Unlocking Hidden Opportunities: The Power of Nurturing Closed Lost Deals in B2B SaaS & Tech
As we navigate through the second half of the year, B2B SaaS and Tech companies are facing unprecedented challenges in meeting their targets. Sales cycles are stretching, budgets are shrinking, and global economic uncertainties are forcing companies to reevaluate and, in some cases, make difficult decisions like layoffs. In this landscape, nurturing closed lost deals emerges as a strategic focus for companies seeking to recover lost ground and achieve sustainable growth.
Having recently collaborated with several B2B SaaS startups, it’s evident that the conventional wisdom of solely focusing on acquiring new prospects is undergoing a paradigm shift. Attracting fresh leads demands significant time and budget investments, requiring education of the market and the creation of demand – a process that doesn’t yield immediate results. Additionally, the extended sales cycle adds another layer of complexity to securing new business.
So, why should businesses invest in nurturing old, closed lost deals? The answer lies in the fact that these leads already possess knowledge about who you are and what you offer. They’ve expressed previous interest in your solution and are cognizant of the problems it can solve for their business. Essentially, they are familiar with your value proposition, making it easier to reignite conversations and showcase the value your product can deliver.
Drawing from my experience managing global demand generation for a SaaS company, I’ve witnessed the potency of a well-executed nurturing campaign. A single email initiative aimed at closed lost deals resulted in over 25 re-conversions. Sometimes, the seemingly mundane email can work its magic!
Here are a few key suggestions for enhancing your nurturing plans beyond just closed lost deals:
1. Old Lost Deals
- Track loss reasons to segment prospects effectively.
- Address pain points and reasons for the loss.
- Consider sending targeted content like competitor comparison pages or sales offers based on the specific loss reason.
2. Top-of-Funnel/Middle-of-Funnel Leads
- Identify contacts that are engaged with your product but haven’t converted (booked a demo/requested a quote).
- Segment based on content engagement.
- Encourage booking a discovery call and complement email campaigns with retargeting ads.
3. Lost Marketing Qualified Leads (MQLs)
- Follow up with leads that booked a demo but were lost.
- Analyse lead statuses for segmentation.
- Consider sending pre-recorded demo videos for those who didn’t show up.
4. Existing Customers
- Run campaigns to upgrade existing clients based on your product offerings.
5. Churned Customers
- Understand reasons for churn and leverage this information.
- Reach out with targeted messages to rebuild relationships and possibly win them back.
In a nutshell, effective nurturing goes beyond just closed lost deals; it encompasses a holistic strategy that considers various stages of the customer journey. By understanding your audience and tailoring your messages accordingly, you not only maximise your chances of re-engagement but also lay the foundation for long-term customer loyalty and business success. Stay tuned for more insights on effective marketing strategies in future posts!
Cracking the Code: Effective Product Marketing Strategies for SaaS/Tech Startups
In the dynamic landscape of SaaS/Tech startups, effective product marketing is a make-or-break factor that sets successful ventures apart from the rest. Having collaborated with multiple startups, I’ve observed a common pattern: the misuse of product images, technical jargon, and buzzwords that fail to communicate the essence and benefits of the product. In this article, I’ll share insights into the right formula for product marketing, emphasising the crucial difference between buyer and user-centric messaging.
The Wrong Formula: A Glance at Common Pitfalls
Frequently, startups fall into the trap of showcasing product images, often screenshots of dashboards, paired with headlines laden with technical jargon. Buzzwords like ‘innovative,’ ‘AI,’ and ‘real-time’ are thrown in for good measure. The problem with this approach? More often than not, this type of messaging fails to articulate what the product does and the tangible benefits of using it. There are exceptions, of course, such as when dealing with self-explanatory products or well-known brands. Showing product on its own won’t do the trick. You need demonstrate the value your solution brings.
The Challenge: Divergent Needs of Buyers and Users
The challenge faced by marketers lies in recognizing that the desires of a buyer and a user are not aligned. The right formula involves understanding your product, knowing your audience, and tailoring your messaging accordingly.
