Making the jump from your SMB playbook to an enterprise strategy is no easy feat. Use these three key metrics to close the big names.
By Amy Ingraham on November 19, 2019
Three Metrics for Saas Sales to Move Upmarket
KPIs used to target enterprise companies are different than those for targeting SMBs. This is especially true for a SaaS sales strategy. Targeting small SaaS companies might only require tracking of straightforward metrics like calls, contacts, and meetings.
But, when it comes to complex enterprise sales cycles, KPIs should be more comprehensive. Precise metrics allow you to make data-backed decisions and ultimately scale faster.
We’ve picked out three SaaS sales metrics to help you to build a reliable strategy to move upmarket. Let’s get started.
1- Star Opportunity: Finding the Perfect Fit for Your Product
These are the clients who are most likely to buy your solution. While most companies already have an idea of whom they’re targeting, this KPI takes it a step further. Star opportunities include buyer personas, target markets, and buying scenarios.
What is a Star Opportunity?
An account that fits into the “star opportunity” category fits in the following formula:
Ideal Customer Profile: The ICP is a buyer persona or a typical decision-maker within a company.
Target Marget: Your target market consists of companies that have the appropriate size, location, and industry for your solution.
Scenario: Scenarios are different use cases for your solution depending on the current problem your client’s facing. In other words, a pain point.
A star opportunity is a combination of the perfect target market, buyer persona, and business scenario.
Why It’s Key for Moving Upmarket
Let’s say you’re a SaaS marketing automation company. What information would best help you target your ideal customer?
“Marketing managers at companies with 500+ employees.”
“US-based marketing managers in the IT services industry using a content management system.”
The first option lets you know who could be a fit for your product, while the second option is a homerun. Knowing the perfect candidates for your product makes for a targeted, strategic upmarket sales approach.
This additional insight also allows you to tailor your pitch, which is vital when approaching the big players in SaaS.
Knowing the perfect candidates for your product makes for a targeted, strategic upmarket sales approach.
2- Contactability: Finding Influencers and Champions
How easy is it to get in touch with your target customer? This metric gives you insight into how many touchpoints are optimal and which job roles within an organization to go after.
What is Contactability?
This is the conversion rate from new account creation to the first response. It includes any type of reply – an email asking for further information, a hurried phone conversation, or a thanks-but-no-thanks LinkedIn message. In other terms, it measures how successful you are at getting in touch with the person you’re targeting.
Find out your conversion rate from a new account to the first contact
Why It’s Key for Moving Upmarket
Contacting the CEO of an early-stage startup is way different from getting in touch with the CEO of Salesforce. Smaller organizations may have one or two people signing off on critical purchases. Meanwhile, enterprise SaaS buying decisions have several people involved in the process.
Additional decision stakeholders are considered “influencers” or “champions.” They don’t necessarily make the final call, but their input is critical to closing the deal. By targeting other personas within the organization, you’re taking the most effective approach. By determining contactability, your sales development reps will have more opportunities to get their foot in the door.
3- Pitch Efficiency: The Right Message for Each Buyer Persona
Pitch efficiency measures the relevancy of your value proposition to your clients. Because enterprise purchases involve several stakeholders, it’s essential to tailor your message to each of them.
What is Pitch Efficiency?
Pitch efficiency is the conversion rate from pitch done (via phone or email after the first contact) to a booked meeting.
You did the pitch, but did you book the meeting?
Why It’s Key for Moving Upmarket
Although decision-makers and champions work in the same departments, they don’t have the same challenges, goals, and responsibilities. The effectiveness of your pitch depends on your ability to speak to their unique pain points.
By measuring pitch efficiency, you’ll be able to pinpoint where your message may need to updated for moving upmarket. Doing this at scale ensures that your messaging is relevant and has a higher likelihood of converting.
The effectiveness of your pitch depends on your ability to speak to their unique pain points.
Bottom Line
No one discounts the importance of metrics when it comes to SaaS sales efforts, but enterprise KPIs require a deeper dive. The process of moving from SMB to enterprise sales will require a higher level of insight and detail.
Your plan to move upmarket is only as effective as your ability to track and analyze your conversions rates. Using an all-in-one outbound sales platform can streamline these processes while measuring the effectiveness of your outbound strategy.
By focusing on these three KPIs (and a few others) you’ll set your SaaS business up for maximum growth.
