This week we were joined by Andy Wilson, Founder & CEO of Logikcull, to discuss the importance of selling the way your customers want to buy.
We start the podcast talking about what it means to sell the way your customers want to buy and how business innovation is just as important as the product innovation. We break the topic into a couple of buckets – pricing and sales process. Andy shares his insights on common mistakes SaaS companies make with their pricing strategy, including over-copying what competitors are doing and also not investing enough in discovery work (highly recommends the book “Monetizing Innovation” for frameworks on how to figure out customers’ willingness to pay). We discuss how to balance innovative pricing models with the “old way” your customers are used to buying. On the flip side, will buyers in antiquated industries eventually become so used to buying SaaS products that the current friction in first-time SaaS buyers goes away?
In addition to pricing, it’s also important to align your sales process with the way your customers want to buy. Andy mentions a common mistake he sees companies make is forcing a subscription SaaS solution on buyers who are really aren’t set up to buy a subscription product (i.e. requires them to add steps to the approval process internally). Andy encourages companies to spend a lot of time in the discovery process to uncover the path of least resistance (and that path may not be a subscription product). We round out the discussion touching on tips for aligning your sales process with the buyer’s preferred buying process, as well as how to drive urgency in your sales process while also respecting the customers’ internal process.
Andy Wilson is Chief Executive Officer & Cofounder at Logikcull.com, which he launched in 2004 with CTO and cofounder, Sheng Yang. He is the visionary behind Logikcull’s product and marketing strategy, which focuses on simplifying and democratizing the processes associated with revealing what’s in data to three simple steps: upload > search > download. He earned his Bachelors in Business Information Technology from Virginia Tech.
If you liked “Selling the Way Your Customers Want to Buy with Andy Wilson from Logikcull” and want to read more content from the Bowery Capital Team, check out other relevant posts from the Bowery Capital Blog.