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Million Dollar Shortcut Review – How To Build Million Dollar Business?

· Software and Tool

I've been working in the software industry for over 25 years. Pretty much my entire professional career (if you don't count that stint as a night clerk at Red Roof Inn).

Back in the late 1900s, when you sold software, you sold software. What your company produced was a large set of properly aligned bits (software). You then got those bits to your customers somehow (floppy disk, DVD, FTP, whatever). And, then those customers installed those bits on a computer of their choosing and if all went well, they'd get some value out of it. But, that wouldn't always happen. Often, they'd fail to ever install it and get it working. Or fail to learn it. Or fail to use it properly. Basically fail to get the value expected -- or the value promised, or sometimes any value. Ironically, the higher the purchase price was, the lower the chances of seeing success. History is replete with multi-million dollar software purchases that never saw the light of day. As an entrepreneur, this pains me. Most start software companies to make money, they start companies to solve problems.

Now, fast-forward to today. It's 2017. Many software companies are now Software as a Service (SaaS) companies. What they produce is the same as before: A large set of properly aligned bits (software). Only now, instead of shipping those bits off to the customer somehow, they "host" those bits on the customers behalf and off the benefit of that software as a service.

Makes sense, right?

Now, naive folks that are new to SaaS often make the mistake of thinking they're still selling software. They're not. Because... Million Dollar Shortcut Review

SaaS = Success as a Service

If you're in the SaaS business, the only way to survive in the long-term is not to just deliver software. It's to deliver success. You have to actually deliver the benefit that the software is promised to provide. And, if the customer fails to get that benefit then you have failed. Do not pass GO, do not collect $200.

The reason for this new bar is relatively straight-forward. Back in the old days, you got paid for your software upfront and though you wanted your customer to succeed, and maybe even labored to helpthem succeed, if they didn't succeed, well, such was life and you moved on. Today, if the customer doesn't succeed, they cancel. In a month, in a quarter, in a year -- but eventually, they cancel. And, more likely than not, if they cancel, you've lost money. The math won't work.

So, to survive and thrive in the long-term, you can't sell software, or even access to software, you have to sell -- and deliver -- success.

Let me give you a concrete example and some lessons learned from my company, HubSpot, which provides marketing/sales software. HubSpot is a textbook SaaS company. We're about 10 years old, and we're now public [NYSE:HUBS].

Here's ViTraffic Review we invest in (because it works):

1. Onboarding. If you help customers get started with your product, they are more likely to do so. Ideally, your software is so simple and intuitive and easy that customers just get up and running and succeed on their own. But, if you have a relatively broad or sophisticated product, customers will often need help. In those cases, onboarding works.

2. Education. HubSpot has HubSpot Academy, which is a team that helps educate people on inbound marketing. Interestingly, they don't just invest in HubSpot customers, they educate the broader marketing industry.

3. Community. HubSpot hosts inbound.org, an online community built for marketers. It allows them to find the best content (curated by the community itself), discuss topics of interest, post jobs and find jobs. It acts as the premier professional network for marketers. The community has over 200,000 members now.

So, why does HubSpot spend millions of dollars educating and supporting marketers? It's simple. because we've realized that our success depends on the success of our customers.

Studies show that, like content marketing services, software developers are receiving increasing recognition for the invaluable role they play in getting businesses up to speed with the digital economy. Knowing that their skills unlock the doors of digital transformation for enterprises, “most engineers are happier and think they'll be richer than the rest of us,” as PLR Viral Videos Review.

The developers dream is to get millions of customers begging you to take their cash in return for the privilege of using your software. And yet it’s easier said than done.

The painful reality is that even the most revolutionary software won’t get sold unless it gets discovered by the right audience.

THE CHALLENGES OF SELLING SOFTWARE IN A NICHE INDUSTRY

If you are developing software for a niche industry, the challenge of creating a go-to-market strategy for your software business and reaching your target market is even more problematic.

