SaaS is only growing. This year, a huge number of SaaS model companies have gone through an IPO, and another great year for SaaS means another exciting SaaStock! If you haven’t heard of SaaStock already, it’s an annual event that brings SaaS companies together to discuss the big challenges and trends of the year past and the year to come.
We try to get to SaaStock every year because, as a technology-first accounting company, we like to stay on top of the comings and goings of this fast-paced industry. Many of our clients are SaaS companies and rely on us to understand their needs and speak their language. SaaStock is a great event for staying informed and getting insider tips, so we sent our accountant Dean along as Beyond’s eyes and ears!
What SaaS companies attended SaaStock?
SaaStock isn’t a tradeshow. It’s not set up for businesses to generate leads or capture customers. Rather, the buzz that surrounds the event comes from the brilliant companies that attend and the golden nuggets of wisdom to be gleaned from them. This year, they also had an Investor Day for start-ups to book meet-and-greets with potential investors.
Many big names such as Google, Stripe, Salesforce, Intercom, and Indeed attended this year’s event, which gave the weekend some gravitas. However, more interesting for us was the appearance of the likes of Chargify, ChartMogul, and Chargebee. We found out that these fantastic add-ons for Xero have been busy working on revenue recognition! They now have the capability to allow you to issue one invoice for the full year but still split your revenue across the twelve months to give you a good overview of your profit and loss. These tools also allow SaaS companies to produce smart reports and graphs following the net growth accounting model favoured by SaaStock investors.
Pleo also had a stand at the event and they gave us something fresh to be excited about. They’ve been busy developing a clever integration that simplifies expense reporting in a way we haven’t seen done before. When you spend money, the app will alert you that now is a good time for you to take a photo of the receipt. Once you do that, the photo will be transferred to Xero and automatically linked to the transaction. We’re currently setting up a trial to test out this new feature ourselves. Keep an eye out for a blog about that soon!
Have you heard of Freshdesk? They also attended SaaStock 2019, and they are worth checking out if you’re wondering what CRM to integrate with Xero. But one of the biggest stands belonged to G2, which makes sense given that this business technology review website processed over 100 million customer reviews last year! We’re pretty impressed with this platform, which works on a freemium model letting you earn leads simply by being on their website. All their customer reviews are public, making it easy to assess the difference between companies with a lot of hot air and the ones who truly satisfy their clients’ needs. Their next area of expansion will be into the services sector.
We try to get to SaaStock every year because, as a technology-first accounting company, we like to stay on top of the comings and goings of this fast-paced industry.
What were the big discussions at SaaStock 2019?
If you missed SaaStock 2019, you are probably wondering what hot topics were covered this year. We’ll give you a quick breakdown of exactly what had everyone talking:
Ideal Customer Profile
On the main stage, the client acquisition strategy of having an Ideal Customer Profile (ICP) was taking the spotlight. Now, instead of focusing on end-users or individual customers, businesses are targeting ideal customer profiles. This translates into focusing on industry verticals, budget, size, technology, geography, and other such company characteristics.
Choice architecture pricing
Since the days of Edward Bernays, we’ve known that giving customers too much choice confounds their decision-making. Therefore, if you have multiple versions of a product/service, simplifying this process should be a priority. Choice architecture is about finding better ways to present choices to buyers. By making thoughtful decisions regarding the number of choices you present, how the attributes of these choices are described, and by providing a “default” option, you can ease decision-making anxiety and generate more sales.
High-velocity sales motion
This sales model involves the use of specialised sales teams and tools that work with consistent processes and, most significantly, weekly metrics, targets, and reports. High-velocity sales is an overall streamlining of the sales function that works from inside a company. It prioritises flexibility and the need for the modern sales team to be able to react quickly to new demands and developments in their environment.
Churn rate refers to the percentage of service subscribers who will discontinue their subscription after a certain period of time. A high-quality service, as well as a price considered acceptable by the customer, is going to lower the churn rate. Nonetheless, there will always be some amount of churn and these customers will vary from those who are now lost to the company and those who require different packages or lower spending options. To answer this problem, churn management apps have entered the market and are designed to enable companies to meet customer needs a lot quicker.