When Our Sales Are Not Growing As We Wanted, We Tend To Think That We Have Leads And Conversion Issues, Is It?
SaaS Startup Having Traction Issues..
Nine months ago, I started a SaaS startup with a partner in the AdTech domain. We are bootstrapped and were able to pick up a high-quality working product within a few months. Immediately afterward, we were able to get about 20 paying customers mainly through a shared business history.
But since then, we are stuck. Our campaign brings in signups very quickly, yet the conversion rate to paying customers is low. People seem to be unable to understand what we are doing, and the few who have been able to understand are very happy with our product and got outstanding results. Sometimes there is a sense that we are ahead of the market by several steps.
What do you think is the best way to solve the problem? How can one check if the market is ready for the product or perhaps another strategy should be taken? I'd love to get some tips and rules of thumb...
It's Not What You Think It Is...
Sometimes you think that you have a problem with traffic and conversion, but the real reason could be your sales funnel. as Russell Brunson said: "the problem is that you can't spend enough to acquire a customer, and the way to fix that problem is to fix your sales funnel."
Gary Halbert (arguably one of the best marketer and copywriter ever lived) explains that people don't buy for 3 reasons:
1. because they don't want it
2. because they can't afford it
3. they don't fear-free enough to buy it from you
In this question, 1 and 2 are not relevant, as they are already have paying clients.
As for point 3 - this is a widespread outcome when you deal with cold traffic. The way to handle it is by taking the risk out of it, 30 days money-back guarantee, free trial, etc.)
Another major point I would suggest is to funnel hack your best competitor. Check his content, price points, upsells, downsells, traffic sources, etc. You can do it with close to zero cost. "It cost too much to be a pioneer when the road has already been paved" (Gary Halbert).
Let me know your thoughts, do you think otherwise?
Share it with us in the comments below..