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Seeking Insights: Navigating Declining Conversion Rates in a Growing SaaS Business (alien.top)

submitted 11 months ago by hbnthms@alien.top to c/entrepreneur@indiehackers.space

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Hello fellow entrepreneurs! I'm the CEO of a SaaS company targeting small business owners. We've been on an exciting journey, growing annually at a rate of around 30%. However, over the last two years, we've hit a snag. Our lead-to-customer conversion rate has dropped significantly, from 33% to 14% in 2023.

We've tried enhancing our onboarding experience with guided tours, extensive explainer videos, and 7-day-a-week online chat support. Despite these efforts, our conversion rates continue to decline.

Our current marketing strategy involves spending €100 daily on AdWords, which typically brings in about 150 testers monthly, with an average lead cost of €15. But with the dropping conversion rate, our annual growth is struggling to keep up with our previous 30% benchmark.

Our toolset includes general business tools for customer management, invoicing, and offers, without a specific niche focus. Could this broad approach be a factor? Or is the market oversaturated with similar offerings?

I'm reaching out to this community for advice. How can we improve our onboarding process further, or do you think this might be a broader market issue? Any insights, experiences, or tips you could share would be incredibly valuable. Thank you in advance!

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[–] John_McT@alien.top 1 points 11 months ago (1 children)

I found your site via another post of yours and had a look. A few thoughts (bear in mind I'm not your target customer and don't look at sites in this niche often)

I think conversion rates have been dropping for B2B SaaS largely across the board over the last 1-2 years, so you're definitely not alone.
I'd tighten up the hero text (esp subtext) — take your biggest benefit from user feedback and focus on that. You describe the chat as available for certain times but I have no idea what time zone you're in.
Revamp the customer (google) review section — the texts are clipped and don't clearly show what they've gained from using you.
Your /en site has an app preview in a different language. If you're targeting ads in En markets, this may be a last-minute turn-off.

Hope this helps, and I think you're onto something with the 'broad approach' problem. Mb spin up some test landings that are much more concise and target a certain niche, preferrably one where you already have some happy users.

[–] hbnthms@alien.top 1 points 11 months ago

Hey John, thanks for your insights! I'll take a closer look at the frontend changes to improve the hero section and the integration of Google reviews.
Currently, our paid marketing efforts are specifically targeted towards Dutch-speaking customers, primarily in Belgium and to some extent in The Netherlands. For other languages and regions, we're leveraging our blog content to reach potential clients. This is why not all the images are correctly translated, but I can see how this could be a hiccup. Thanks again!