Our time is valuable, especially now that AI is overtaking the world in many areas. Now we have to compete with our competitors and with AI itself. These days, it’s more difficult than ever to have higher SaaS conversion rates for tech companies.
The Internet is full of poorly maintained and updated SaaS products, so there is a high chance to come across such a product and waste a bunch of time figuring out if it’s worth spending time trying it. What would happen is that you’d mostly pick a product to try out, but at the end, you’d see that it’s not maintained or supported and is just an abandoned SaaS product.
So before going deeper into the product, I need to make sure that it is reliable, that I can trust it to share my data, that it’s performing well most of the time, that it improves itself, etc. All of this needs to be done very quickly.
You can think of it as dating. Before dating someone, you’d like to know if the person is reliable, trustworthy, and has a good personality. Similarly to SaaS products, reliability matters. And a lack of reliability may be killing your SaaS conversion rates.
On the other hand, there can be some opportunities and methods for you to get more conversions!
Here are four simple pages that would increase your SaaS product’s reliability and conversion rates dramatically. But before jumping in, let’s quickly talk about what conversation rate is and why it’s important for SaaS products.
What is the SaaS conversion rate?
If you have a SaaS product, you have a digital store and a digital storefront. During the day, perhaps hundreds of potential customers visit your SaaS product and flock to your digital showcase.
This is where conversion rate comes into play! When you wonder what percentage of your total visitors have become loyal customers and started paying, the conversion rate gives you the answer.
In short, the conversion rate is the ratio of users who become real customers to potential users who visit your product.
What is a good conversion rate for SaaS?
A good conversion rate for SaaS varies depending on the product and market, but generally, a rate between 15-20% is considered good. However, it’s important to consider other metrics, and continuously work on improving your rate by optimizing your website, user experience, pricing, and marketing efforts.
Status Pages 📑
A status page is a web page that displays the current status of a service or system, providing real-time updates on any issues or outages. It’s kind of an ECG monitor for your service. It shows your service is ALIVE and running like a machine.
While setting up a status page, it is important to display metrics for some key aspects of your service. Usually, it’s API health checks, system metrics, latency, or some other service that your platform depends on.
In the event of any incident or downtime, which is completely normal and inevitable, it’s much better to be transparent. That will show that you are aware of such situations and will take the necessary measures to solve them. This builds a level of trust and care for your users.
🚩 Red Flags
- Lacking the Status Page
- If there are no reported incidents in the last year
- Only one metric is monitored, not set up goodly
Overall, a well-maintained status page is crucial for any service provider in terms of SaaS conversion rates, as it helps to build trust and transparency with potential users.
All successful SaaS companies improve their services by adding new features, making improvements, and fixing bugs. The product teams should develop the service over time and keep developing processes.
A changelog is a page where all these developments and improvements are recorded. It’s a history of all updates that were made to your product. Leads can see the whole history of the product when it started, and how often it’s been updated and improved.
Keeping an up-to-date changelog is essential to show your users that you are constantly working on your product, and that will build trust with your leads and users.
🚩 Red Flags
- Not having a Changelog page
- If the most recent changelog entry was more than six months ago
Security Page 🔐
Data security is the top concern for any user, especially when using SaaS products. A security page is where you share information about the measures you have taken to protect user data and the policies you follow to ensure data privacy and security.
It’s essential to address users’ concerns about data security and showcase the steps you’ve taken to ensure their data is safe. This will help build trust and credibility amongst potential users.
🚩 Red Flags
- Not having a Security page
- Lack of information about data protection measures and privacy policies
Some security page examples that you can take inspiration from
Reviews Testimonial Page 🗣️
All successful companies have one common thing. They have happy customers. And happy customers are more likely to recommend your product and services to others. Showcasing these positive reviews and testimonials on a dedicated page will not only help build trust with your potential leads but also boost your SaaS conversion rates.
🚩 Red Flags
- Not having a Reviews/Testimonial Page
- Only showcasing a few reviews or outdated reviews
- Not linking the testimonials to real user profiles or companies, making them less credible
To conclude, having these 4 simple pages on your SaaS product’s website can greatly increase your reliability and conversion rates. Remember, trust and transparency are vital for any successful business, and these pages effectively communicate your commitment to your customers and potential leads.
By implementing a Status Page, Changelog, Security Page, and Reviews Testimonial Page, you’ll show potential users that your product is reliable, continuously improving, secure, and well-reviewed by other satisfied customers. This will help boost their confidence in your SaaS product and ultimately lead to higher conversion rates.
Don’t let red flags ruin your SaaS product’s potential. Start implementing these pages today and see the positive impact they can have on your business!
FAQs about the SaaS conversion rates
How to calculate conversion rate in SaaS?
The conversion rate is a crucial metric for SaaS businesses to assess how well their product offering works to turn potential customers into paying ones. You must divide the total number of paying customers by the total number of trial signups over a specified time period to determine the conversion rate. You will receive a percentage that corresponds to the conversion rate.
What is the average conversion rate in SaaS sales?
SaaS (Software-as-a-Service) is a rapidly growing industry, and understanding the average conversion rate is key for any business looking to maximize its return on investment. In general, the average conversion rate for SaaS sales is around 7%, with some businesses seeing even higher rates. However, this number varies greatly depending on the specific product or service being sold and how it is marketed.