6 Tips to Help You Thrive as a SaaS Salesperson During a Recession Jess Lunk 6 Tips to Help You Thrive as a SaaS Salesperson During a Recession Did you know that during the economic downturn of 2020, caused by the pandemic, nearly 100,000 small businesses temporarily closed their doors and are now out of business? It’s a frightening statistic, but as a SaaS salesperson, there are specific strategies to not only weather a recession but to come out stronger on the other side. We’re here to provide you with tips on how to be proactive and ensure your career in SaaS sales remains resilient. While Bloomberg predicts a 72% probability of a recession, it’s unlikely to result in a sudden stoppage of the global economy. However, there may be economic challenges ahead, and it’s crucial to consider how you, as a SaaS salesperson, can not only survive but thrive in this environment and build a great relationship with your manager, as many issues have been noted in a new Checkr study. Here are actionable tips tailored to SaaS salespeople that can help you navigate a recession successfully and potentially achieve significant gains in 2024. Analyze Your Cash Flow Understanding how money flows into and out of your SaaS sales role is essential. It allows you to identify unnecessary expenses that can be cut, freeing up resources for revenue-generating activities. Consider the following steps: Review your expenses for redundant spending. Are there tools or services that you can do without? Evaluate your software stack and look for opportunities to consolidate subscriptions that serve similar purposes or find cost-effective alternatives. Explore renegotiating the prices and terms of the services you use to optimize your operational costs. Strengthen Customer Relationships Building and nurturing customer relationships is paramount for SaaS salespeople. A strong bond with your clients fosters brand loyalty, enhances customer retention, and increases the chances of repeat sales. Take into account that customer experience is a significant factor in customers’ decisions. In fact, a PWC study revealed that 73% of consumers say that customer experience is an important factor in choosing businesses to purchase from, yet only 49% of consumers in the U.S. agreed to have had good customer experiences with businesses. Prioritize your clients, actively engage with them, and provide exceptional support. It’s a simple way to gain an edge as competition for customers heats up in an economic downturn. Leverage your SaaS CRM to track customer interactions, preferences, and issues. This data can guide you in delivering tailored solutions, building trust, and securing future business. Save and Explore Financing Options To thrive as a SaaS salesperson during a recession, it’s crucial to be proactive, not reactive. Begin saving a percentage of your earnings in a dedicated account. This reserve can be a lifeline during economic challenges. Additionally, consider seeking low-risk loans and grants in advance. Securing financing while your career is stable is more manageable than waiting until the recession threatens your financial stability. Explore resources like the Small Business Administration (SBA) and Grant.gov for loan and grant opportunities. Invest in Strategic Marketing Marketing for SaaS salespeople not only drives sales but also provides insights into your target audience, expands your brand’s reach, and maintains customer trust. While some companies may cut marketing budgets during a recession, it also presents opportunities: Reduced competition in the advertising space can lead to lower ad costs. Take advantage of this to boost your visibility. Focus on marketing channels that yield the best results for your SaaS sales role, such as email marketing, known for its high ROI and flexibility. Focus on Profitable Offerings Assess your suite of SaaS products and services and identify those that are thriving and those that are underperforming. Concentrate your efforts on promoting the profitable ones and consider improving the performance of the weaker offerings or discontinuing them to streamline your sales efforts. For example, a product that requires little customer support from your team might be a better sell than an offering that is more difficult to scale. By concentrating on your top-performing services, you can optimize your approach and maintain a lean focus on the products and services that are in demand. Embrace Marketing Automation During a recession, it’s essential to focus on long-term growth, not just short-term cost-cutting. Marketing automation can be a game-changer for SaaS salespeople, allowing you to: Automate repetitive tasks, saving time and resources. Enhance efficiency and increase conversion rates. Gain insights and accurate reports on customer behavior and campaign performance. Implementing marketing automation can help you cut costs and improve your overall workflow, freeing up resources for long-term success. In challenging economic times, salespeople who plan, act early, and remain prepared can not only survive but also thrive. As a SaaS salesperson, proactivity, strategic planning, and utilizing the power of technology can help position your career for success, ensuring that a recession won’t spell the end for your sales endeavors. Tap into the power of marketing automation without spending a dime. Request a free BenchmarkONE account today!