2. HubSpot handles the data reporting and analysis that enterprises need
HubSpot started out as an SMB marketing SaaS product and is making an aggressive effort to expand its product offerings to enterprise customers.
HubSpot has created a valuable solution for end-to-end marketing management in large companies by offering advanced analytics and reporting capabilities.
Analytics and reporting allows users to extract actionable outcomes from the product. This capability is very important at enterprise companies, where the greater number of people using the product means there will be a wealth of actionable data.
HubSpot's enterprise reporting capabilities are perfect for capturing value that enterprise customers want because:
- The plan exclusively offers revenue, custom event-based, contacts, and companies reporting.
- The company can create its own custom reports and dashboards to focus on the data that is most relevant to them.
- The user doesn't need technical skills to build or analyze the reports—which members of a marketing team may not necessarily have.
- The reports can be easily shared in scheduled emails for easy communication across a large organization.
Offering powerful reporting is also a valuable software monetization strategy because higher prices can be justified with the results of the reports: these capabilities make the product provably effective. This is so valuable to enterprise customers that SaaS companies can charge on average $526 more per user for advanced reporting, rather than basic reporting.
Takeaway Enterprise customers will generate more data when they use your product than SMB customers. Building in advanced reporting capabilities will not only make your customer more successful with your product, it will help them to see your product's effectiveness. This justifies the higher price that companies are willing to pay for this added value.
3. Salesforce integrates with other enterprise products to create a SaaS ecosystem
The workflows at enterprise companies are complex. Salesforce embraces and caters to this complexity by enabling many third-party integrations. These provide value for enterprise customers in the form of saved time, reduced effort, increased simplification, and increased connectivity.
Salesforce provides the integrations with products like Google Apps, Oracle, and Microsoft. This helps Salesforce capture and monetize enterprise customers because:
- Users can pull in more data and discover greater functionality from Salesforce products. Integrations add utility for your customer because they provide more ways for your user to access and leverage the capabilities of your product.
- There are more places for customers to use Salesforce throughout their day. Integrations make your product more valuable to your customer's workflow by increasing the number of times that your customer interacts with your product.
- Customers using other popular enterprise products will find your product easy to adopt—and you can target customers by building connections to popular tools. Integrations increase the visibility of your product in the market and confer brand trust from partner products.
Third-party integrations enable the interconnectedness of activity that takes place at enterprise companies.
Takeaway Building integrations incorporates your product into an ecosystem of other enterprise-ready products. Being a part of this ecosystem will increase your product's value and make it more visible—which means higher customer willingness to pay and more widespread adoption in the enterprise market you're targeting.
Build the big value that big customers are willing to pay for
Selling your solution at a higher price in the enterprise market requires that you build and communicate the value that enterprise customers want.
Once you recognize the solution that your product provides, you need to communicate it to your potential enterprise customers with prices that demonstrate the value it could provide across the customers' entire organization.