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!
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!