Inc - Live from SaaStr Annual 2024

Missing out on Annual 2024?

Catch the livestream today by heading to the SaaStr YouTube Channel.

So we’ve been doing SaaStr Annuals for a stunning ten years (!) and we have a ton of data.

One thing I can tell you is sponsors and partners who staff their booths with junior folks that just stare at their phones all day typically don’t see the ROI of their peers that … well … do more.

Now if events are a sales function budgeted by marketing, then at first this seems to make sense. Sales wants to use SDRs in their boots to qualify leads. Just like they do with digital leads.

But so many times, this is a waste. What you want in the booth is a true subject matter expert. Ideally, sure, an AE that knows the product cold. But a product leader, an SE, etc. are all great too.

Sometimes we forget why expensive, time-consuming booths at top industry events still work, even today.

Testimonials are nice, you need them.  But most prospects these days have already seen the generic ones on your website and in your collateral.

What really moves the needle in sales is very similar companies using, and loving, your product. So arm your sales team with those case studies and stories.

This is why once you have 1 leader in a space, you should run the tables in that segment. Have 33% of the leaders in a space, they all find you.  Have 60%+ of the leaders in one segment, the rest are yours to lose.

For example, back in the day:

• It took us over 18 months to close Google. 12+ CEO visits. Multiple unpaid pilots. Building features without getting paid. Etc., etc.
• After that, it took about 6 months to close Facebook. Facebook was impressed we had Google, but it was just one comp.
• After Google and Facebook, we closed Twitter in less than 30 days.
• And so on …

Arm your sales team with the best testimonials and case studies carefully tailored for each customer segment.

Make sure each rep knows which testimonials are from the best leaders in that exact segment you have. This is a key value add for sales ops and revenue ops. Arming the sales reps with the right case studies and testimonials to match the prospect.

And have them go out them and use them to win.

This edition of the SaaStr Daily is sponsored in part by Front

It’s a pivotal moment for the customer service industry. Join 1,000+ CX professionals at Frontlines on October 8th to learn how to foster a customer-first company culture and leverage AI to grow your business.

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Lucid is the leading provider of visual collaboration software with over 70M users worldwide. Stephanie Couzin, the VP of GTM Strategy and Ops, and Roderick De Greef, the VP of Sales and GM EMEA, share Lucid’s transition from a PLG company to a PLG and Sales-Led company.

As we know today, a strong product-led motion starts with a strong product. Lucid launched in 2010 (before PLG was a term), and their team had an intense focus on product early on, so much so that the COO at the time read through hundreds of thousands of customer support tickets to hear directly from customers. In their first year, they had their first paying customer.

So there have only been 3 SaaS IPOs since 2021.  Just 3.  But all 3 are pretty good ones:  Klaviyo, blowing past $1B in ARR; OneStream, growing 37% at $500m ARR; and Rubrik, growing a stunning 35% at $920,000,000 in ARR. (Note: Rubrik’s ARR and growth numbers remain a bit confusing as it transitions 100% to SaaS-based revenue).

Woah. The demand for cybersecurity products that work remains unbowed!

Still, the public markets are only valuing even these epic numbers at $5B or so, so just over 5x ARR. Why? Most likely because it’s not cash flow positive yet.

© SaaStr 2024

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