Month: January 2024

The Definitive List of SaaS Market Statistics for 2024

Posted on by Nick Mann

To say that the SaaS industry is thriving would be a gross understatement. Ever since Salesforce started its CRM platform in 1999, the concept of using software as a service has really caught on and only continues to grow. To gain perspective on where we’re currently at and where we’re heading, here’s a list of must-know SaaS market statistics for 2024.

96% of Companies Currently Use at Least One SaaS Platform

In recent years, SaaS products have become ubiquitous and are used by organizations across most industries. But in 2024, we’re at a point where nearly every company uses SaaS, with a staggering 96% of business leaders saying they’ve purchased at least one platform.

While 100% adoption is impossible, we’re about as close as we can get.

78% of Companies Use More Than 4 SaaS Platforms

Further, the same research found that nearly 8 in 10 companies use more than four SaaS applications. This shows that the vast majority of businesses are all in on SaaS and not just using it for one area of operations, but several.

With SaaS spanning nearly all aspects of business, there’s almost nothing that can’t be improved and streamlined by integrating the right SaaS platform. Here are just a handful of the top SaaS products according to Google.

72% of Organizations Plan to Spend More on SaaS Products in 2024

The question is, are sales leaders happy with their decision to go so heavy on SaaS?

Given that 72% of businesses are planning to spend more on SaaS in 2024 and beyond, it’s safe to say yes. With SaaS software being so efficient and flexible, it’s easy to see why so many companies are fully committed to SaaS.

For example, look at all the pricing options CRM platform Pipedrive offers, along with a free 14-day trial.

And with AI being more widely integrated, SaaS platforms are only going to become more sophisticated.

73% of Businesses Are Planning to Increase Their Spending By At Least 5%

Not only are most brands planning to spend more on SaaS, nearly three-quarters are planning to spend significantly more by at least 5%. This stat clearly shows that companies that use SaaS software are getting results.

The SaaS Market is Expected to Reach $282 Billion By the End of 2024

Now let’s talk revenue. There’s been steady growth over the past eight years, with SaaS revenue going from $62 billion in 2016 to $157 billion in 2020 to a projected $282 billion by the end of 2024.

This is yet another clear indicator of how successful the SaaS industry has been and that it won’t be losing steam any time soon.

The SaaS Market is Predicted to Reach $374 Billion By 2028

Looking ahead to the future, experts predict the SaaS industry will grow to around $374 billion in just four years — an additional $92 billion.

With SaaS market statistics like this showing further sustained growth with no signs of slowing down, there’s arguably never been a better time for full integration of SaaS software. And that’s great news if you’re part of a SaaS company because demand is currently at an all-time high and only continuing to increase

73% of Businesses That Use SaaS Have Seen Up to a 40% Productivity Increase

When it comes to the impact that SaaS products have for adopters, it’s substantial.

Research has found that nearly three-quarters of businesses see a minimum of a 20% productivity increase, while others see an increase by as much as 40%. This is definitely a stat worth sharing with your sales team because the productivity boost is one of the biggest selling points of using a SaaS platform.

86% of Businesses Say SaaS Improves Collaboration

Besides productivity, SaaS has been proven to have a dramatic impact on collaboration, with a whopping 86% of businesses saying it’s helped in this department. And this shouldn’t come as a surprise with improving collaboration being the chief aim of many products (Slack is a prime example).

81% of Companies Say SaaS Helps Resolve Problems Quicker

The vast majority of SaaS users (81%) also report that it helps them resolve problems much more efficiently than they could without using this type of software platform. So that too is another key selling point when trying to win leads over.

68% of Brands Say SaaS Improves Customer Satisfaction

Additionally, there’s an undeniable correlation between using a SaaS product and improved customer satisfaction. To quantify, 68% of organizations that implement a SaaS solution experience noticeably better customer service.

86% of Companies That Use SaaS Products See Increased Employee Engagement

One final area worth mentioning is the employee engagement boost most SaaS adopters see. According to data, the overwhelming majority of companies (86%) experience higher employee engagement.

I think this quote by Steve Pruden, SVP of Human Resources at Appirio summarizes it perfectly.

“Workers are much more productive (and engaged) when they have modern, seamless, integrated tools to do their jobs. Automate routine tasks and let workers focus on more strategic work. Use technologies that eliminate silos and encourage cross-functional collaboration.”

That’s the essence of SaaS.

SaaS Market Statistics: The Bottom Line

Let’s recap. The SaaS industry has grown by leaps and bounds over the last quarter century and is positioned for continued sustained growth moving forward.

More companies than ever are using SaaS solutions, and the vast majority have experienced great success by doing so. This is no doubt encouraging for SaaS companies and sales leaders, as things are trending in the right direction, and there’s more opportunity than ever.