The Right Formula: Tailoring Messaging for Buyers and Users
Buyer-Centric Messaging:
For buyers, the decision-makers, the message needs to be crystal clear: how can your product make them more money or save them money? The golden ticket lies in a straightforward approach of “Make me money or Save me money.” Their decision-making process is heavily influenced by case studies and proof points that validate the product’s value proposition. Here, the messaging should highlight tangible benefits, showcasing how the product contributes to the financial aspects of their business.
User-Centric Messaging:
Users, on the other hand, have their own set of concerns and day-to-day problems that they want to solve. They are seeking solutions that enhance productivity, effectiveness, and ease of use for themselves and their teams. Messages targeted at users should underscore the practicality of your product, seamless integration/onboarding, and the impact it will have on their daily operations.
Product Marketing: A Balanced Approach
Product marketing is not a one-size-fits-all game. To succeed, you need to cater to both users and buyers with targeted messaging that resonates with each group. Finding the balance involves speaking the language of financial benefits for buyers and efficiency gains for users. The next time you write copy for your website or campaign, consider:
- Who am I targeting?
- What does my product do/deliver?
- How does it fulfill the needs of (a) those who invest in it (financial gains), and (b) those who use it daily (productivity gains)?
An exemplary case in point is the Cognism homepage copy. They understand their target audience, use simple language with a clear value proposition, and back it up with compelling numbers. Brilliant!
P.S Another Layer: The Importance of Vertical/Industry Focus
While this article primarily delves into the intricacies of buyer and user-centric messaging, another critical aspect of product marketing is the vertical/industry focus. Stay tuned for my next post, where I’ll explore this dimension in greater detail.
The Power of Strategic Hiring in Startups: Unlocking Growth with Mid-Senior/Senior Talent
E
mbarking on the journey of building a startup is no small feat, and one crucial aspect that can significantly influence the trajectory of your venture is the process of hiring. In the realm of startup hiring, the common narrative often revolves around bringing in junior, low-salary employees, driven by budget constraints. However, my experience in the dynamic startup ecosystem has led me to a somewhat controversial perspective: making mid-senior or senior hires as early team members can be a game-changer that propels your startup towards rapid and efficient growth.
Efficiency is the name of the game in startups, and the impact of one seasoned professional who knows the ropes can often surpass that of several entry-level hires. While junior hires undeniably form the lifeblood of any startup, finding the right cultural fit and personality becomes non-negotiable. They must be driven, ambitious, and hungry to evolve within their roles, wearing many hats fearlessly. With the right guidance from an experienced leader, these junior talents can not only adapt but also flourish exponentially – a phenomenon I’ve witnessed firsthand on numerous occasions.
The prevalent startup mentality tends to lean towards hiring junior employees due to budget constraints, but the implications of this approach can be slower growth and a lack of clear direction and strategy. Therefore, while junior hires are essential, aiming for a balanced team that includes more experienced talent can provide the necessary stability and strategic vision.
Hiring senior talent in a startup, admittedly, can pose challenges, particularly when competing with tech giants that offer attractive compensation packages. However, this is where the magic of startups comes into play. In my interviews with senior professionals from large corporations eager to transition to startups, a recurring theme emerged – the desire to have a direct impact. Startups hold the ace cards of flexibility, absence of stifling hierarchy, direct impact on projects, share options, and a sense of freedom that resonates with these experienced professionals.
During a panel discussion hosted by Startup Network Europe, the consensus was clear – startups may not always match the salary figures of industry giants, but they can creatively design a total package that appeals to candidates’ values and aspirations for meaningful impact. Crafting an offering that aligns with these values, coupled with a focus on the unique benefits of working in a startup, can be a compelling proposition.
When it comes to C-level hires, the fractional CMO model emerges as a strategic fit for many startups. This innovative approach allows startups to tap into the expertise of seasoned marketing leaders without the full financial commitment of a traditional CMO hire. As I delve deeper into this concept, my excitement about the impact it can have on startup growth continues to grow, and I look forward to sharing more thoughts on this in my next post.
In conclusion, while the debate on startup hiring strategies may persist, the evidence from my experiences suggests that strategically incorporating mid-senior and senior talent into your early team can be a catalyst for unparalleled growth. It’s about finding the right balance, understanding the unique strengths of each team member, and crafting an environment that fosters innovation and success.