Software-as-a-Service (SaaS) permeates all areas of business, especially B2B, an industry that is pushing for digitization and wants to become more like the B2B industry. SaaS is essentially a subscription service that allows businesses to purchase software to help them with tasks like bookkeeping, office productivity, and customer relationship management.
The SaaS market is currently growing at an average of 18% per year, and Gartner believes the industry will continue to dominate the future of B2B. Up to 78% of B2B brands have invested in SaaS solutions, with experts recommending spending 8% of their total revenue on software services. We’ve selected the solutions that brands are most interested in – read on to find out more.
Customer Relationship Management
Shoppers are evolving — according to Harvard Business Review, 73% of people involved in shopping research are millennials, and a third of people involved in key purchasing decision makers are now millennials. They are the driving force behind digital solutions that nurture relationships between buyers and businesses remotely. Additionally, studies show that sales reps now only get 17% of a buyer’s time throughout the buying cycle, which is actually 5% per buyer engaged in the average buying cycle.
This underscores the need to build customer relationships in a new environment – B2B used to be heavily dominated by traditional face-to-face meetings, which made building a working relationship a little easier – or more difficult, depending on your personal communication skills. A B2B incentive program can help support this working relationship by fostering loyalty, introducing buyer incentives, and lowering customer acquisition costs for B2B brands.
Interestingly, 56% of shoppers remain loyal to brands they win, and a B2B loyalty program is the perfect way to show that loyalty.
According to research, 94% of accountants have started using cloud-based accounting software. Traditional accounting methods that rely on paper records are tedious, error-prone and difficult to track. SaaS accounting software brings everything online, giving accountants and everyone in the company who needs them access to accounting information like weekly expenses, profits, payroll and more.
SaaS accounting software aims to provide a real-time view of finances and often merges with fintech solutions such as employee credit cards, online banking and digital lending.
productivity in the office
SaaS solutions fit into the new era of working – hybrid working. It also turns out that hybrid working is made for the B2B industry 37% of shoppers now say they want full remote and self-service service. There is less of a need for an office-based environment and more of a need for B2B brands to access services that allow them to work with anyone worldwide.
Products like Zoom and Trello are dominating the era of hybrid working, which intends to bring the office into people’s homes. It also meets the needs of the B2B industry. The buying cycle is long and complex and can sometimes be hampered by face-to-face meetings. Also, only 11% of B2B brands believe remote work will negatively impact their brand. Most buyers and sellers work on this fully remote experience supporting SaaS office productivity solutions.
SaaS is still an emerging concept that is growing faster than ever thanks to the digitization of the B2B industry. They provide the cloud-based solutions businesses need to manage their brand from anywhere in the world. Brands are no longer confined to office space and constrained by the traditional B2B sales techniques that once dominated the market.
https://techround.co.uk/guides/this-is-exactly-what-saas-can-do-for-your-b2b-brand/?utm_source=rss&utm_medium=rss&utm_campaign=this-is-exactly-what-saas-can-do-for-your-b2b-brand This is exactly what SaaS can do for your B2B brand