Looking to build a team of elite sales professionals? Use HireDNA’s cutting-edge technology to find the best of the best based on core selling competencies, role compatibility, sales experience, and more.

Beyond the Job Posting: Innovative Ways to Attract Sales Superstars

Posted on by Nick Mann

For many sales recruiters, the first thing that comes to mind when hiring is slapping up a job posting on a career site. While that can certainly still work, we live in an age where sales recruiters have access to a wide array of innovative new options to attract sales superstars.

Not only is it helpful to leverage innovative recruitment strategies, you could argue that it’s now become necessary for standing out from the competition and accessing a wider talent pool. Further, it can drastically reduce your chances of making the wrong hires, as well as reduce turnover because of the caliber of talent you can attract.

With that said, here are some specific strategies I recommend.

Create an AI-powered Sales Recruiting Chatbot

These days, we’re accustomed to encountering chatbots on websites and apps across nearly all industries. They provide a simple yet effective way to answer visitor questions and direct them to the right resource or rep. We even use one on HireDNA.

As AI technology evolves, so do the applications of AI-powered chatbots. And we’re now at a point where they can be used to not only automate sales recruiting but also improve the candidate experience.

Take, for instance, a platform called HireVue, which provides a “text-powered recruiting assistant that enables you to hire up to 4x faster by engaging your candidates all the way from ‘Hi’ to ‘Hired.'”

It can be used on your website, email, social media, SMS, and other messaging apps — wherever you interact with sales candidates. Whenever someone is interested in applying, the chatbot will engage with them throughout the process, answering questions, pointing them to relevant resources, and ultimately setting them up for an interview.

This creates a frictionless candidate experience and should supply you with a steady stream of qualified leads while saving your sales recruiting team a ton of time in the process. In terms of impact, HireVue states that companies that use it see:

  • 5x faster time-to-interview
  • 32% higher candidate satisfaction
  • A 20% decrease in cost-per-hire

You can learn more here.

Show Sales Candidates What it’s Like to Work for You Firsthand

Every sales hiring team is going to hype up their company and say it’s a great place to work. But that’s only going to take you so far. To really attract sales superstars and motivate them to apply, it’s helpful to show them firsthand why they’d love working for you.

And there’s no better way to do that than to let them hear from members of your current sales team. One company in particular that stands out in this area is Proctor & Gamble, which offers a robust sales page on its website that lets potential candidates view all sales opportunities,…

…get an overview of sales responsibilities,…

…and walks candidates through a day in sales and a year in sales, complete with video testimonials from actual salespeople.

The videos are brief at around 1 1/2 minutes, but they’re excellent at connecting the dots for interested candidates and driving home the key benefits of working as a salesperson for Proctor & Gamble.

The other thing I love about this technique is that Proctor & Gamble’s sales recruiting page acts as a valuable SEO resource. Because it’s loaded with targeted keywords, I would imagine that they receive a significant volume of organic traffic from qualified candidates without having to post traditional job ads. Therefore, I suggest checking it out and using it for inspiration in your own sales recruiting campaign.

Partner with Colleges and Universities

Let me start by saying this strategy won’t be viable if you’re looking for seasoned salespeople with years of experience. However, if you’re interested in acquiring fresh, young talent and sculpting them into professional salespeople, this strategy may definitely be for you.

The idea is to offer internships, sponsorships, or mentorship programs to college students or recent college graduates who show a lot of promise — preferably individuals who are majoring or who have majored in relevant degrees like business or finance.

After identifying a list of schools you’re interested in, “You need to create a compelling value proposition that showcases why your organization is a great place to work for their graduates,” explains HR and recruiting expert Uros Dmitrovic. “You need to highlight your mission, vision, culture, benefits, and opportunities in a way that resonates with your audience and differentiates you from your competitors. You can also use testimonials, stories, and videos from your current employees who graduated from those schools to add credibility and authenticity.

From there, it’s just a matter of building relationships with a few key stakeholders, crystallizing a formal partnership program, and building a talent pipeline. Going this route, admittedly, takes a substantial amount of time to set up. But once you have it in place, you should have access to some of the best and brightest sales talent in your area.

Thinking Outside the Box to Attract Sales Superstars

Don’t get me wrong. Posting job ads on career sites is still a viable way to find sales talent. But in today’s increasingly competitive business world, it feels that it’s having less and less of an impact.

Getting creative and thinking outside the box using strategies like the ones mentioned above can provide your sales recruiting team with exciting alternatives that can help you tap into A+ talent in a way that your competitors are not.

On a final note, one of the best ways to gauge a candidate’s ability, skillset, and overall “sales DNA” is with a sales assessment. The Original Sales Assessment is one of the most accurate and predictive in the industry, with 92% of candidates reaching the top of their sales force.

You can learn more about The Original Sales Assessment here.