For most B2B SaaS companies, the product demo is one of the essential aspects of their sales process. In many cases, the performance of the demo determines whether you land a new client or lose the prospect to a competitor, resulting in the loss of key revenue-generating opportunities.
So what’s the big deal with these demos, and why are they so significant? In a nutshell, the demo provides businesses with an excellent opportunity to showcase the value of their product and its core features and capabilities. They can then illustrate how their solution will assist in eliminating pain points and improving business processes for the prospect, thus creating a need and increasing the likelihood of a sale.
Studies have shown that the fastest-growing SaaS companies are 2.5x more likely to offer product demos as a call-to-action – yet time and time again, companies tend to make a hash of them. Even if you devote a vast amount of resources to preparing the presentation and assigning dedicated customer-facing teams to deliver it, there are still many things that may go wrong, especially when the demo is done live.
One company that has taken it upon itself to remedy this issue is Walnut, with its interactive sales experience platform that helps businesses design perfect product demos that convert – without the hassle.
Taking coding out of the equation
One of the most popular aspects of Walnut’s platform is the fact that it does not require any coding abilities, especially while creating and editing the product demonstration that can be embedded on your website/different assets for the prospect to enjoy. This gives sales teams complete freedom over the demo, creating a high-converting experience for the prospect while eliminating the need for back-end support from R&D, product development, and graphic design.
Since the demo can be easily modified, teams can optimize the experience by removing ineffective segments and progressively enhancing the overall experience of the demo. Once sales reps uncover a winning formula, they can use it as many times as they want without having to rework the demo or start from scratch each time. This helps teams to sell more quickly and boosts your bottom line conversion rate.
Cloud-based means no more technical hitches
Rather than depending on technology which can falter when you need it most (leaving your salespeople red-faced), Walnut’s platform is 100% cloud-based, which means you can say goodbye to all technical issues typically associated with live demos.
As the demo is hosted on the cloud, it allows sales teams to present the demo in an encapsulated environment that guarantees zero downtime and no loading time issues. This improves consistency and conversions by streamlining the entire process and ensuring a high-quality experience for the prospect.
Adapting to the prospects’ needs
There’s no doubt about it; personalizing the sales demo helps increase engagement and drive more sales. The more precise you can get about how your product will solve their problems and provide value to them, the better. After all, nobody wants to sit in on a generic presentation that isn’t specific to their concerns, which wastes time and energy for everyone involved.
With this in mind, salespeople need to adapt to the prospect’s needs and show how the product helps solve their pain points. Once again, this is where Walnut shines. As the platform is codeless, the sales team can customize demos before each meeting, tailoring it to focus on value for that specific customer instead of aimlessly promoting features.
Measure and refine your success
Lastly, Walnut provides a wealth of analytical data that enables teams to analyze insights that can help to drive more sales. For instance, during the sales process, Walnut will highlight where the prospects clicked and how they interacted with the product, helping sales teams allude to which features are the most important before they sit down for final negotiations.
These data-driven insights enable firms to assess their performance after a deal has been won (or lost), allowing them to revise their strategy and improve their demo using objective data. These insights include things such as the average screen completion rate for a particular stage of the demo, the time spent on each section, the number of visitors and sessions started, as well as optimization tips on how to best present each element on the screen.
Given that the product demo is one of the most important aspects of the sales process, SaaS businesses must do all they can to optimize their strategies to get the most out of their efforts. When you consider that the average annual contract value for SaaS firms is about $21,000, even the slightest improvement in demo performance can result in a considerable revenue gain over the course of a year.
Thanks to Walnut’s platform, businesses can gain important insights on their team’s performance and their clients’ usage of the demo, saving valuable time and resources while increasing sales with carefully constructed demos for each of their clients’ use cases.
Using the codeless, cloud-based platform, sales teams can produce better demos without relying on back-end departments. This also means they can be confident in the consistency and quality of their product demonstrations at all times. As a result of all of this, your company can close more deals in less time while giving each prospect and vertical target a personalized sales experience.