Some of the challenges you will encounter if you are selling software to a niche market are:

  • Conversion rate challenge: while your software might be perfect for solving the specific pain points of your ideal buyers, the number of potential buyers will always be small. Running a profitable business in a niche market requires a much higher conversion rate than what is necessary when competing in a broad market, where hit-or-miss sale pitches could be adequate.
  • The risk of market crashes: earning your livelihood from selling to a single niche market means that there’s no alternative income when that market goes into a dip or a tumble.
  • Big Competition with Big Budgets: where a niche market falls within the scope of larger companies with bigger marketing budgets, small marketers may find it hard to compete.

Some of these challenges might best be solved by opting to Differentiate your Tech Company. There are of course additional steps you can implement.

5 TIPS FOR SELLING SOFTWARE IN A NICHE INDUSTRY

While you will encounter various challenges in selling to a niche audience, niche marketing campaigning is not without its benefits. Here are some tips for turning the challenges of niche marketing into opportunities:

TIP 1. DON’T TRY TO WIN OVER THE HATERS

Instead of focussing your marketing on trying to convince unwilling buyers of the value of your products, focus on those buyers who are already searching for a solution to the specific pains and opportunities that your software is out to solve.

Instead of trying to win over the haters, focus on:

  • getting to know your ideal personas and mapping out their buyers journey.
  • creating useful and educational content to guide them along every step of their decision-making journey

TIP 2: OUTWIT YOUR COMPETITION

While generalist software sellers might have access to generous marketing budgets, niche software businesses have an advantage that gives them a better chance of gaining a high return on investment from marketing:

The fact that your software is focussed on a smaller group of buyers means that you have the opportunity to get to understand your buyers’ needs better than firms that sell to a general audience.

Don’t try to compete with big software companies, who sell to big market segments by means of big budgets. Instead, outwit them by getting to know your buyers better than any of your competition.

TIP 3: CRAFT A NICHE CONTENT STRATEGY

Competing to rank in Google’s top search results can seem impossible if your website is new or sparse in content and inbound links.

Instead of trying to catch-up with established websites that rank for the keywords generating the biggest search volumes base your content marketing strategy on long-tail keywords that capture your niche market perfectly. Big search volumes might seem alluring, but remember: you are not marketing to everyone, you are marketing to your ideal buyers.

TIP 4: CREATE BUDGET ADVERTISING CAMPAIGNS

Are you finding the Cost Per Click charged by Google AdWords and Facebook advertising to fall way beyond your budget? It’s time to reconsider your keyword approach!

I’ve said it before and I’ll say it again: forget about reaching out to everyone who could possibly have an interest in your software and focus instead on the specific buyer personas who are most likely to buy. When you are creating paid advertising campaigns this means bidding on (affordable) unique long-tail keywords that resonate with your niche market instead of (expensive) popular keywords.

TIP 5: KEEP YOUR MARKETING PERSONAL

Marketing to a niche audience allows you the opportunity to tailor your marketing message to each of your buyer personas which results in a better online user experience and higher conversion rates.

Here’s how a personalised marketing strategy with the help of tools such as smart content gives you the edge:

  • Nearly three-fourths (74%) of online consumers get frustrated with websites when content (e.g., offers, ads, promotions) appears that has nothing to do with their interests (JanRain)
  • Website visitors are much more likely to convert to leads and customers when your website presents them with relevant content. One HubSpot study managed to achieve a 20% higher conversion rate by making use of personalised marketing tools.

A STRATEGY FOR DIFFERENTIATING YOUR TECH BUSINESS ONLINE

Are you looking for a marketing strategy to help you differentiate your B2B tech business in a competitive market? Download our free eBook for the Struto founders' full disclosure of how they've managed to take multiple business ventures from startup to sold.

Source: http://www.onstartups.com/secret-to-saas-success-recognize-that-youre-not-selling-software

https://www.struto.co.uk/blog/tips-for-selling-niche-industry-software

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