Empowering Technology Sales Teams

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Exceptional Product (Software/SaaS) Demos that lead to Closed Deals

By Jeremy Mendoza, Founder & CEO of AnnexQ

There is nothing more powerful in your software sales process than a great product demo. When delivered correctly, a product demo allows your prospect to see how your solution can make their lives easier. Delivering an exceptional product demo is not easy. It requires a complete understanding of the product, the prospects’ business, their challenges, and expectations.

Here is my 8-point checklist of what needs to be done to deliver a successful demo, from preparation to execution:

    1. Research
      Researching your prospects is the first thing that must be done in the product demo process. As the person delivering the demo, you should have complete understanding of what your prospect’s needs and pain points are. This will allow you to customize your demo.
    2. Confirm
      A demo in your sales process is a planned event, so you must confirm the demo meeting the day before it’s scheduled for with everyone that is expected to attend. This will ensure that the scheduled time for the product demo still works for your prospect, allowing them to postpone the demo in advance in case something urgent came up during that time.
      Send an email with a calendar invite asking the prospect if anyone other than the people on the list will be attending the demo.
    3. Plan
      Planning your demo before the meeting is crucial. Include slide decks that are visually engaging by including use cases and infographics where applicable. Prepare some tie-down questions to help them see the value of your solution.
    4. Humanize the Demo
      Don’t just start your demo right away. Don’t sound like a sales zombie! Build rapport; show them your human side.
    5. Set the Agenda
      An agenda should be sent to your prospect in advance. This will put your prospect at ease throughout the entirety of the presentation. Keep an open slot at the end of your demo for Q&A.
    6. Summarize Previous Conversations
      As you start your demo, summarize previous conversations you had with your prospect. Remind them of what sparked their interest in your software or SaaS solution to begin with. Show that you understand their GPCT (Goals, Plans, Challenges, and Timelines).
    7. Presenting the Product
      Present the features and benefits of your Software/SaaS solution. Start with your most basic features. Show what your product does and link the functionality to their needs. Allow your prospect to ask questions and be flexible and prepared to pivot in case they see something that they want to see more of, or decide they don’t care to see what you are presenting them.
    8. Set the Right Expectations
      After you have delivered your product demo successfully, you need to evaluate if your prospect is interested in your product. Is your prospect interested in moving to the next step of your sales process? Is the prospect getting closer to making a decision?
      Ask them if they saw what they were expecting to see. Go over the timeline and commitment, that will be required by your prospect to implement your solution successfully.

Improve Your Product Demo, Increase Your Win Rates

According to Robert Falcone, about 10% of the demos go regardless, and the other 10% of them will bust, as you will be presenting the wrong solution to the wrong audience. And this 20% of the demos will not convert no matter what you do. The remaining 80% is where you can make most money.

For these prospects, the way you deliver your product demo will be the difference between winning and losing the deal. According to a SaaS survey by KBCM Technologies:

    • The number of demos held by SaaS organizations ranges from 4 to 11 per week
    • SaaS organization with an Average Contract Value below $5,000 give 11.3 demos per week
    • For ACV more than $100K, the average demos held is less than 3.6 demos every week
    • The median ACV of SaaS companies is about $21K, with 26% of respondents below $5k and 13% above $100K
    • For B2B SaaS organizations, the average demo close rate is between 20%-50%

Your product demo can be the difference between a closed deal and a lost prospect. A great demo helps your prospects understand how your software/SaaS can solve their problems and allows them to be more productive and successful in their business.

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