In an increasingly digital world, software has become a crucial part of our daily lives. Since the pandemic, the SaaS industry has seen a tremendous increase in demand.
However, the rise of remote working built a widespread demand for scalable cloud software models. These help businesses achieve cost efficiency and smooth workflow.
Reports valued the global SaaS market size at $165.9 billion in 2021 and expect it to grow at a compound annual growth rate (CAGR) of 11.0% from 2022 to 2028.
But with such phenomenal growth, meeting customer expectations has become fiercely competitive.
Leveraging AI in this field can help you beat market saturation and be among the frontrunners in the industry. With automation, personalization, and analytics, it will help you create a more strategic position for your SaaS brand.
In today’s article, we will discuss four ways you can use AI and keep up with the constantly expanding SaaS demands.
4 Ways SaaS Businesses can Leverage AI to Cope with the Current Marketing Trends
Business Automation
With proper business automation, you can automate processes like fraud detection, personalization, automation of customer care, and consumer segmentation.
In a scaling business, meeting customers’ demands consistently can be a tricky process in itself.
While repetitive but necessary tasks are a common element in corporate, these processes add pressure and are time-consuming. And with an increasing customer base, the workload grows.
Here, using AI to automate repetitive workflows saves your employees the trouble of completing repetitive tasks. It frees up their schedule and allows them to participate in the strategic side of operations.
Source: Benjamin Reimann
Business process automation brings ease and precision to data collection. It uses intelligent data capture that grabs data from a wide range of disparate sources. The system also converts the gathered data into structured formats and keeps them ready for analysis.
With AI, you can automatically detect patterns in user activity and segment your consumer base more methodically. It can help you explore nurturing lead conversion tactics and design high-performing marketing campaigns.
For a growing SaaS company, the customer service department may find it difficult to handle customer queries and service requests in large volumes. Assembling enough competent people is also not an easy task.
AI-powered chatbots can solve this problem. With NLP techniques, these chatbots can offer an interactive experience, resolve customer queries in real time, and enhance customer experience.
Many automated chatbot tools come with metric-tracking capabilities. For example, Ada offers a chatbot equipped with advanced analytics that measures KPIs like customer satisfaction, abandon rate, etc.
In a scaling SaaS company, business automation keeps the workflow seamless, despite having an increased workload. It reduces the waste of resources and helps you complete tasks with efficiency and accuracy.
Sales Collaboration
Integrating AI into your sales system can help you fill the pipeline fast. Efficient AI tools can dig deep into your databases and social media platforms and find new potential leads.
Using AI, you can mine the connections between people and companies and behavior and interactions on the web. This will help you filter out the leads that are most likely to convert.
The AI-powered system tracks accurate first-party and third-party data in clean segmentation and brings you the emails of potential customers.
AI-powered systems can also help you identify the best times to reach out to your leads. You can target them at the peak of their interest and increase the chances of closing a sale.
While every organization conducts sales forecasting, it often ends up being inaccurate. AI-powered systems help in analyzing historical data with better precision.
It helps you keep tabs on different stages of the customer journey. This gives real-time insights into customer pain points and preferences and helps you train your sales reps to nurture leads accordingly.
AI-powered tools can establish a common platform that delivers seamless communication between different sales teams. It makes information sharing easy and helps build a collaborative sales operation.
A deciding factor in the modern buyer’s decision is personalization. AI-powered tools can run sentiment analysis and helps you understand your potential leads better. This allows the sales department to nurture leads with personalized sales services.
By analyzing customer data and competitor data, AI-powered systems can detect patterns and offer you real-time insights to enhance your sales strategies.
For example, Crayon’s AI-powered competitive intelligence tool can track more than 100 data types from millions of sources and provide real-time insights. The tool helps their clients build and update sales strategies that get results.
Taxes
Doing taxes for a business is not the simplest task to do. But it can be particularly complex for a SaaS company.
Since the landmark 2018 Wayfair case, online companies have found it difficult to figure out how to collect and remit sales tax for their customers in different regions.
For a SaaS company, establishing tax policy correctly early on is crucial. Otherwise, it can run your company into several compliance issues, which can be detrimental to the business.
Be it a crypto tax or income tax — with the advancement of AI, SaaS businesses can tackle the mounting challenges of tax compliance.
AI-powered intelligent tax platforms are cloud-native and offer volume and performance. They can calculate across multiple channels at the same time using real-time data and inputs to analyze transactions to make tax decisions. AI-powered tools are also easy to optimize via an intuitive user interface.
Such systems consider essential factors and leave no room for confusion. For example, the CereTax solution applies deep data and research and determines when a product is taxable, where it’s taxable, and the taxable amount.
All the AI-powered tax operations are transparent, easily accessible, and, thus, easy to refer back to in case of an inquiry. It helps companies run tax audits regularly and accurately.
Data Analysis
The key to running a successful business is to make constant improvements. As a SaaS company, it becomes even more important due to an extremely competitive market.
AI-integrated systems can analyze numerous data sets in real-time and provide you with actionable insights. With machine learning, such tools can determine the intention of specific customer segments in seconds.
It helps you target your customers in a way that adds value to their online interactions and builds your credibility as a reliable service provider.
AI tools can also analyze customer feedback and reviews. The generated reports are accurate and help you understand what your customers expect from your industry. This way, you can make tangible changes in your products and services to accommodate customer needs.
By analyzing your target market, AI-integrated tools help you design and automate marketing campaigns. With the sentiment analysis feature, AI-powered systems can help SaaS businesses track online conversations and identify marketing trends. It identifies current topics that are relevant to your SaaS brand and allows you to jump on the bandwagon at the right time.
Apart from lead collection, consistent client engagement is also necessary to scale your business. However, identifying when a customer is starting to disengage can be quite difficult, With the assistance of AI, you can examine how your clients utilize your products and whether they are reducing their use.
AI-integrated systems can also track important KPIs and benchmark your performance against that of your competitors.
You can measure your financial performance and examine funding data and resource allocations. This way, you can navigate your marketing efforts better and identify opportunities you can leverage.
In the Saas industry, AI and ML can help companies discover the most effective lead nurturing tactics. It enables predictive analytics and assists you in gauging your target market’s future behavior.
Conclusion
The advancement in AI technology has posed an immense opportunity for SaaS businesses to gain a market edge.
With scalable and efficient AI tools, you can maintain a smooth workflow while saving precious time and resources. Such a system will help you navigate your way through complicated tax laws.
SaaS businesses automate expensive internal processes, avoid mistakes, and collect data that matters. And finally, AI will empower you to make changes that drive tangible and positive results.
To offer top-notch user experience and establish your name as a SaaS company, embracing AI is the way to go.
You need a tool that compliments your business objectives and the size of your workforce but is flexible enough to accommodate growth. Examine your priorities, audit your budget, and opt for efficient AI-powered software today for the best business outcomes.
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