So you don’t want to waste any possible prospect. This is your last bullet.

But beware, you don’t want to annoy them, either!

How a web experience usually looks?

The first trigger generates a dose of norepinephrine/dopamine big enough to

generate an action

Based on the “scent” of a reward, the user clicks and goes

to the landing page

If anywhere in the funnel there’s no obvious element that continues to deliver the promise of a future reward on the landing page, the user leaves

The zero moment of truth lasts a few seconds: should I stay or should I go?

Is exit-intent really working?

+ 11% more leads

>3 years >14k websites >3,5 BN requests / month

A team of 40 people (not all of them are here:)

Thank You &let’s meet at Online Marketplace today

or tomorrow!

Thank you!

PS: as you’ve been paying attention, here’s the reward for you:

Use: FREE AUDIT as a code when you registerto Omniconvert, to get one tailor-made audit for

your SaaS